Logo of Zamil Industrial Investment Co.
Zamil Industrial Investment Co.’s wholly-owned subsidiary, Zamil Steel Construction Co., signed a contract worth SAR 574.9 million (VAT inclusive) with SAMI CMI Defence Systems LLC for the construction of an industrial complex that will develop, design, and manufacture land defense systems in Al Kharj, the company said in a statement to Tadawul today, Dec. 10.
The scope of work of the 16-month contract includes performing all required work for the construction of the manufacturing facilities, utility buildings, admin offices, and external areas. This includes structural, civil, finishing, and mechanical, electrical and plumbing (MEP) works.
Zamil Steel will also supply its heating, ventilation, and air conditioning (HVAC) products and services, insulated panels, steel structures, and insulation materials.
The company added that the related financial impact will be reflected on its financial statements from the first quarter of 2024. It expects the contract to have a positive financial impact upon completion of each phase of the project.
It also said that the contract comes in continuation of implementing the company’s strategic direction to expand into the industrial sector, including HVAC products and services, steel structures, and insulation materials. It noted that there are no related parties to the deal.
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