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Biz News Korea(Eng)
Taihan Electric Wire to build HV equipment plant in Saudi Arabia
- Collected
- 2017.02.16
- Distributed
- 2017.02.20
- Source
- Go Direct
Taihan Electric Wire CEO Choi Jin-yong (fourth from left) and Mahmoud Ghalib, managing director of Mohammed Al-Ojaimi Group (fifth from left), inspect the site for their future plant. (Photo by Taihan Electric Wire)
According to Taihan Electric Wire Wednesday, it and Mohammed Al-Ojaimi Group have set up a 60-40 joint venture Saudi Taihan in Riyadh, capital city of Saudi Arabia to build a plant that will churn out HV electric equipment for the first time in the country. The new joint venture aims to install necessary facilities by the second quarter of this year and complete the construction of the factory by the third quarter. The factory will be built on an 8,000-square-meter site in an industrial complex near Riyadh.
Saudi Taihan will mainly produce connectors for cables and insulating materials, according to the company. Until now, Saudi Arabia has depended 100 percent of its HV equipment needs on imports from Germany and the U.S.
The decision to build the factory comes after demand for HV electric equipment has steadily grown across Gulf Cooperation Council (GCC) countries including Saudi Arabia and the Korean company expects the new joint venture would pave the way for greater access to other markets such as Africa and Europe, a Taihan Electric Wire official said.
By Moon Ji-woong
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