Al Kathiri Holding Company announces the approval of the Board of Directors to start a project to establish a factory to build and manufacture luxury yachts in the Third Industrial City in Jeddah.

Al Kathiri Holding Company announces the approval of the Board of Directors to start a project to establish a factory to build and manufacture luxury yachts in the Third Industrial City in Jeddah.

28 February 2024 03:41 PM

Element List

Explanation

Introduction

In line with the company’s strategy that seeks to grow and diversify its business portfolio, and with reference to Al Kathiri Holding Company’s announcement dated 14-04-1445 AH corresponding to 29-10-2023 AD regarding the approval of the Board of Directors to establish a 100% owned limited liability subsidiary (The Luxury Yacht of industry Co.). The company would like to announce the launch of Its project to build a factory for the manufacture of luxury yachts, in one phase during the fiscal year 2024 AD, and after the company signed a land lease contract through the Saudi Authority for Industrial Cities and Technology Zones (Modon) with an area of 8,775 M² in the Third Industrial City in Jeddah. The factory's most important activities are the manufacture of luxury yachts, pleasure boat, pleasure boat family, fishing boats, jest ski and Jetties

Date of Board Resolution in Regard to the Project

2024-02-28 Corresponding to 1445-08-18

Project Start Date

March 2024

Project Cost

20 million SAR

Financing method for the project

Self-financing through the Alkathiri Holding

Expected completion