JEDDAH – Al Sorayai Trading and Industrial Group PJSC, a Tadawul-listed public joint stock company and one of the major global manufactures and exporters of carpets and rugs, has recently announced that the Saudi Industrial Development Fund (SIDF) has granted it two loans worth SR36.4 million.
Al Sorayai Group will utilize the first loan to cover the expenses of the SR15 development and expansion project of Al Sorayai Carpet Factory included in the fourth phase of the First Industrial City in Jeddah. The second loan will be used to fund the SR21.4 Million Jeddah Industrial Yarn Factory (JIYFCO) expansion project.
Saleh Al Sorayai, Managing Director, Al Sorayai Trading and Industrial Group, said that the loan tenure will be 6 years and that installments will be made every six months starting Shawwal 1434 Hijri and ending Rabi Al Thani 1440 Hijri.
He added: The two loans were granted to us with the guarantee of assets of the two expansion projects for Al Sorayai Carpet Factory and JIYFCO. I would like to convey our greatest appreciation and gratitude to the SIDF officials who offered us all the support and facilitations to this end.
The Group has recently initiated major business expansion plans, including the expansion of its project division that serves customers across KSA. This expansion will allow the division to design and produce all types of carpets and rugs on demand, perform interior design works for residential and hotel units, and import all kinds of office and hotel furniture, in addition to offering the best-in-class hotel and office solution at minimum expense. – SG