Riyadh – Mubasher: Egypt Gulf Elevators and Escalators Company, a subsidiary of the Saudi Arabian Mayar Holding Company has signed two contracts with Total Air Projects Company with a total value of EGP 840 million.

The contracts include supplying and installing 1,200 elevators in Egypt over two years, according to a bourse filing.

The financial impact of the deal is expected to appear on the financial results of Mayar Holding and will begin as of the second quarter (Q2) of 2024.

In February, Saudi Drip Irrigation Company, a subsidiary of Mayar Holding, signed a contract with American firm Hunter Industries.