Saudi Ferro Alloys to List on Nomu by 2024

Gulf Ferro Alloys Co. is seeking to list its shares on Saudi Arabia’s parallel market Nomu by 2024, General Manager, Qusay Al-Khalili, told Argaam. The company, which is known as Sabayek, is currently working on its internal procedures and governance, as well as preparing the regulatory documents for the offering, according to Al-Khalili.

“We are producing 130,000 tons per annum of ferroalloys, fulfilling demand for ferroalloys locally and in the GCC countries,” Al Khalili added. He also indicated Sabayek sells 30%-40% of its production locally, while the remaining output is exported to the GCC, the US, and European markets.

Sabayek has ranked Saudi Arabia among the world’s 15 largest producers of high quality silico manganese and is currently building a line to produce noble metals in partnership with Saudi Basic Industries Corp.