#Katerra Activity Advances in Saudi Arabia
Katerra’s Saudi Arabia operations today reinforced that business is continuing as usual with projects advancing across the Kingdom.
Last week, following a thorough review of their strategic alternatives, certain Katerra United States and Cayman Island affiliates voluntarily filed for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas. This filing does not include or impact the day-to-day operations of Katerra’sinternational affiliates, such as Katerra Saudi Arabia and Katerra India.
“Katerra has multiple projects and activities underway across Saudi Arabia. The company is both committed to the completion of all on-going projects and is actively seeking new projects”, said Katerra Saudi Arabia President and CEO Ghassan Mirdad, “We look forward to continuing our productive relationships with both customers and vendors over time.”
Demand in the Kingdom has been strong, with a solid selection of existing projects and a significant pipeline of customers providing substantial revenue visibility. Katerra has a portfolio of residential projects across the Kingdom, including Saudi Arabia’s National Housing Company related to approximately 14,000 housing units being built by Katerra. Katerra may have a dozen sites under construction by the end of the year with five manufacturing facilities currently operating in the Kingdom.