Abdulaziz AlSaghiyr unveils $93m expansion plan
Riyadh, May 20, 2014
Abdulaziz Al Saghyir Commercial Investment Company, a major Saudi construction and building materials company, has launched a SR350 million ($93 million) expansion plan in the Saudi market.
The plan includes new acquisitions in the building materials sector - whether industrial or retail ; improving the existing branches; opening of new branches and facilities; enhancing the company products; and reaching agreements and entering into alliances with renowned global companies in the building materials sector, said a statement.
The move aims to provide the best products in the kingdom amid increasing local demand which is expected to grow about 5 – 15 per cent in the next three years as mega projects come into full swing, it said.
Eng Nazar Alsaghyir, chief operations officer at Abdulaziz Al Saghyir Holding, Riyadh, said the company targets to double its sales and retail activity by opening 25 new branches over the next five years to meet the demand for its products across the kingdom.
The expansion allocates about SR250 million for acquisition opportunities and SR50 million to develop the existing branches and opening new ones, while the remaining SR50 million will be for innovating new products and concluding global agreements, he said.
The company also plans to boost its current products range to include adhesives and discs in partnership with one of the most globally renowned companies in the fields. - TradeArabia News Service