WOLFFKRAN’s expansion into Saudi Arabia to establish the first tower crane manufacturing plant in the Middle East

Introduction:

WOLFFKRAN, the oldest tower crane manufacturer in the world, is an industry leader known for its advanced technology, exceptional engineering, and comprehensive services for major construction projects worldwide. WOLFFKRAN entered into a strategic partnership with Al-Zamil Group, one of the largest investment holding companies in Saudi Arabia, to establish the first tower crane manufacturing plant in the Middle East.

Private Sector Partnership:

WOLFFKRAN was one of the first companies to utilize the Private Sector Hub. Through PIF’s Private Sector Hub, WOLFFKRAN explored opportunities and received advice on how best to expand in the Saudi market, from financing to company structuring. As a result, WOLFFKRAN formed a joint venture with Zamil Group, in February 2024. The joint venture aims to open a WOLFFKRAN crane production facility in Saudi Arabia and build up a rental fleet of 300 WOLFFKRAN cranes. The production facility will be the first tower crane manufacturing plant in the entire Middle East and will supply WOLFFKRAN cranes not only to the Saudi Arabian market but to the entire MENA region.

Impact and value creation:

The partnership between WOLFFKRAN and Al-Zamil group not only bolsters the local supply chains catering to the growing construction and real estate sector in Saudi Arabia. but also positions Saudi Arabia as a key regional player. This partnership supports Saudi Vision 2030 by promoting localization and diversifying the economy, elevating the technological advancements in the construction industry, and enhancing the local workforce's skill development.

PIF’s private sector initiatives such as the Local Content Growth Program MUSAHAMA, Suppliers Development Program, and Private Sector Hub are at the forefront of facilitating sustainable expansion of private enterprises and driving Saudi Arabia's economic transformation in line with Vision 2030 objectives.