{"id":82719,"date":"2023-12-12T00:00:00","date_gmt":"2023-12-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2023\/12\/12\/zamil-unit-lands-sar-575-mn-contract-to-build-defense-systems-complex\/"},"modified":"2023-12-12T00:00:00","modified_gmt":"2023-12-12T00:00:00","slug":"zamil-unit-lands-sar-575-mn-contract-to-build-defense-systems-complex","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2023\/12\/12\/zamil-unit-lands-sar-575-mn-contract-to-build-defense-systems-complex\/","title":{"rendered":"Zamil unit lands SAR 575 mn contract to build defense systems complex"},"content":{"rendered":"

Zamil Steel Construction (ZSC)<\/a><\/strong> has landed an SAR <\/strong>575 mn contract with the Riyadh-based <\/strong>SAMI CMI Defence<\/a><\/strong>Systems<\/a><\/strong> to develop an industrial complex for manufacturing defense systems in Al Kharj, ZSC parent company said in a Tadawul filing<\/a> on Sunday. <\/p>\n

The project<\/strong>: Under the 16-months contract, Zamil will be responsible for the construction of the SAMI LAND industrial complex which will develop, design, and manufacture land defense systems, the statement reads. <\/p>\n

Market reax:<\/strong>Zamil\u2019s parent company closed up 3.7% to SAR 22.4 at yesterday\u2019s close.<\/p>\n

About the companies: <\/strong>ZSC is a subsidiary of Tadawul-listed Zamil Industrial Construction Company, while SAMI CMI Defence Systems is a JV between the Public Investment Fund\u2019s wholly owned subsidiary Saudi Arabia Military Industries (SAMI)<\/a> and the defense equipment manufacturing unit of Belgium\u2019s John Cockerill Group<\/a>. It\u2019s one of 12 international JVs<\/a> SAMI has set up.<\/p>\n

The Kingdom is looking to localize 50% total spending on military equipment by 2030<\/strong>, and policymakers have earmarked some SAR 269 bn for military spending in the FY2024 budget in what Finance Minister Mohamed Al Jadaan said was part of a move to boost domestic manufacturing and regional regional deterrence power at the same time.<\/p>\n

ADVISORS- <\/strong>Ghafari Associates are acting as the consulting firm responsible for the design of the complex, under an agreement signed in February<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Kingdom aims to localize 50% of its defense production by 2030<\/p>\n","protected":false},"author":1,"featured_media":82720,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2716],"tags":[2672,10,392,154,636,637,573,635],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-82719","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-manufacturing","tag-defense","tag-enterpriseam-ksa","tag-manufacturing","tag-pif","tag-sami-cmi-defence-systems","tag-sami-land-industrial-complex","tag-vision-2030","tag-zamil-steel-construction","wpautop","entry"],"acf":{"mongo_id":"848da6da-2da4-4538-89ce-ce0ef11d81d3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/12\/754.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Zamil unit lands SAR 575 mn contract to build defense systems complex in Al Kharj","related_issue":[82714],"teaser":"The Kingdom aims to localize 50% of its defense production by 2030","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.8bd14d34-a027-476e-9159-6d2bd7d3fff2.mp3"},"yoast_head":"\nZamil unit lands SAR 575 mn contract to build defense systems complex - 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