In April 2008, UIC invested KD 12.5 million to acquire a 24.05% equity stake in Al-Atoun Steel Industries Company (ASI), which is setting up a steel manufacturing venture in Yanbu Industrial City, Saudi Arabia.
The steel plant will roll out in three phases of a total cost of SAR 4 billion and will be financed by both debt and equity.
In 2009, an agreement has been concluded with VAI-Siemens to supply and commission of the first phase plant, whereby a payment of SAR 143 million, which is equivalent to 20% of the contract value, was made as a down payment.
The finance contract for the first phase of the project has also been signed with Saudi Industrial Development Fund for an amount of SAR 550 million. Plant construction shall be initiated upon receipt of the land allocated for the project by the Royal Authority in Yanbu. The first phase is planned to complete by end of 2011.
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