Saudi Arabia’s Gulf Elevators and Escalators Company Limited has partnered with China’s Shenyang Yuanda Intellectual Industry Group to locally manufacture and enhance elevators and escalators. This agreement aims to modernize production lines and expand capabilities.
According to a statement from Mayar Holding, Gulf Elevators will produce BLT elevators and escalators with improved speed, capacity, and diversity at its Saudi factory. The initiative includes upgrading existing production lines to boost capacity and automate processes, resulting in a 30% reduction in production costs.
Additionally, the collaboration involves the transfer of knowledge and intellectual property, focusing on engineering advancements and staff training. This strategic move targets the Middle East, Africa, and Europe, excluding the Russian Federation.
As part of the agreement, Shenyang Yuanda will acquire a 10.5% stake in Gulf Elevators & Escalators. Shenyang Yuanda, a Chinese joint-stock company since 2001, is renowned for its global contributions to elevator and escalator projects.
The financial benefits of this partnership are expected to materialize from the first quarter of 2025.
