RIYADH, 25 January 2006 — Saudi Arabia’s Zamil Industrial Investment Co. yesterday said it would open a $20-million plant in India to manufacture pre-engineered steel buildings. The plant, expected to be completed in the Indian state of Maharashtra by the end of this year, will have an annual production of 3 million square meters, it said in a statement posted on the bourse’s website. “This should encourage us to consider increasing our total investment to $30 million and to establish another manufacturing facility in India in three to five years,” the statement quoted Managing Director Khalid Al-Zamil as saying, citing India’s “dynamic economic growth”.
Asteco Joins $40m Saudi Realty Project
DUBAI, 25 January 2006 — Asteco, the UAE’s largest property services firm, has signed a deal to lease, sell, and manage a $40 million development project in Saudi Arabia, the company said yesterday. Asteco signed the three-year deal with Saudi-based developer Al-Hokair group to co-manage Buildex, a five-story project that will house design, architecture, gardening, and building trade companies when it is completed in 2007, the company said. “Leasing for the project has already begun and we’ve received a healthy response so far,” Andrew Chambers, managing director of Asteco, said in the statement.
SABIC Plans to Boost Sales to Turkey
RIYADH, 25 January 2006 — Saudi Basic Industries Corp. (SABIC) plans to treble its sales in five years to Turkey, where the petrochemical giant has just opened an office, the company said yesterday. “SABIC plans to develop still further its operations in Turkey to increase its sales to 600,000 metric tons of polymers and 600,000 metric tons of chemicals, within the next five years,” it said in a statement.