Cairo – Mubasher: Prefabricated Buildings Development Industrial Company, a 100%-owned subsidiary of the Egypt-based listed Industrial Engineering Company for Construction and Development (ICON), has penned a contract to develop a project in Saudi Arabia.

Prefabricated Buildings will build a factory in Tabuk at investments worth SAR 40 million to produce prefabricated units and light metal sections (LGS), according to a bourse filing.

ICON’s General Manager, Ahmed Elwan, said: “This is another step in the successive and successful expansion in the Middle East.”

Elwan noted that the establishment will be constructed on a land space of 31,000 square metres, with the trial operation phase set to commence in the second half (H2) of 2024.

The factory aims to cover the Saudi market as well as the Gulf region with all its needs for prefabricated buildings, according to Elwan.

In H1-23, the listed company ICON recorded consolidated net profits after tax worth EGP 267.61 million, while its standalone business saw net losses of EGP 6.87 million.