Riyadh – Mubasher: Advance Construction Solutions Company for Projects (ZODCON), a subsidiary of Advanced Building Industries Company (SENAAT), signed a contract with TKE ALAT Manufacturing on 12 May 2026.
The deal, valued at SAR 252 million, aims to establish a multi-purpose facility, including manufacturing and an innovation hub, featuring a product-development center and training facility in Dammam's Third Industrial City, according to a bourse filing.
TKE Alat is a EUR 160 million joint venture established by TKE, a global leader in vertical urban mobility, and Alat, a Public Investment Fund (PIF) company building industrial capabilities in priority sectors.
The company was formed in August 2025 to address the growing vertical urban mobility needs of Saudi Arabia and the wider MENA region.
Meanwhile, the financial impact of this contract is expected to appear in the company’s financial statements during the fourth quarter (Q4) of 2026.
In Q1-26, SENAAT logged net profits valued at SAR 31 million, up 30.73% year-on-year (YoY) from SAR 23.71 million.
