ICON Signs $10 Million Contract with Saudi Arabia for Gulf Project


Prefabricated Buildings Development Industrial Company has signed a deal to create a project in Saudi Arabia, a 100 %-owned subsidiary of the listed Industrial Engineering Company for Construction and Development (ICON) in Egypt.

According to a market filing, Prefabricated Buildings plans to invest SAR 40 million to develop a facility in Tabuk that will create light metal sections (LGS) and prefabricated apartments. "This is another step in the successive and successful expansion in the Middle East," stated Ahmed Elwan, General Manager of ICON.

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.

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