Infrastructure Reinforcement Industrial Company

Alujain Corporation signed a joint venture agreement with Beaulieu Fibres International (BFI) to expand polypropylene fibre and nonwoven production in Saudi Arabia. BFI will invest SAR89 million ($23.7 million) in Alujain's subsidiary IRIC for a 50% stake, and the partners plan to increase capacity to 88,000 tonnes per annum with additional capex of SAR330 million ($86.5 million).