Saudi Arabia’s Mayar Holding Co. announced that its subsidiary, Gulf Elevators & Escalators Co. Ltd., has signed a partnership agreement with China’s Shenyang Yuanda Intellectual Industry Group Co. to manufacture elevators and escalators in Saudi Arabia, according to a stock exchange filing.
The agreement includes upgrading production lines at the Gulf Elevators factory, increasing capacity, automating processes to reduce production costs by 30pct, and transferring knowledge, intellectual property, and engineering expertise. It also covers training for the factory’s workforce.
The partnership will serve the Middle East, Africa, and Europe, excluding Russia. In return, Mayar Holding will transfer a 10.5pct stake in Gulf Elevators to Shenyang Yuanda.
Shenyang Yuanda, a public joint-stock company established in 2001, is a leading manufacturer of elevators and escalators. Mayar Holding, which founded Gulf Elevators in 1999, operates the first elevator and escalator manufacturing facility in the Middle East, located in Jeddah.
