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Cymat Receives Order to Provide Alusionâ„¢ Panels for Neom Project

Cymat Technologies Ltd. is pleased to announce that it has received its first order to provide AlusionTM stabilized aluminum foam panels for installation in the Kingdom of Saudi Arabia's NEOM project, currently the largest construction project in the world.

 

NEOM is a massive commercial, residential, recreational, and cultural land development project underwritten by a US$ 500 billion investments from the Public Investment Fund of the Kingdom of Saudi Arabia.

 

Cymat's AlusionTM panels will form an important design element for the water park located in the Sindalah district of the NEOM development. Sindalah will be the first region of NEOM to be completed and will act as the gateway for visitors to the entire NEOM development. This AlusionTM order has a contract value of CA$ 725,000 and is expected to be produced and shipped before March 31, 2024.

 

"While this contract is the culmination of several years of work and significant delays, we are excited to finally see our material so prominently utilized in this prestigious international development," said Michael Liik, Cymat's CEO and Chairman. He added, "Cymat has issued AlusionTM quotations for three additional installations in this mega development with a contract value exceeding CA$ 20 million. As well, we anticipate the incorporation of our foam panels into many additional projects in this development in the years to come."

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