Saudi Arabia - Zamil Steel Construction Company, a wholly-owned subsidiary of Saudi-based business conglomerate Zamil Industrial Investment Company (Zamil Industrial), has has secured a contract worth SR719 million ($195 million) from Maersk Arabia Logistics Services for the construction of multi-purpose warehouses as well as a logistics yard at the Jeddah Islamic Port.
This Continuing the company’s business development strategy of expanding into infrastructure development projects and logistics services that include the supply of HVAC systems, steel buildings and structures, insulation panels, and rock wool and fiberglass insulation materials,
The scope of work includes performing all work required for the construction of warehouses, offices, and loading areas, including structural, civil, finishing, and MEP work, said Zamil Industrial in its filing to the Saudi bourse Tadawul.
In addition, the company will supply various products, including HVAC systems, steel buildings and structures, insulation panels, and rock wool and fiberglass insulation materials, it stated.
The project, which is due for completion by Q4 next year, will take into account sustainability requirements and also apply the green building code standards at the Golden Level. Solar panels will also be installed to generate approximately 15 megawatts of electrical energy, said the Saudi company.
The contract is expected to have a positive impact on the company’s consolidated financial statements upon completion of each phase of the project. It will be reflected in the company’s financial statements beginning in the Q2 of fiscal 2023.
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