Saudi company to invest US$11 billion in shipbuilding

Saudi Arabian Zamil Offshore Services Company will invest SAR40 billion (US$10.7 billion) over the next 10 years into shipbuilding. The company has achieved SAR2 billion (US$533 million) in shipbuilding returns during the past two years, according to Arab Steel.
The company is building two ships, ‘Zamil 63’ and ‘Zamil 64’, for the Saudi ARAMCO company, the first of which is due to be delivered at the end of this year while the other is scheduled to be delivered in March 2011.
The company has expansion plans in shipbuilding that would enable it to build larger ships along with maintaining and developing offshore platforms and facilities.