Saudi-based Swicorp Joussour has announced that its unit Eastern Industrial Company (EICO) has raised USD 158M to partially fund its corrosion resistant glass fiber production plant project in Jubail Industrial City. EICO is 51% owned by Joussour, a Saudi joint stock company managed by Swicorp with a capital of USD 712M. "The plant will be the largest-of-its-kind in the region and will have an annual production capacity of 60,000/tpa with a plan to double output to 120,000/tpa in near future," said Faysal Hamza, managing director at Swicorp Private Equity and EICO. He added that EICO had taken delivery of most of the plant's equipment and machinery and has completed all civil works. According to Hamza, Joussour has secured all permits and licences including an advantageous land location in the First Industrial Zone in Jubail, approval from the Saudi Electricity Company, natural gas allocation from Saudi Aramco, in addition to oxygen from Sabic's National Industrial Gases Company for its furnaces. "The financing package comprises a USD 53M medium term facility from the Saudi Industrial Development Fund (SIDF), as well as USD 65M medium term Islamic financing facility and a USD 40M Islamic bridge facility from Bank Al Jazira to bridge the SIDF financing facility."
