Amiantit contracts exceed US$110 million in GCC, Yemen

U.A.E. company secures contracts in Gulf Cooperation Council (GCC) countries totaling US$114 million for the first quarter of 2005 to supply various types of pipes for industrial and infrastructure projects in Saudi Arabia, UAE, Bahrain, Qatar, Kuwait, Oman, and also in Yemen...

DAMMAM, U.A.E., April 2005 -- The Amiantit Group has recently secured contracts in the Gulf Cooperation Council (GCC) countries totaling US$114 million for the first quarter of 2005 to supply various types of pipes for industrial and infrastructure projects in Saudi Arabia, UAE, Bahrain, Qatar, Kuwait, Oman, and also in Yemen.

"These orders add up to a vote of total confidence in Amiantit's products by the governments and industrial companies of the GCC," said Fareed Yousef Al-Khalawi, Amiantit's Group CEO and Managing Director. "In fact, the Amiantit Group today is a global giant with 33 pipe manufacturing facilities in 15 countries worldwide and ranks as the world's biggest manufacturer of GRP pipes, one of the leading suppliers of other types of pipes, and the industry's leader in research, development and ownership of advanced pipe manufacturing technologies.

The Royal Commission for Jubail & Yanbu has placed an order worth US$40 million for the huge 4 meter diameter GRP pipes, which is the world's largest. In addition, there were two orders for desalination plants in Kuwait among other projects

Customers in the Kingdom placing these orders include SABIC among other customers in the Central and Western Provinces.

The orders from other GCC countries were mostly for ductile iron pipes and included replacement of asbestos cement pipes in the UAE -- a substance which is internationally banned, a water distribution network in Abu Dhabi and two other projects in Doha. The orders from Kuwait were for the Sabiyah Desalination Plant project, a road construction project, and Al-Khiran New Town infrastructure project. Orders from Oman were for the Sohar Desalination Plant, and projects in the Ibra, Al-Qabil, Bidiyah and Fanjah areas that mounted to US$13 million. In addition, there were pipes ordered for distribution network projects in Bahrain and Yemen.

The Saudi Arabian Amiantit Company was established in 1968 at Dammam as a limited liability company and was converted into a joint stock company in 1994. It started with a paid-up share capital of 4,000,000 Saudi Arabian riyals (SAR) [1 SAR = US26.7 cents], which is currently standing at SAR 770,000,000. Its shares are traded on the Saudi Stock Exchange. The prime activity of the company is to initiate and manage new industrial projects, and market its technologies and products. The company also monitors and controls the business of all the Amiantit Group subsidiaries through its corporate management office in Dammam, Saudi Arabia.

The Amiantit Group (www.amiantit.com) is a leading industrial organization with global strength and is comprised of companies in the Kingdom and abroad that manufacture various kinds of pipes, joints, fittings, tanks, rubber & insulation products, and related accessories. Other activities include own and transfer technology, and water project consultancy and management all around the world.

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