50% traffic fine reduction takes effect    NCM: Rain will continue in Saudi Arabia until the end of April    Crown Prince discusses regional security with UAE and Qatar leaders    King, Crown Prince congratulate Syrian president on Evacuation Day    NEOM launches 'Discover NEOM' China showcase with top industry leaders    Saudi air traffic jumps 26% with a record number of 112 million passengers in 2023 Jeddah airport tops with average 30 flights per hour    EU demands answers on money-for-views version of TikTok    Whistleblower 'would not' put family on Boeing 787 jet    $2.8 billion appeal for three million people in Gaza, West Bank    Al Ain ends Al Hilal's record streak with a 4-2 win in AFC Champions League semi-final    Saudi Pro League postpones Al-Hilal vs. Al-Ahli match; Al-Ahli rejects rescheduling    'Zarqa Al Yamama': Tickets now available for Saudi Arabia's first opera premiering April 25    David Cameron urges Netanyahu to limit Iran response    50,000 Russian soldiers confirmed dead in Ukraine war: BBC    AFC postpones Al Ain vs Al Hilal semi-final match due to weather conditions    Turki Alalshikh announces groundbreaking 5 vs 5 Riyadh Season bout featuring international boxing stars    Riyadh Season becomes official partner of the World Boxing Council    Diriyah Biennale Foundation announces shortlist for AlMusalla Prize, set to revolutionize musalla architecture    Fourth Gulf Film Festival kicks off in Riyadh, scaling up Saudi movie industry Event extends over 5 days with the screening of 29 diverse films    Saudi film 'Norah' selected for Cannes Festival    JK Rowling in 'arrest me' challenge over hate crime law    Trump's Bible endorsement raises concern in Christian religious circles    Hollywood icon Will Smith shares his profound admiration for Holy Qur'an    We have celebrated Founding Day for three years - but it has been with us for 300    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Genesis to build 3 manufacturing plants in Kingdom
Published in The Saudi Gazette on 19 - 08 - 2008

Genesis Worldwide Inc., a provider of “green” structural building technology using light gauge steel, said it has entered into a five-year license and services agreement with Sawabeh International Group of Riyadh, a diversified technology and construction group of companies, to construct three light steel panel manufacturing facilities within the Kingdom.
The agreement will automatically renew for an additional 10 years.
The first plant will be commissioned in Riyadh by July 2009, with two other plants to be built by July 2011 and July 2012, respectively.
Genesis said it will earn initial revenue of around $2.2 million from licensing the Genesis technology, the sale of industrial equipment and hardware, and various training and consulting services required for the commissioning of the first plant.
Genesis will earn similar revenue from the commissioning of each of the two additional plants, with revenue recognized at the time the plants are commissioned.
Part of the backdrop of this announcement is the strategic plan developed by the government of Saudi Arabia to reinvest in its economy by using its budgetary surplus in the development of new “economic cities.”
Based on information from the Saudi Arabian General Investment Authority (SAGIA), these new cities will contribute $150 billion to the country's GDP by the year 2020. The cities are also expected to provide job opportunities for 1.3 million people and an increase in per capital GDP to SR125,625 ($33,500) for those living in the cities.
According to the CIA World Factbook, nearly 40 percent of the Saudi population is under 15 years of age.
Using the Genesis Solution, a turn-key solution which includes leading-edge software, industrial equipment, hardware, processes and engineering services, the Sawabeh plant will produce light steel structural panels. The proprietary Genesis technology platform will be used to build residential and commercial structures using recycled light-steel building materials, in lieu of the more expensive concrete or masonry block construction, which has traditionally been used in Saudi Arabia.
Waleed S. Abalkhail, president of Sawabeh, said Genesis was the perfect fit for Sawabeh's needs. “We were very interested in what Genesis could offer right from the start. There isn't a lot of infrastructure or light steel frame building expertise in place in Saudi Arabia. The Genesis turn-key Solution, which amounts to a “business in a box” approach that enables us to acquire all needed know-how to produce light gauge steel residences quickly and very efficiently, addresses our needs perfectly.”
Mag Mostafa, Genesis' vice president, Business Development, said that, for its part, Genesis is fully prepared to participate in this growth opportunity within the thriving Saudi economy. “We developed a comprehensive five-year business plan, conducted preliminary market research for Saudi Arabia, and ran a cost simulation for Sawabeh to illustrate different cost scenarios based on steel prices from lowest to highest, in order to provide a comfort zone for them. They recognized that the savings were significant and also saw all the additional benefits that we offer. They are already working on projects and developing a sales pipeline while establishing the new plant. This announcement solidifies our growth and expansion opportunities in a very important part of the world nowadays.”
Mostafa added that Saudi construction methods historically utilized concrete (which continues to rise in price), while it still uses steel rebar to build. Building with light gauge steel, which can be adapted to the different types of buildings without the additional expense of concrete, is much less expensive.
Genesis develops and licenses structural building technology aimed at the residential, commercial and institutional building markets. Genesis offers licensees a turn-key solution enabling them to custom design, manufacture and install complete light steel building structures.
The Genesis Solution encompasses engineered processes and materials that are environmentally sustainable or “green”. Genesis is headquartered in Mississauga, Ontario, Canada and has licensees in the United States, Canada, Europe and the Middle East. __


Clic here to read the story from its source.