Zamil Industrial subsidiary signs SAR 718.8 mln contract with Maersk Arabia

Logo of Zamil Industrial Investment Co.

Zamil Industrial Investment Co.’s (Zamil Industrial) subsidiary Zamil Steel Construction Co. signed on March 5 a contract worth SAR 718.8 million (including VAT) with Maersk Arabia Logistics Services for the construction of multi-purpose warehouses and a logistics yard at Jeddah Islamic Port.

The scope of work includes construction of warehouses, offices, and loading areas, including structural, civil, finishing, and mechanical, electrical and plumbing (MEP) work, Zamil Industrial said in a statement to Tadawul.

In addition, the company will supply various products, including heating, ventilation, and air conditioning (HVAC) systems, steel buildings and structures, insulation panels, and rock wool and fiberglass insulation materials.

The project takes into account sustainability requirements and applies the Green Building Code standards at the Golden Level, the statement noted. Solar panels will be installed to generate approximately 15 megawatts of electrical energy.

The duration of the contract is 17 months.

The financial impact will reflect beginning Q2 2023. The contract is expected to have a positive impact on the company’s consolidated financial statements upon completion of each phase of the project, the statement said, adding there are no related parties.