Aramco opens new glass fiber facility in carbon-neutral move

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Updated 06 September 2021
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Aramco opens new glass fiber facility in carbon-neutral move

Saudi Aramco has officially launched a new facility which will see a reduction in the use of steel rebar in its construction projects as part of a drive towards carbon neutrality in the Kingdom.

A new fibreglass production centre has been opened, with the material a non-corrosive alternative to steel, as well as offering twice the strength at a quarter of the weight.

The non-metallic glass fiber-reinforced polymer (GFRP) rebar, will be produced at IKK Mateenbar’s 10,000 m2 facility, and is expected to reduce steel rebar consumption by approximately 50,000 tons per year.


Read more: Aramco talks with Reliance Industries at critical stage


IKK Mateenbar is a joint venture between the Isam Khairy Kabbani (IKK) Group of Companies and the New Zealand company Pultron Composites.

Speaking at the inauguration ceremony, Saudi Aramco’s senior vice president of technical services Ahmad Al-Sa’adi said: “Aramco has been developing and deploying non-metallic solutions within its own operations for more than 20 years.

"The use of non-metallic, advanced polymer materials has significant potential in multiple sectors.

"Moreover, technologies such as GFRP rebar, which mitigate corrosion and minimise life cycle cost, have potential to be the real game-changers for the building and construction sector in particular.”


Read more: Saudi Aramco seeks to raise at least $17 billion from gas pipeline: Reuters


Nick Crofts, CEO of Mateenbar, expressed his happiness at the introduction of IKK Mateenbar in the Saudi market, and said: “Being present in Saudi Arabia is critical to our credibility and success.

"The Kingdom is a progressive and fast adopter of new technology, and we are honoured to be a part of its growth and success."


Closing Bell: Saudi main index rises to 10,894

Updated 13 January 2026
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Closing Bell: Saudi main index rises to 10,894

RIYADH: Saudi Arabia’s Tadawul All Share Index extended its upward trend for a third consecutive day this week, gaining 148.18 points, or 1.38 percent, to close at 10,893.63 on Tuesday. 

The total trading turnover of the benchmark index stood at SR6.05 billion ($1.61 billion), with 144 listed stocks advancing and 107 declining. 

The Kingdom’s parallel market Nomu also rose by 81.35 points to close at 23,668.29. 

The MSCI Tadawul Index edged up 1.71 percent to 1,460.89. 

The best-performing stock on the main market was Zahrat Al Waha for Trading Co., with its share price advancing 10 percent to SR2.75. 

Shares of CHUBB Arabia Cooperative Insurance Co. increased 8.27 percent to SR23.04, while Abdullah Saad Mohammed Abo Moati for Bookstores Co. saw its stock climb 6.17 percent to SR50.60. 

Conversely, the share price of Naseej International Trading Co. declined 9.90 percent to SR31.48. 

On the announcements front, Arabian Drilling Co. said it secured three contract extensions for land rigs with energy giant Saudi Aramco, totaling SR1.4 billion and adding 25 active rig years to its backlog. 

In a Tadawul statement, the company said one rig is currently operational, the second will begin operations by the end of January, and the third — currently suspended — is expected to resume operations in 2026. 

Since November 2025, Arabian Drilling has secured seven contract extensions amounting to SR3.4 billion, representing 55 committed rig years. 

The three contracts have durations of 10 years, 10 years, and five years, respectively.

“Securing a total of SR1.4 billion in new contracts and expanding our backlog by 25 rig-years demonstrates both the trust our clients place in us and our ability to consistently deliver quality and reliability,” said Ghassan Mirdad, CEO of Arabian Drilling, in a statement. 

Shares of Arabian Drilling Co. rose 3.15 percent to SR104.70. 

Separately, Alkhorayef Water and Power Technologies Co. said it signed a 36-month contract valued at SR43.35 million with National Water Co. to operate and maintain water networks, pumping stations, wells, reservoirs, and related facilities in Tabuk. 

In October, Alkhorayef Water and Power Technologies Co. announced it had been awarded the contract by NWC. 

In a Tadawul statement, the company said the financial impact of the deal began in the fourth quarter of 2025. 

The share price of Alkhorayef Water and Power Technologies Co. declined 0.49 percent to SR120.70.