Saudi, South African companies plan to produce specialty chemicals in Jubail

Saudi-listed Basic Chemical Industries Company (BCI) has signed a memorandum of understanding (MoU) with Johannesburg-listed BCI to establish a joint venture to manufacture a range of specialty chemicals used in water treatment and mining in Saudi Arabia.
The initiative aligns with Saudi Arabia's Vision 2030 and the National Industrial Strategy, the company said in a statement to the Saudi stock exchange on Thursday.
The companies aim to localise the production of chemicals, such as coagulants, flocculants, flotation reagents, coatings, and chemical additives. These chemicals are used in oil and mining operations, as well as industrial wastewater treatment.
The manufacturing facilities will be located in Jubail Industrial City, adjacent to BCI's existing chlor-alkali plant, allowing for the integration of some of its outputs as input materials for the new venture, the statement said.
The financial impact of the new ventures will be announced once final agreements are reached, the statement added.
(Editing by Anoop Menon) (anoop.menon@lseg.com)

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Arabian Business

an hour ago

• Arabian Business

Saudi Arabia urges businesses earning over $10.7m to file VAT returns by June 30

Saudi Arabia's Zakat, Tax and Customs Authority (ZATCA) has issued a reminder to all commercial establishments with revenues exceeding SR40m ($10.7m) to submit their Value Added Tax (VAT) returns for May by June 30. Businesses that fail to comply risk penalties ranging from 5 per cent to 25 per cent of the total VAT due, depending on the delay and severity of non-compliance. VAT in Saudi Arabia is an indirect tax applied to most goods and services sold or purchased, with some exemptions. All qualifying businesses are legally required to report and pay VAT on time to remain compliant with national tax regulations. Saudi tax rules Businesses seeking further assistance can access ZATCA support through multiple channels: ZATCA continues to emphasise the importance of timely compliance to avoid penalties and support the efficient operation of the Kingdom's tax system.

Zawya

3 hours ago

• Zawya

Saudi: New SAMA rules limit credit card fees: 3% cash withdrawal, 2% foreign purchases, free e-wallet top-ups

RIYADH — The Saudi Central Bank (SAMA) announced on Thursday updated rules for the issuance and operation of credit cards, aimed at lowering costs for customers and increasing levels of disclosure and transparency. The new regulations will take effect within 30 to 90 days. Among the key updates, credit card issuers must notify customers of any changes in fees via SMS, with customers allowed to terminate their agreement within 14 days of receiving the notice. E-wallet top-ups via credit cards are now free of charge. For cash withdrawals below SR2,500, fees are capped at 3% of the transaction amount. For withdrawals of SR2,500 or more, fees are limited to a maximum of SR75. International purchases will now carry a 2% fee of the transaction value. Customers are also permitted to deposit additional amounts above their credit limit and withdraw them at any time without incurring charges. SAMA worked with global payment companies to assess and reduce associated transaction costs, as part of its mission to enhance Saudi Arabia's digital payment ecosystem and provide a diverse array of payment options for customers and visitors. Transparency measures now require issuers to notify customers immediately of any financial transactions and to send account statements via SMS. Issuers must also provide tools for customers to estimate rewards and international charges before making a purchase. Regarding repayment, customers may pay off their full outstanding balance without incurring late fees, with a mandatory grace period of at least 25 days. The regulations also unify disclosure templates for all fees, charges, and benefits within credit card agreements, promoting greater clarity for consumers. Previously, cash withdrawals carried fees of SR75 for transactions up to SR5,000 and 3% of the transaction amount for amounts over SR5,000, with a maximum fee of SR300. The new cap of SR75 for larger transactions offers more favorable terms. International transactions are now subject to a clear 2% fee, and additional charges include SR25 for invalid transaction disputes and account statement requests. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (

Zawya

6 hours ago

• Zawya

Talal H. AlMarri appointed as CEO of Expo 2030 Riyadh Company

Riyadh Saudi Arabia: Expo 2030 Riyadh Company (ERC) has announced the appointment of Talal H. AlMarri as Chief Executive Officer (CEO). ERC, a wholly owned Public Investment Fund (PIF) company, responsible for the development and operations of Expo 2030 Riyadh. As CEO of ERC, AlMarri will spearhead the company's delivery of Expo 2030 Riyadh— one of the most anticipated global events of the decade. Expo 2030 Riyadh will serve as a platform for global collaboration, bringing together nations to address humanity's most pressing challenges through innovation and technology. Additionally, the event will act as a catalyst for economic growth, creating new opportunities for Saudi Arabia and the wider global community. Across his career, AlMarri has a proven track record in stakeholder engagement and operational excellence. At Aramco, he held various leadership roles, including President and CEO of Aramco Europe, Senior Vice President of Community services and Senior Vice President of Industrial Services. As President and CEO of Aramco Europe, he led initiatives to increase digital transformation efforts and managed European investments. He held postings in London and Seoul during his tenure. With his extensive experience in spearheading large-scale initiatives and driving innovation, AlMarri will play a pivotal role in steering the company's efforts to ensure that Expo 2030 Riyadh becomes a landmark event and will play a key role in showcasing Saudi Arabia's ambitions and progress, in alignment with Vision 2030. The establishment of ERC aligns with PIF's strategic mandate to achieve economic impact for Saudi Arabia while securing sustainable returns. PIF leads the development of transformative landmark real estate initiatives across Saudi Arabia, which drive economic transformation and diversification, advancing urban innovation and enhancing quality of life. ERC will benefit from PIF's diverse local and global ecosystem.