Zoomlion Accelerates Growth and Innovation in the Middle East with Strategic Development and Collaborative Innovation

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Zoomlion Heavy Industry Science & Technology Co., Ltd. (1157.HK) is accelerating growth and innovation in the Middle East with strategic development and collaborative innovation. The company's recent business highlights include securing contracts for 85 types of equipment in the UAE and Saudi Arabia, totaling over 200 million Yuan, with prospective orders of over 500 million Yuan. In Saudi Arabia, sales surged by more than 170% year-on-year, contributing to significant infrastructure projects. The company also signed contracts and prospective orders totaling over 35 million Yuan in Oman and unveiled innovative crane models tailored for oil field operations. Zoomlion is set to expand its localization efforts by establishing new subsidiaries in Qatar and Kuwait.

CHANGSHA, China, Dec. 28, 2023 /PRNewswire/ -- Zoomlion Heavy Industry Science & Technology Co., Ltd. ("Zoomlion", 1157.HK), a leading Chinese construction machinery and equipment manufacturer, is further underscoring its commitment to the Middle Eastern market. The company's Chairman and CEO, Zhan Chunxin, along with Co-President Wang Yongxiang and Vice President Sun Changjun, recently visited the company's subsidiaries in the region. This visit highlights Zoomlion's dedication to deepening its engagement in the Middle East through a focused strategy on localization and technological innovation, aiming to foster stronger collaborative ties with the region.

Mr. Zhan expressed great pride in the company's ongoing growth in the Middle East. Zoomlion's business model in the Middle East has yielded promising results, and he encouraged the subsidiaries in the region to continue expanding market share, aligning with the company's strategic direction. He also outlined further investment plans to develop an integrated hub encompassing sales, service, exhibitions, storage, and spare parts.

Key Recent Business Highlights:

• In the UAE and Saudi Arabia, Zoomlion secured contracts for 85 various types of equipment during a recent product launch event this November, totaling over 200 million Yuan (approximately US$28 million), with prospective orders of more than 200 units, totaling over 500 million Yuan (approximately US$70 million). Notably, in Saudi Arabia, sales surged by more than 170% year-on-year up to the end of November 2023, contributing to significant infrastructure projects such as the futuristic NEOM city.
• At the opening of its Oman subsidiary, Zoomlion signed contracts and prospective orders totaling over 35 million Yuan (approximately US$4.9 million). Mr. Sulaiman Saif Hamoud Al Shaqsi, Technical Manager of Oman Vision 2040, attended the ceremony and highlighted Zoomlion's advanced equipment's role in achieving Oman's 2040 vision.
• The company also unveiled innovative crane models in the region, including the all-terrain ZRT850 and ZRT900V-1 cranes, tailored for oil field operations.

As Zoomlion expands in the Middle East and other international markets, its comprehensive, digital, and localized business strategy is earning increasing trust and support from local clients. To further reinforce this strategy, Zoomlion is set to expand its localization efforts by establishing new subsidiaries in Qatar and Kuwait.

The company's global commitment to providing superior equipment and solutions underscores its international vision and unwavering dedication to technological innovation and customer service excellence.

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SOURCE Zoomlion

FAQ

What is Zoomlion Heavy Industry Science & Technology Co., Ltd.'s recent business highlights in the Middle East?

Zoomlion secured contracts for 85 various types of equipment in the UAE and Saudi Arabia, totaling over 200 million Yuan, with prospective orders of more than 500 million Yuan. In Saudi Arabia, sales surged by more than 170% year-on-year, contributing to significant infrastructure projects. The company also signed contracts and prospective orders totaling over 35 million Yuan in Oman and unveiled innovative crane models tailored for oil field operations.

What are Zoomlion Heavy Industry Science & Technology Co., Ltd.'s expansion plans in the Middle East?

Zoomlion is set to expand its localization efforts by establishing new subsidiaries in Qatar and Kuwait.

What is the ticker symbol for Zoomlion Heavy Industry Science & Technology Co., Ltd.?

The ticker symbol for Zoomlion Heavy Industry Science & Technology Co., Ltd. is 1157.HK.