August 2022

RAK Ceramics signs Conditional Investment Agreement for KSA expansion

Ras Al Khaimah, United Arab Emirates, 7th August, 2022: RAK Ceramics PJSC (Ticker: RAKCEC: Abu Dhabi), one of the largest ceramics lifestyle solutions providers in the world, announced today that it has signed a Conditional Investment Agreement with the Royal Commission of Jubail & Yanbu. Agreement stipulates the allocation of Yanbu land to RAK Ceramics, subject to meeting construction requirements and obtaining relevant authority approvals.

Abdallah Massaad, Group CEO, RAK Ceramics said "We remain fairly optimistic for growth in Saudi Arabia following accelerating activity in manufacturing, real estate and construction sectors, supported by the Kingdom’s Vision 2030. As such, we believe we are one step closer to launching our KSA Greenfield project with the signature of the Conditional Investment Agreement, and we continue to work closely with regulatory bodies to ensure continuous project progression.”

RAK Ceramics’ technical team has initiated process of shortlisting consultants to support with the preparation of construction blue prints and to assist in obtaining project construction permits.