Asheil Lighting secures land for advanced manufacturing facility in Saudi Arabia
Industry News Asheil Lighting secures land for advanced manufacturing facility in Saudi Arabia
By
The facility will integrate production techniques, energy-efficient LED technologies, and precision engineering, addressing market demand and the need for a skilled, future-ready workforce
Asheil Versatile Lighting Technologies (Asheil) has secured land in Shaqraa Industrial City, 180km northwest of Riyadh, to establish a lighting manufacturing and technology hub. The milestone strengthens Saudi Arabia's position as a regional leader in advanced lighting production, reducing the Kingdom's dependence on imports while driving industrial growth, supply chain resilience, and job creation, said a statement.
The facility will not only produce high-performance lighting solutions for Saudi Arabia's giga-projects, large-scale urban developments, and commercial infrastructure but will also generate significant local employment opportunities. By investing in localised manufacturing, Asheil is ensuring that Saudi talent plays a direct role in the Kingdom's industrial transformation, equipping the workforce with expertise in advanced manufacturing and energy-efficient lighting technologies, the statement added.
The facility will integrate production techniques, energy-efficient LED technologies, and precision engineering, addressing both market demand and the need for a skilled, future-ready workforce. By providing high-value job opportunities, Asheil will support the Kingdom's long-term economic diversification strategy while advancing technological self-sufficiency in the lighting sector.
'Asheil is proud to contribute to Saudi Arabia's transformation into a hub for advanced lighting technology. This facility will not only provide international standard, high-quality, locally manufactured lighting solutions but will also create skilled jobs and provide new career pathways for Saudi professionals in manufacturing, engineering, and supply chain management. We sincerely thank the Saudi government and our partners for their support in making this vision a reality,' said Marco Fahd, Chairman & CEO of Versatile International.
Saudi Arabia's LED lighting market was valued at US $2.3bn in 2024 and is projected to reach $4.8bn by 2030, growing at a CAGR of 12.9%. The Kingdom currently imports significant volumes of lighting and signalling equipment, with China accounting for over 40% of its lighting imports. By manufacturing locally, Asheil will help reduce reliance on foreign suppliers, enhance supply chain stability, and ensure customized, region-specific solutions for developers and infrastructure planners.
'With Versatile's extensive project management experience and Haneco's deep expertise in LED manufacturing, Asheil is set to become a transformative player in Saudi Arabia's industrial landscape. Our integrated approach – spanning design, manufacturing, and after-sales support – will not only deliver high-performance lighting solutions but will also empower local talent with the skills and expertise needed to sustain and expand Saudi Arabia's manufacturing sector,' said Nicho Teng, Founder & Managing Director of Haneco Lighting and Co-founder of Asheil.
Asheil is a joint venture between Versatile International and Haneco Lighting, combining project management expertise with LED manufacturing to deliver high-performance, energy-efficient lighting solutions. By localising production, the partnership aims to enhance supply chain stability, reduce costs and provide faster, more customised solutions for Saudi Arabia's major infrastructure projects.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al Etihad
4 hours ago
- Al Etihad
London stocks pull back as investors turn cautious ahead of US-China talks
9 June 2025 16:40 LONDON (REUTERS) London's benchmark index slipped on Monday after rounding off four weeks of gains, as caution prevailed ahead of much-awaited US-China talks later in the FTSE 100 was down 0.3%, while the mid-cap FTSE 250 was up 0.4%.Top officials from the US and China are scheduled to meet in London for talks that investors hope will indicate some progress in de-escalating trade tensions between the world's two biggest talks follow a phone call between the presidents of the two countries last week, in which they agreed to hold more talks amid a global trade war that has escalated from tit-for-tat tariffs to export finance minister Rachel Reeves will hold a meeting with Chinese vice premier, He Lifeng, without providing any details on the sectors were lower, with aerospace and defence stocks leading losses. They were down 0.9%, extending declines to a third session. Pharma stocks dipped 0.8%, as investors looked to book some stocks rounded off the previous week with gains, after a US jobs report allayed concerns of an economic slowdown in the world's biggest economy, despite a US tariff roller stocks, WPP slipped about 2% to bottom the FTSE 100. The ad group said its chief executive officer, Mark Read, would retire by the end of soared 70% to top the FTSE 250 after the scientific instruments maker said it has received a takeover proposal from private equity firm Advent, valuing its shares at 37.35 pounds per jumped 24% after US chipmaker Qualcomm agreed to acquire to semiconductor company for about $2.4 billion. M&G Investments gained 1.7% as UBS upgraded the stock to 'buy' from 'neutral'.
