ALKHOBAR: Industrial giant Al-Zamil Group has signed a massive a joint venture agreement with UAE-based Mulk Holdings, producers of aluminum composite panels and green products, to make Alubond-branded metal composite panels and aluminum coil coating.
Under the deal, valued between $200 million and $300 million, Mulk Holdings will set up manufacturing industries in Saudi Arabia to produce its wide range of products for the GCC and Middle East markets.
"The joint venture has set up a 50:50 share holding between Mulk Holdings and Al-Zamil Group. Each group will have equal number of directors in the new company's management," Mulk Holdings Chairman Shaji Ul Mulk said in a press statement.
Shaji Ul Mulk and Suleman Al-Zamil, director and board member of Al-Zamil Group, signed the landmark deal on Wednesday at the Mulk Holdings head office in Hamriyah Free Zone, Sharjah.
Abdullah Al-Zamil and Fahad Al-Thukair, president, Unicoil of Saudi Arabia, Mulk Holdings officials Saadulla Khan, director -- business development, and Mallikarjuna Rao, general manager -- Alubond Global, were also present at the signing ceremony.
"Al-Zamil Group with Mulk Holdings will venture into diversified business activities by utilizing the technologies of Mulk Holdings," Suleman Al-Zamil said.
"We are looking far beyond the current activity and believe the two family groups have strong synergies and a great potential of growing into a multi-billion turnover company in the near future."
There will be two composite panel production lines with an annual production facility of more than four million square meters and 12,000 tons of coated coils.
This facility will be based in Jubail industrial area along with Unicoil.
© Arab News 2011
