RIYADH, 14 September — In a move to boost its investments in Europe, a leading business house of the Kingdom — Zamil Industrial Investment Company (ZIIC) — has announced to increase its stake in GeoClima and increase its capital ownership by 15 percent, bringing its total shareholding in the company to 85 percent. The Italy-based GeoClima is a major company specialized in manufacturing water chillers.
“GeoClima’s water chillers are major components in central air conditioners’ manufacturing that are used for commercial and industrial projects”, said Adil Al-Zamil, ZIIC managing director, here yesterday. Al-Zamil seeks to expand its industrial investment in Saudi Arabia and Europe, the two economic blocs, which have forged closer commercial relations and technical cooperation.
The aim of this investment is also to boost technology transfer from Europe to Saudi Arabia.