Advanced Building Industries Co. — Capital/Financing Update 2015

Apr 28, 2015

Zamil Industrial Investment Co. Subsidiary Awarded SAR 90.8 Million Turnkey Contract for a Shopping Mall Project in Dammam

2240 · 28/04/2015 16:26:37 · Announcement #38486 · View on Saudi Exchange

Zamil Industrial Investment Co. Subsidiary Awarded SAR 90.8 Million Turnkey Contract for a Shopping Mall Project in Dammam

Zamil Steel Construction Company (ZSCC), a wholly-owned subsidiary of Zamil Industrial Investment Co. (Zamil Industrial), has been awarded a turnkey project contract valued at SAR 90.8 million (USD 24.2 million) by the Gulf Real Estate Company for its new shopping mall project in Dammam, Saudi Arabia.

The agreement was signed on Tuesday, 28 April 2015, in Riyadh, Saudi Arabia. The contract is expected to have a positive impact on the company's consolidated financials at the end of each stage during 2015 and 2016. The duration of the contract is twelve months, with the company set to begin supplying the building materials in the third quarter of 2015. It is anticipated that all project works will be completed in the second quarter of 2016.

The scope of the contract includes the design, fabrication, supply and erection of approximately 1,210 metric tons of pre-engineered steel buildings as well as the provision of all EPC works, including civil works, electrical works, mechanical and structural works, and finishing work, for the new shopping mall project, which is owned by the Gulf Real Estate Company and located in Al Faisaliyah district in Dammam in the eastern region of Saudi Arabia.

The shopping mall project is a fast-track undertaking that includes many components. The complex safety and security requirements and challenging time frame associated with the construction will necessitate an extraordinary level of attention to detail.

This landmark shopping center, which spans an area of over 33,000 square meters, will be home to dozens of local chain stores and international boutiques, and will offer a wide range of shops, restaurants and entertainment venues.

''ZSCC is widely recognized as an experienced provider of top-notch building materials, product innovations and project management services throughout the region,'' said Nawaf Al Zamil, vice president of Zamil Steel's Building Products Group. ''This project is a perfect match for our company since we are turnkey project specialists. We are able to provide access to the top-quality supplies and the highly skilled staff required to complete this complex undertaking on time and to the client's satisfaction.''

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