Perma-Pipe International Holdings, Inc. has received approval of The Kingdom of Saudi Arabia General Authority for Competition to enter into the previously announced joint venture (JV) with Gulf Insulation Group in The Kingdom of Saudi Arabia to provide pre-insulated piping systems, piping fabrication, internal and external fusion bonded epoxy, three-layer coating services and leak detection systems for customers in The Kingdom of Saudi Arabia, Kuwait and Bahrain. Formation and commencement of the JV will take place over the next few weeks.
Gulf Insulation Group is a subsidiary of the Zamil Industrial Investment Company, a Saudi Arabian public company and one of the largest industrial groups in the Middle East. The JV will be 60% controlled by Perma-Pipe International Holdings, Inc. and 40% by Gulf Insulation Group through their subsidiaries, respectively.
