We have actual contracts worth 27.5 billion riyals

We have now precise contracts price 27.5 billion riyals

World By Aug 30, 2023 No Comments

The CEO of Addis Worldwide Holding Firm, Dr. Muhammad Farouk Abdel-Khaleq, stated in an unique interview with Al-Arabiya channel that the corporate’s marine fleet has grown from 50 to 85 models, after including 35 new models.

Abdel Khalek added that this progress was as a result of funds made by signed contracts and never based mostly on expectations.

The place does Addis Holding function and who’re its fundamental purchasers?

The corporate’s contracts grew from 3.5 billion riyals to 27.5 billion riyals, and 83% of those contracts have been for Saudi Aramco, in line with Abdul Khaleq.

Addis Holding Firm supplies drilling and manufacturing companies for oil and gasoline within the Center East and North Africa.

Addis Holding operates in 7 nations all over the world, specifically Saudi Arabia, Kuwait, Qatar, Egypt, Algeria, Tunisia and India, and advantages from exploiting a low-cost working mannequin that will depend on the native workforce and native suppliers, and has moved its headquarters to Saudi Arabia, the place nearly all of the group’s operations are situated.

As for the corporate’s fundamental prospects, they’re Saudi Aramco, the Kuwait Oil Firm and the North Oil Firm in Qatar, and the three corporations represented greater than 95% of the group’s whole backlog by the tip of 2022 and 82% of its revenues from buyer contracts.

Addis Holding has greater than 5,000 workers.

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