04 December 2019
Water technology company Xylem announced on Wednesday that it has signed a Memorandum of Understanding (MoU) with the Saudi Arabian General Investment Authority (SAGIA) to develop localised water products and technologies.
The United States-headquartered company said in a press statement that it will invest $50 million in expanding its manufacturing footprint in the Kingdom in order to better serve local and regional customers.
The statement said Xylem will work with SAGIA to develop and localise advanced water and wastewater products and technologies to address the kingdom's water challenges, increase the number of service points and rental fleets, and help accelerate adoption of digital water solutions and optimisation of utility networks across the Kingdom.
The investment, the statement noted, will help build a local supply chain and bring additional commercial opportunities into the Kingdom and the export of 'Made in Saudi' products across the world.
Xylem opened a dedicated office in the Kingdom, located in Riyadh, in 2017 as part of its $35 million investment in the Middle East and North Africa region, according to the statement.
(Writing by Madhura Deulgaonkar; Editing by Anoop Menon)
Our Standards: The Thomson Reuters Trust Principles
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
For more data, analytics, tools and news on projects in the Middle East visit the Thomson Reuters Projects portal
© Thomson Reuters Projects News 2019