07/06/2024 06:53 AST

Group Five Pipe Saudi Company has inked significant contracts worth SAR4.48 billion ($1.2 billion) with two major Saudi entities-Aramco and the Saline Water Conversion Corporation (SWCC)-to supply spiral-welded steel pipes for key projects, reports Trade Arabia.

Under the SAR1.48 billion deal with Aramco, Group Five Pipe will manufacture and supply spiral-welded steel pipes for one of Aramco's crucial projects. The contract, detailed in a filing to the Saudi bourse Tadawul, will be executed over 12 months. The financial impact of this agreement is expected to be reflected starting from the third quarter of the fiscal year 2025.

This contract follows closely on the heels of a SAR3 billion order from SWCC for the Ras Al Khair Water Transportation System Project. This project involves the supply of spiral-welded steel pipes to transport water from Ras Al Khair to Riyadh. Group Five Pipe announced that the work on this contract will be completed within 22 months, with financial effects beginning to show from the third quarter of the fiscal year 2024.


Smartwatermagazine.com

Ticker Price Volume
Ticker Price Change
SABIC 62.00 0.80 (1.30%)
MAADEN 47.00 2.55 (5.73%)
SABICAGRINUTRIENTS 103.20 -0.40 (-0.39%)
MARBLEDESIGN 76.00 -0.70 (-0.92%)
LIMEINDUSTRIES 12.86 0.64 (5.23%)
Adnoc Distribution to operate 500 high-power EV chargers by 2028

26/04/2025

Adnoc Distribution, a leading fuel distributor and convenience store operator, has unveiled plans for a major expansion of its electric vehicle (EV) charging infrastructure, increasing its charging p

Trade Arabia

Saudi Awwal Bank signs SR2 billion credit facility with Saudi Binladin Group

25/04/2025

Saudi Awwal Bank (SAB), one of the leading banks in Saudi Arabia, has signed SR2 billion credit facility agreement with the Saudi Binladin Group, a subsidiary of Binladin International Holding Group,

Saudi Gazette

Dubai logistics firm Aramex CEO Othman AlJeda resigns

24/04/2025

The Dubai-based logistics firm Aramex has confirmed a new acting CEO after Othman AlJeda, the incumbent, resigned for personal reasons.

The change at the top comes just weeks after Abu Dhabi

Gulfnews

UAE banks continue to hit high growth in Q1-2025, with ADIB's net profit at D1.9b

24/04/2025

The leading UAE banks have put up some sizable growth in their Q1-2025 results, with ADIB's net profit before tax totalling Dh1.9 billion - and that's from an impressive 18% gain year-on-year.

Gulfnews

Salalah Port welcomes eco-friendly container ships

24/04/2025

Salalah Port has received five modern dual-fuel methanol-powered container vessels from Maersk's fleet, marking a significant milestone in the port's infrastructure development and readiness to accom

Times of Oman