Wolffkran Holding, a leading designer and builder of tower cranes based in Germany, has announced that it has sealed a strategic partnership agreement with Saudi-based Zamil Group Investment Company.

 

Under this deal, the Saudi group will be acquiring a 50% stake in Wolffkran's local rental and service business - Wolffkran for Equipment.

 

The deal comes following the announcement made by Wolffkran Holding AG and Zamil Group Investment Company at the PIF Private Sector Forum 2024 early this year. 

 

Board members from both Zamil Group Investment Company and Wolffkran Holding were at the signing ceremony held at the Four Seasons Hotel in Riyadh, alongside officials from the Public Investment Fund of Saudi Arabia, the Ministry of Finance, and leading local contractors and developers.

 

Wolffkran Holding team, led by its Chairman Dr Peter Schiefer along with members CEO Duncan Salt, COO & CTO Ralf-Dieter Koch, Musab ElManaseer, the Supply Chain Manager and Business Development and Product Management Head Dr Mohamed AbouElezz, attended the ceremony alongside Tariq Al Sawaie – General Manager (Wolffkran Saudi Arabia) and Fahd Bouhaddou, the Assistant Sales Manager.

 

Wolffkran has been active in the Arabian Peninsula together with Roots Group Arabia Company since 2009 and has played a key role in the expansion of the pilgrimage sites in Makkah and Madinah as well as the construction of Princess Nora bint Abdul Rahman University in Riyadh, Jeddah International Airport and Jeddah Tower in Jeddah.

 

At the end of 2023, Wolffkran also founded Wolffkran for Equipment in Riyadh, a branch that will primarily focus on the service and rental of WOLFF cranes.

  

This partnership paves the way for Wolffkran for Equipment to expand its operations by establishing a tower crane manufacturing facility in Saudi Arabia, thus marking the first-ever foundation for tower crane manufacturing in the Kingdom, said the German group in its statement. 

 

The collaboration aims to harness the unique strengths, expertise, and resources of both Wolffkran and Zamil Group to meet the growing demand for tower cranes within Saudi Arabia and the broader Middle East region, it added.-TradeArabia News Service