Saudi, US firms join hands in $200m JV


MENAFN - 25/11/2009

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(MENAFN) The Big 5 construction show in Dubai has witnessed forming a $200 million joint-venture between Saudi Arabia's Alessa group and Huntair Inc, a US maker of industrial air conditioners, Khaleej Times reported.

The two companies joined hands to build the American brand's air-conditioning units in Saudi Arabia. Alessa will start manufacturing Huntair units under license in the first quarter of 2011. The agreement gives Alessa exclusive distribution rights for Huntair products in the kingdom and shared distribution rights elsewhere in the MENA region.

Huntair Vice-President, John Albert, said that the firm is a relatively newcomer to the Middle East region, conducting business only in Saudi Arabia which has been an $85 million sale of equipment to the new King Abdullah University.

Albert said that Huntair, a subsidiary of the CES Group, sees great promise in Saudi Arabia and plans to expand its business in the country to up to $1 billion in the coming four to five years

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