Zamil Industrial Investment Company (ZIIC) will establish a new concrete venture with Al-Zamil Group and Aerated Concrete Industries Company KSC (ACICO) of Kuwait. The factory is expected to start production by the third quarter of 2004, stated a press release.
ZIIC and Al-Zamil will both hold a 27.5 percent stake in the new Saudi Aerated Concrete Industries Company. The remaining 45 percent will be held by ACICO from the total paid up capital of 48.8 million Saudi riyals ($ 13 million).
“We have obtained the industrial license to launch this Dammam based company,” said Chairman of Al-Zamil, Abdulrahman Al-Zamil. “The new company will produce light weight reinforced concrete blocks and partition walls. We have applied for a land to construct the factory.” He added the commercial registration will be issued shortly.
ZIIC was founded in 1998 in Dammam, Saudi Arabia, and employs more than 4,800 people in 50 countries. As an international manufacturing and fabrication group, it provides air conditioning, pre-engineered steel buildings, structural steel products, transmission towers, open web joists and decks, and architectural glass processing solutions through three sector businesses. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
