Zamil Industrial signs 300 millon usd strategic partnership agreement in Ethiopia
April. 12 2011
Zamil Industrial Investment Company (Zamil Industrial) signed a five-year umbrella strategic partnership agreement on Monday, 11 April 2011 with METEC (Metals & Engineering Corporation) which is fully owned by the Federal Democratic Republic of Ethiopia government to supply all Zamil Industrial products for the ambitious expansion and development projects in the country. The agreement total value is $300m and also includes Zamil Industrial providing project financing.
The agreement was signed in Addis Ababa in the presence of METEC and Zamil Industrial representatives. Both parties were pleased to have concluded this strategic partnership that will bring mutual benefit.
Zamil Industrial will start supplying its products to METEC managed projects in Ethiopia which are divided in several projects towards the end of the second quarter of 2011. The first will be supply of pre-engineered buildings for 6 sugar factories with a total value of $18m.
Zamil Industrial will start to realize the positive impact on its financials in phases commencing from the third quarter 2011.
Mr. Nawaf M. Al Zamil, Vice President of Zamil Steels Building Products Group, said that this partnership is based upon the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz directions to the private sector to support the African nations. It is also one of many that Zamil Industrial is working to secure.
Zamil Industrial can supply all the necessary building material and contracting works to any single project as part of its Total Solution capabilities. Zamil Steel was temporarily affected by the slowdown in the region but is confidently sustaining its leading position by securing similar long-term partnerships.