Saudi-Chinese joint venture to set up manufacturing facility in Kingdom
Noor Technology Company, the new entity, will set up a specialised factory to produce security inspection gates, vehicle and pedestrian access control systems, and other modern technology solutions for Saudi Arabia and the Middle East, the company said in a statement to the Saudi stock exchange.
The new company will have a capital of 5.63 million Saudi riyals.
ZKTeco will own a 60 percent stake in the new venture, while AICTEC will hold the remaining 40 percent.
The construction timeline on the facility was not given.
AICTEC expects the project to support the Kingdom's Vision 2030 goals by boosting localisation of security and technology industries, increasing local content and creating jobs.
ZKTeco is a major provider of biometric solutions and AI-powered spatial intelligence technologies, specialising in biometric authentication and smart access management.
(Editing by Anoop Menon) (anoop.menon@lseg.com)
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