Alwasail announces the purchase of a factory in Ras Al Khaimah with a value of 4.8 million riyals
Alwasail purchased a factory at Emirates Auctions in the UAE.
The company bought the property in the Industrial Area in Ras Al Khaimah, with a value of 4.807 million riyals.
The factory is a plastic product company which has an annual production capacity of 21,000 tons. It will be used in the manufacture and production of the company’s products.
The reason of buying the property is the company’s need to expand. The extension is to expand its operational sectors and develop its production processes. This is to meet the needs of the customers and the increasing demand for its products. Alwasail used its own resources in the deal.
The deal is to expand the manufacturing sector, increase production capacity, acquire a larger market share, and increase the revenues and profits of the operational sectors.
There were no related parties in this deal.
More info from Saudi Exchange website: https://bit.ly/3mjEg2N