Dammam, June 16, 2008: Both Al-Quraishi Electric Services (AQESA), and Al-Shoaibi Group have signed a JV agreement with TECO International to launch the first Medium & Large Electric Motor Manufacturing facility in the Middle East. This ceremony was commemorated on June 11, 2008, at Al-Khobar, with the presence of the Saudi Partners, Mr. Adel Al-Quraishi, and Mr. Khalid Al-Shoaibi, along with TECO Vice Chairman Mr. S.C.Lin. Among the guests were top management from of Saudi Aramco, SWCC, and SEC.
The estimated initial budget for this investment will be SR 60 million in the Second Industrial city in Dammam. This manufacturing plant will utilize a total area of 35,000 m² and it will start production with a capacity of 360units/year to be increased to 600 units in the years after. Production will cover the Kingdom of Saudi Arabia, Gulf Region, Middle East, and North Africa markets.
The Managing Director of Al-Quraishi Mr. Faisal Al-Quraishi has stated during the signing ceremony that the JV shares are 60% for Saudi investors (Al-Quraishi Company & Al-Shoaibi Group) and 40% for the foreign investors (TECO International). He also added that the support and encouragement of both Saudi Aramco and the Saudi Arabia General Investment Authority (SAGIA) had paved the way for this JV.
In terms of employment, Mr. Faisal explained that the plant will create over 100 jobs, of which 35% will be Saudis. This to be increased gradually with the utilizing the proper training programs agreed upon with TECO through their United States and Taiwan facilities. He said that the plant will provide the required services to large proportion of Saudi Aramco, SABIC and Salian Water desalination (SWCC), and other oil and petrochemical industries. The production range of this size of motors is considered to be the heart of these companies' daily operations. Along with the manufacturing of these motors, the facility will include coil shop, and large service repair shop for all motors' ratings and types.
-Ends-
© Press Release 2008
