Cairo – Mubasher: Industrial Engineering Company for Construction and Development (ICON), listed on the Egyptian Exchange (EGX), said that its subsidiary Prefabricated Buildings Development Industrial Co. Saudi Arabia won a contract for the NEOM project.

The awarded contract is valued at SAR 105.62 million and will cover the manufacture and supply of prefabricated buildings for Saudi Arabia’s NEOM, according to a bourse disclosure on EGX.

In late 2022, the Egyptian company announced the incorporation of a subsidiary in Saudi Arabia at SAR 5 million issued capital. This followed the board’s approval earlier in October last year to establish a company as per the regulating laws in the Kingdom to manufacture, deliver, and install prefabricated buildings and caravans.