Saudi-based National Metal Manufacturing and Casting Company (Maadaniyah) said it has signed an agreement with Gulf Triple Contracting Company for the construction of its new valves factory in the kingdom.
A specialist in the manufacturing of metal engineering products and services, Maadaniyah was established in 1989 by Tasnee, the second-largest industrial and petrochemical company in Saudi Arabia.
Maadaniyah is a well-established, rapidly growing business since its inception with a strong market presence in more than 14 countries.
The new valves manufacturing plant will be set up at the King Salman Energy Park (Spark), located between Dammam and Al Ahsa in the Eastern Province of Saudi Arabia, said Maadaniyah in its filing to Saudi bourse Tadawul.
The work on the SR 34M (USD 9.1M) contract will begin next month and is due for completion in mid-2024, it stated.
The financial impact of the contract will be felt positively in 2025, it added.