Riyadh – Mubasher: Saudi Parts Center Company signed a contract with Mabic Construction Establishment on 6 December 2023 to begin the construction of its factory in the Industrial Gate City in Riyadh.

The contract is valued at SAR 7 million, excluding the value-added tax (VAT), while carrying out the facility is expected to be completed by the fourth quarter (Q4) of 2024, according to a bourse disclosure.

The project duration is 10 months starting from the contract signing date.

Saudi Parts Center anticipates that the project costs will have an impact on cash flows on a monthly basis during the construction duration, adding that it will announce any future developments regarding the contract in due course.