Alujain Corp. Announces the Signing of a Partnership Agreement with Beaulieu Fibres International N.V.

Alujain Corp. signed a joint venture agreement with Beaulieu Fibres International N.V. (BFI), which will acquire a 50% stake in Alujain’s subsidiary, Infrastructure Reinforcement Industrial Company (IRIC).
BFI will invest SAR 89 million (USD 23.73 million) in the form of machinery and cash as additional capital into IRIC to localize the production of synthetic fibers and non-wovens in Saudi Arabia.
The partners intend to increase IRIC’s production capacity from 26 KTA to 88 KTA, requiring approximately SAR 330 million (USD 88 million) in future capital expenditures to be jointly funded.
The financial impact of the partnership is expected to begin at the end of the fourth quarter of 2026.

Element List	Explanation
Introduction	With reference to the announcement by Alujain Corp. (the “Company”) published on the Tadawul website in November 2022 regarding the Ministry of Energy’s approval to allocate feedstock for a new petrochemical project in Yanbu Industrial City, which includes, in addition to Propane Dehydrogenation (PDH) plant and a propylene production plant with a capacity of 600,000 metric tons (in partnership with LyondellBasell), the construction of a complex for specialty products made from synthetic fibers and polypropylene compounds. Also, with reference to the announcement by Alujain published on the Tadawul website on 26-2-2026, regarding the signing of a non-binding Memorandum of Understanding agreement with Beaulieu International Group (“BIG”) for partnership in an envisaged strategic for localizing production of synthetic fibres and non-wovens. Alujain announces the signing of a joint venture partnership agreement between Alujain and Beaulieu Fibres International N.V. (“BFI”), a wholly owned subsidiary of Beaulieu International Group, to structurally increase our production capacity of advanced polypropylene (PP) fibres, serving our customers both locally and around the world, and strengthening the Kingdom's position as a regional manufacturing hub. The partnership entails BFI entering as a strategic partner with a 50% stake in the capital of the subsidiary, Infrastructure Reinforcement Industrial Company (“IRIC”). This partnership has resulted in the signing of a number of agreements between the two partners, including: 1. Shareholders Agreement 2. Subscription Agreement 3. Marketing Agreement
Date of Announcement of the Award	2026-02-26 Corresponding to 1447-09-09
Contract Subject Matter	Direct investment from BFI in IRIC to form a Joint Venture to locally produce synthetic fibres and non-wovens in Saudi Arabia
The Entity with Which the Contract was Signed	Beaulieu Fibres International N.V.
Date of Signing the Contract	2026-07-20 Corresponding to 1448-02-06
Contract Value	SAR 89 million (USD 23.73 million) comprising of asset (machinery) and cash.
Contract Details	Direct investment from BFI by SAR 89 million (USD 23.73 million) as additional capital in IRIC. This is in exchange for a 50% stake in IRIC’s equity, which is wholly owned by Alujain.
Contract Duration	Long-term, by mutual consent of both Parties
Financial Impact and the Relevant Period	The financial impact will start at the end of the 4th quarter of 2026 onward.
Related Parties	N/A
Additional Information	IRIC has the intention to increase its production capacity from its current 26 KTA to 88 KTA of synthetic fibres and nonwoven products over the next years, including BFI’s contribution of production lines, the future expansion plan will require additional capital expenditures of approximately SAR 330 million (USD 88 million), to be jointly funded by the two partners. Beaulieu International Group is a diversified, industrial holding headquartered in Belgium. The Group unites a portfolio spanning chemicals, industrial applications, flooring, distribution, and real estate. Beaulieu serves customers in 120 countries worldwide, and reported €1,8 billion in sales in 2025.