On July 21, 2026, Alujain Corp. announced the signing of a joint venture partnership agreement with Beaulieu Fibres International N.V. ("BFI"), a wholly owned subsidiary of Beaulieu International Group, formally executed on July 20, 2026. Under the agreement, BFI will invest SAR 89 million (USD 23.73 million) in assets and cash into Alujain's subsidiary, Infrastructure Reinforcement Industrial Company ("IRIC"), in exchange for a 50% equity stake, with the aim of locally producing synthetic fibres and non-wovens in Saudi Arabia. The partnership encompasses a Shareholders Agreement, Subscription Agreement, and Marketing Agreement, and is intended to expand IRIC's production capacity from 26 KTA to 88 KTA over the coming years, with a future expansion plan requiring an additional approximately SAR 330 million (USD 88 million) in capital expenditures to be jointly funded by both partners. The financial impact of the partnership is expected to commence at the end of the fourth quarter of 2026.

Original announcement:

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