Channel Post MEA
4 hours ago
- Channel Post MEA
Wipro Establishes Its Middle East Regional Headquarters In Riyadh
Wipro Limited has announced the relocation of its Middle East regional headquarters from Al Khobar to Riyadh, Saudi Arabia. The new office in Riyadh was inaugurated in a ceremony attended by the Wipro executive team, employees, and customers. This is the latest addition to Wipro's growing presence in the region, which includes offices in Riyadh, Al Khobar, Jeddah, and Jubail. 'The inauguration of Wipro's new regional headquarters in Riyadh marks a significant milestone that contributes to accelerating the growth of the Kingdom's digital economy,' said Mohammed AlRobayan, Deputy Minister for Technology at the Ministry of Communications and Information Technology (MCIT). 'This also underscores the attractiveness of Saudi Arabia's digital business environment. We value the company's investment in developing national competencies, in line with the objectives of Saudi Vision 2030 and enhancing the Kingdom's position as a global technology hub.' In addition to this new office opening, Wipro recently signed a Memorandum of Understanding (MoU) with Prince Mohammad Bin Fahd University (PMU) to establish a Center of Excellence (CoE) in Riyadh. This partnership aims to upskill local talent by providing academic training in advanced technologies, hands-on experience, and access to Wipro's resources. The CoE will focus on equipping young Saudi nationals with future-ready skills, creating a talent pool that can add value to organizations and the kingdom. 'The establishment of our new regional headquarters in Riyadh reaffirms our commitment to supporting the dynamic business landscape in the Kingdom of Saudi Arabia,' said Vinay Firake, CEO – Asia Pacific, India, Middle East & Africa (APMEA), Wipro Limited. 'This strategic move, combined with our ongoing involvement in supporting the goals of the Kingdom, aligns with our vision of driving sustained growth and a future-ready workforce in the region. This commitment is strengthened by the recent appointment of Mohamed Mousa as our new Managing Director for Wipro Middle East out of our Riyadh headquarters, which will further advance our decades-long presence in the Middle East.'
Gulf Today
4 hours ago
- Gulf Today
China's export growth slows last month as tariffs take toll
China's export growth slowed to a three-month low in May as US tariffs slammed shipments, while factory-gate deflation deepened to its worst level in two years, heaping pressure on the world's second-largest economy on both the domestic and external fronts. US President Donald Trump's global trade war and the swings in Sino-US trade ties have in the past two months sent Chinese exporters, along with their business partners across the Pacific, on a roller coaster ride and hobbled world growth. Underscoring the US tariff impact on shipments, customs data showed that China's exports to the US plunged 34.5 per cent year-on-year in May in value terms, the sharpest drop since February 2020, when the outbreak of the COVID-19 pandemic upended global trade. Total exports from the Asian economic giant expanded 4.8 per cent year-on-year in value terms last month, slowing from the 8.1 per cent jump in April and missing the 5.0 per cent growth expected in a Reuters poll, customs data showed on Monday, despite a lowering of US tariffs on Chinese goods which had taken effect in early April. 'It's likely that the May data continued to be weighed down by the peak tariff period,' said Lynn Song, chief economist for Greater China at ING. Song said there was still front-loading of shipments due to the tariff risks, while acceleration of sales to regions other than the United States helped to underpin China's exports. Imports dropped 3.4 per cent year-on-year, deepening from the 0.2 per cent decline in April and worse than the 0.9 per cent downturn expected in the Reuters poll. Exports had surged 12.4 per cent year-on-year and 8.1 per cent in March and April, respectively, as factories rushed shipments to the US and other overseas manufacturers to avoid Trump's hefty levies on China and the rest of the world. While exporters in China found some respite in May as Beijing and Washington agreed to suspend most of their levies for 90 days, tensions between the world's two largest economies remain high and negotiations are underway over issues ranging from China's rare earths controls to Taiwan. Trade representatives from China and the US are meeting in London on Monday to resume talks after a phone call between their top leaders on Thursday. China's imports from the US also lost further ground, dropping 18.1 per cent from a 13.8 per cent slide in April. Zichun Huang, economist at Capital Economics, expects the slowdown in exports growth to 'partially reverse this month, as it reflects the drop in US orders before the trade truce,' but cautions that shipments will be knocked again by year-end due to elevated tariff levels. China's exports of rare earths jumped sharply in May despite export restrictions on certain types of rare earth products causing plant closures across the global auto supply chain. The latest figures do not distinguish between the 17 rare earth elements and related products, some of which are not subject to restrictions. A clearer picture of the impact of the curbs on exports will only be available when more detailed data is released on June 20. China's May trade surplus came in at $103.22 billion, up from the $96.18 billion the previous month. Other data, also released on Monday, showed China's imports of crude oil, coal, and iron ore dropped last month, underlining the fragility of domestic demand at a time of rising external headwinds. Beijing in May rolled out a series of monetary stimulus measures, including cuts to benchmark lending rates and a 500 billion yuan low-cost loan programme, aimed at cushioning the trade war's blow to the economy. China's markets showed muted reaction to the data. The blue-chip CSI300 Index climbed 0.29 per cent and the benchmark Shanghai Composite Index was up 0.43 per cent. Producer and consumer price data, released by the National Bureau of Statistics on the same day, showed that deflationary pressures worsened last month. The producer price index fell 3.3 per cent in May from a year earlier, after a 2.7 per cent decline in April and marked the deepest contraction in 22 months. Cooling factory activity also highlights the impact of US tariffs on the world's largest manufacturing hub, dampening faster services growth as suspense lingers over the outcome of US-China trade talks. Retail sales growth slowed last month as spending continued to lag due to job insecurity and stagnant new home prices. These headwinds were evident in China's car sales for May, which grew 13.9 per cent year-on-year, slowing from a 14.8 per cent increase the previous month, data from the China Passenger Car Association showed. Sluggish domestic demand and weak prices have weighed on China's economy, which has struggled to mount a robust post-pandemic recovery amid a prolonged property slump and has relied on exports to underpin growth. Reuters
