Mayar Holding Co. announced a SAR 2.3 million increase, excluding VAT, in the contract value between its subsidiary, Saudi Drip Irrigation Co., and NEOM Co.   In a statement to Tadawul, the company noted that this increase represents 8% of the original contract value.

It also highlighted that the financial impact of this adjustment will positively reflect on Mayar’s financial results for 2025.   In November 2023, Saudi Drip signed a contract with NEOM to execute operation and maintenance works for the NEOM project over 24 months, valued at SAR 28.9 million, excluding VAT, data compiled by Argaam showed.

Mayar Holding Co began its activity by establishing the Gulf Elevators and Escalators Company Limited” in 1999 which considered the first factory in the Middle East to manufacture elevators and escalators in the industrial city of Jeddah - Kingdom of Saudi Arabia. As a result of the expansion of the company’s activities in most main cities within the Kingdom, GCC and neighboring countries, Mayar Holding Company was established - as a closed Saudi joint stock company - registered in the city of Riyadh in 2013. Then several companies were established under it to distribute the company’s activities in the elevator sector to keep due to the growth occurring in each activity. The company has continued to grow over the past 20 years by establishing several companies in several sectors, as well as entering strategic partnerships, in addition to acquiring several other companies in various industrial sectors.

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