Officials at the signing ceremony held on the sidelines of the recently-held Private Sector Forum 2024 in Riyadh.

Wolffkran, a leading manufacturer of tower cranes headquartered in Switzerland, has entered into a joint venture with Zamil Group, one of the largest investment holding companies in Saudi Arabia, to set up its first manufacturing facility in kingdom.

Unveiling the big regional strategy, Duncan Salt, CEO of Wolffkran Holding, said the company, along with Zamil Group, will invest around SR1 billion ($266 million) in the newly founded joint venture.

As part of the JV, Wolffkran will set up its first tower crane manufacturing plant in the Middle East region and the hunt is on for a suitable location, he stated.

According to Salt, the new plant will not only supply Wolff cranes in Saudi Arabia but also cater to the entire Mena market.

In addition to the production of Wolff cranes, Wolffkran will establish a rental fleet of around 300 tower cranes in Saudi Arabia as part of the joint venture.

“We have already received numerous inquiries from local construction companies for major projects,” revealed Dr Mohamed Abouelezz, the Head of Business Development and Product Management at Wolffkran.

“The order books in the entire region are full and the first rental cranes are already on their way by ship and will be ready for use in a few weeks,” he noted.

“In Zamil Group, we have found a strong partner for this project,” said Dr Peter Schiefer, owner and member of the Board of Directors of Wolffkran Holding.

The two partners are currently looking for a suitable location for the state-of-the-art production facility, which will produce around 150 luffing jib and trolley cranes per year exclusively for the region.

Last year, the Swiss group set up its new unit, Wolffkran for Equipment in Riyadh, a branch that will primarily focus on the service and rental of Wolff cranes.