Zamil Industrial Investment Company (ZIIC) intends to establish a joint venture between Al Zamil Group and Aerated Concrete Industries Company KSC (Acico) of Kuwait. The company will be called Saudi Aerated Concrete Industries Company.
ZIIC as well as Al Zamil Group will hold 27.5% stake each and Acico will hold the remaining 45% from the total paid up capital of US$ 13 million.
ZIIC chairman, Dr. Abdulrahman Al Zamil, says the industrial license has been obtained to launch this Dammam-based company, which will produce lightweight reinforced concrete blocks and partition walls.
Commercial registration will be issued shortly. “We have applied for land to construct the factory, which will be located in Dammam 2nd Industrial City. The Saudi Aerated Concrete Industries is expected to start production in the third quarter of 2004,” Al Zamil says.
ZIIC was founded in 1998, is headquartered in Dammam. It employs more than 4,800 people in 50 countries. As an international manufacturing and fabrication group, it provides leading air conditioning, pre-engineered steel buildings, structural steel products, transmission towers, open web joists and decks, and architectural glass processing solutions to meet the requirements of the construction industry.
For the year ended 31 December 2002, profits were US $ 13.5 million on turnover of US $ 376 million.
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