SPIMACO finalizes permits to occupy Riyadh administrative tower

Logo of SPIMACO

Saudi Pharmaceutical Industries & Medical Appliances Corp. (SPIMACO) announced that the technical and engineering works at its administrative tower in Al-Sahafa district, Riyadh, were completed, and accordingly, all relevant licenses and permits were obtained from the competent authorities for the occupation of the tower.

In a statement to Tadawul, SPIMACO pointed out that the project’s total cost amounted to nearly SAR 206 million.

The costs far exceeded the previously mentioned estimates, following the bidding stage, the company explained. According to data compiled by Argaam, SPIMACO’s board of directors approved in February 2014, establishing an administrative tower in the Saudi capital at a total value of SAR 100 million.

In November 2018, the company announced the completion of the construction works as well as the mechanical and electric installations of the administrative tower project in Riyadh.

SPIMACO updated in March 2019 that the company's departments will be gradually transferred to the new tower in northern Riyadh, starting from the end of the month.