Zamil Steel Construction Company has entered into a contract with Sami Land Systems for the development of an industrial facility in Al Kharj, Saudi Arabia.
The approximate value of this contract is SR575m ($153m), including VAT.
The scope of the construction project will see the development of production facilities, utility buildings, administrative offices, and outdoor spaces at the site.
Furthermore, the project will encompass structural, civil, finishing, as well as mechanical, engineering and plumbing works.
According to Zamil Industrial Investment’s filing on Saudi stock exchange Tadawul, the facility is expected to be a vital hub for the design, development, and production of domestic land defence systems.
This is in line with the company’s goals for industrial expansion, which include heating, ventilation, and air conditioning services and products, steel constructions, and insulation materials.
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Zamil Steel Construction is a wholly owned subsidiary of Saudi Arabia-based company Zamil Industrial Investment.
Construction work on the project is anticipated to be completed within 16 months.
The financial effect of this contract will be included in phases within the company’s financial statements beginning in the first quarter of next year.
Earlier in September this year, more than SR65bn in development projects were unveiled at the Cityscape Global Exhibition, a property development networking exhibition and conference held in Saudi Arabia.