5 November 1998: Al-Zamil Group announced recently the formation of the Zamil Industrial Investment Company (ZIIC) as a closed joint stock company within the Kingdom of Saudi Arabia.
ZIIC becomes the…
5 November 1998: Al-Zamil Group announced recently the formation of the Zamil Industrial Investment Company (ZIIC) as a closed joint stock company within the Kingdom of Saudi Arabia. ZIIC becomes the holding company of three of the Al-Zamil Group“s largest industrial manufacturing businesses, 40% of the shares of which have been privately placed with investors in the countries of the Gulf Co-operation Council. The three companies are Zamil Steel Buildings, Zamil Air Conditioners and Zamil Glass Industries. The new Company becomes one of the largest organizations in the Middle East with combined sales in 1998 expected to exceed SR 1.2 billion (US$ 325 million), said Dr. Abdulrahman Al-Zamil, Chairman of Zamil Industrial Investment Company. This is believed to be the first major family-owned company in Saudi Arabia to open itself to wider ownership in this way. “The creation of a wider shareholding base will enable Zamil Industrial Investment Company to develop its operations, enabling its companies to compete more effectively in international and regional markets. This will also lead to greater diversification of the economy of the GCC through the local purchase of goods and the stimulation of exports,” he said. The ZIIC Board of Directors includes Dr. Sulaiman Al Abdulaziz Al Saleem, Dr. Khalid Al Fayez, Khalid Al Olayyan and Sultan bin Khalid bin Mahfooz. The Al-Zamil family members of the board are Dr. Abdul Rahman Al-Zamil, Zamil Al-Zamil, Khalid Al-Zamil Hamed Al-Zamil, Ahmed Al-Zamil and Adeeb Al-Zamil. The Al-Zamil Group is one of the leading industrial organizations in the Middle East, with interests in petrochemicals, marine services, packaging, operations and maintenance, food production, real estate and finance. In many of its sectors, it is an industrial leader and it has extensive relationships with leading international and domestic companies. Zamil Glass Industries operates the Middle East“s largest and most sophisticated glass factory, producing mirrors, tempered, laminated and security glass, heat strengthened and heat mirror glass, and double glazing. Sales are expected to reach nearly SR 90 million in 1998, up from SR 60 million in 1993. “Each of the three operations which make up the Zamil Industrial Investment Company are poised for growth in markets outside the GCC,” said Dr. Abdulrahman Al-Zamil. “The new Company has a strong international profile with 40% of sales exported, all of its manufacturing facilities have ISO 9000 accreditation, each has strong historic financial records and reputations for high quality products. It will become one of the most successful joint stock operations in the Middle East,” he added.