Alujain Corporation Slows PDH Project Capital Spending After Financing Delay

Alujain Corporation said it is slowing the pace of capital spending on its propane dehydrogenation (PDH) project because of a financing delay. The company disclosed the decision in a statement, Argaam reported on November 10, 2026. The statement did not give a revised spending figure or a new completion date for the project.

Alujain's PDH Project and the Financing Delay

Alujain Corporation said the financing delay prompted the decision to reduce the pace of capital spending on the PDH project. The company's statement, as carried by Argaam, described the move as a slowdown in spending rather than a cancellation of the project.

The PDH project is a propane dehydrogenation plant, a facility type that converts propane into propylene for petrochemical production. Alujain operates a 400,000 MT/year polypropylene complex through its subsidiary NATPET, according to company records.

The statement did not specify which financing source was delayed or how much spending would be deferred. Alujain's board is chaired by Eng. Mohammed Bin Saleh Al-Khalil, with Mr. Abdulwahab Al-Bateeri as Vice Chairman, according to the same records.

Alujain's Recent Capital Commitments

According to akta.pro company records, Alujain signed a joint venture with Beaulieu Fibres International N.V. in July 2026. BFI agreed to invest SAR 89 million (USD 23.73 million) into Alujain's subsidiary Infrastructure Reinforcement Industrial Company (IRIC) for a 50% equity stake.

The same records show a plan to expand IRIC production capacity from 26 KTA to 88 KTA, with financial impact expected to commence at the end of Q4 2026. Alujain and BFI also made a joint funding commitment of approximately SAR 330 million (about USD 88 million) in additional capital expenditures for a future IRIC capacity expansion phase beyond the initial 88 KTA target.

Alujain's CEO Transition Before the Spending Update

Alujain reappointed Khalid Al Dawood as CEO effective September 29, 2026, after his resignation at statutory retirement age, Argaam reported. Mohammed Al-Mutairi served as Acting CEO until then and will remain Vice President of Administrative Affairs.

Argaam reported that Alujain accepted Al Dawood's resignation on September 10, 2026, effective September 14, upon reaching statutory retirement age, and that the company said he would resume work within 15 days of the resignation date. AInvest reported that Alujain appointed Mohammed Almutairi as acting CEO, following CEO Peter Vanacker's recent operational discussions and a joint venture with Beaulieu, and that no permanent CEO appointment had been disclosed.

Alujain's H1 2026 Dividend

Alujain's board approved a cash dividend of 7.5% of capital, or SAR 0.75 per share, for H1 2026, totaling SAR 51.9 million, Argaam reported. The record date was August 10, 2026, and the payment date was August 23, 2026.