Mayar Holding Company, based in Saudi Arabia, has revealed that its subsidiary, Gulf Elevators & Escalators Company, is partnering with China’s Shenyang Yuanda Intellectual Industry Group. This collaboration aims to establish a new factory for producing elevator and escalator products in Saudi Arabia.
Shenyang Yuanda, a leading Chinese firm in the elevator and escalator sector since 2001, will assist Gulf Elevators & Escalators in enhancing its production lines. The partnership includes the transfer of technology and engineering expertise.
In exchange for its support, Shenyang Yuanda will acquire a 10.5% stake in Gulf Elevators & Escalators. The agreement spans the Middle East, Africa, and Europe, excluding Russia.
The collaboration will focus on manufacturing BLT elevators and escalators, emphasizing speed, capacity, and variety. Automation improvements are expected to reduce production costs by 30%. Additionally, the partnership will facilitate training for local youth, enhancing their skills.
Mayar Holding anticipates the partnership will positively impact financial statements from the first quarter of 2025.
