Worldwide industrial services company Harsco Corporation has formed a joint venture in Saudi Arabia with Jeddah-based Al-Baroom Group, one of the largest construction sector companies in Saudi Arabia.
It builds on a longstanding relationship that Harsco has had with the Saudi company.
Harsco said the joint venture would give it a solid platform for continued growth in the region as “infrastructure spending in Saudi Arabia and other parts of the Gulf is expected to grow substantially over the next five years and beyond, including a reported $400 billion in Saudi Arabia alone.”
“The new company will bring together the two organisations’ broad experience and market knowledge to provide highly-engineered scaffolding and formwork systems and expert installation services to the Saudi infrastructure and construction markets,” a statement said.
Harsco chairman and CEO Salvatore D Fazzolari commented: “This new joint venture will formalise and strengthen our successful relationship and should enable us to add substantially to our performance from this important growth market.
We are honoured by our proud and strong relationship with the Baroom family and the longstanding reputation for excellence and integrity that has been achieved in every aspect of our partnership.”
Harsco Corporation is a diversified industrial services company serving global industries that are fundamental to worldwide economic growth, including infrastructure, metals, railways and energy. Harsco’s common stock is a component of the S&P MidCap 400 Index and the Russell 1000 Index.
New contracts
Harsco announced in late August it had received new contracts in Saudi Arabia and the UAE to support the region's expanding investment in major infrastructure projects.
In Saudi Arabia, Harsco's formwork has been selected for the construction of the new Princess Noura bint Abdul Rahman University for Women. The project, a prestigious 26,000-student facility being built north of Riyadh, will create the largest university for women in the world. Meanwhile, Harsco's Cuplok scaffolding rentals will support the final phase of work in the multi-level expansion of the famous Jamaraat pedestrian bridge near Mecca, where tens of millions of pilgrims converge each year for religious observances.
In the UAE Harsco's engineered formwork systems have been selected for the reconstruction of the Mafraq Interchange and the construction of new highway bridges at Al Ain.
