AICTEC inks MoU with Chinese firm to set up $1.5M factory in Saudi Arabia
ZKTeco will be holding a 60% stake, and AICTEC holding 40% in the new plant.
In a statement Tadawul, the company said that MoU is valid for six months, noting that the proposed new entity will focus on manufacturing security inspection gates, vehicle and pedestrian access control gates, and advanced technology systems, to better serve the Saudi market and the broader Middle East region.
The establishment of this joint venture represents a significant milestone in the long-term partnership between ZKTeco and AICTEC, the statement added, expecting a positive financial impact upon operating the factory.
As part of this collaboration, the company will benefit from ZKTeco's advanced technologies and global resources, along with AICTEC's strong presence in local and international markets and its operational expertise.
AICTEC noted that ZKTeco Co. Ltd., listed on the Shenzhen Stock Exchange, ticker: 301330, is a global leader in biometric solutions and AI-powered spatial cognitive intelligence technologies. Specializing in biometric authentication and smart access control, ZKTeco is redefining human-machine interaction and enabling digital transformation.
AICTEC is a Saudi public joint-stock company specialized in smart security technologies, smart retail solutions, and ICT services. Headquartered in Riyadh, it operates across the Kingdom of Saudi Arabia, offering tailored technology solutions to support digital transformation and national development initiatives. AICTEC is committed to innovation, local value creation, and excellence in service delivery, the statement indicated.
The joint venture will primarily serve the Saudi market, while maintaining the flexibility to expand into neighboring countries. This strategic partnership underscores both companies' commitment to Saudi Arabia's Vision 2030, contributing to the development of local manufacturing capabilities, job creation, and technological advancement in the Kingdom, AICTEC added.
No related parties are included in the deal, the company further pointed out, stating that any updates in this regard will be announced in a timely manner.
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