Tasnee sees demand, prices likely to rebound after H1 2025: CEO

Fawaz Al-Fawaz, CEO of National Industrialization Co. (Tasnee) 

Fawaz Al-Fawaz, CEO of National Industrialization Co. (Tasnee) said he expects a slight improvement in demand and prices, adding that the big improvement will likely be after the first half of next year 2025.

In an interview with CNBC Arabia on the sidelines of the Local Content Forum held today in Riyadh, the top executive indicated that the challenges of supply chains and geopolitical challenges are about to disappear. “We hope that demand will be strong and prices will improve in the near future,” he said.

Asked about the size of demand from China in light of the stimulus packages from the Chinese government, Al-Fawaz stated that these incentives may take time and their impact will appear at the beginning of H1 2025 or the beginning of H2 2025.

The CEO also pointed out that Tasnee signed an agreement today with Siemens Energy regarding the periodic maintenance of the company’s plants and the localization of technology in the Kingdom, as well as the provision of products to maintain the turbines used in the company’s Jubail plants. “This saves effort and time spent in the maintenance process and improves supplies instead of dismantling materials and transporting them outside the Kingdom for repair within two months instead of 10 months,” he stated.

The CEO also revealed that the company has allocated the required amounts for the next three years for the digitization and automation process.