Latest news with #AICTEC
Zawya
a day ago
- Business
- Zawya
Saudi-Chinese joint venture to set up manufacturing facility in Kingdom
Advance International Company for Communication and Information Technology (AICTEC) has set up a joint venture (JV) with China-based ZKTeco to set up a manufacturing facility in the 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) (
Argaam
a day ago
- Business
- Argaam
AICTEC sets up SAR 5.6M JV with China's ZKTeco
Advance International Company for Communication and Information Technology (AICTEC) said it established a joint venture (JV) with China-based ZKTeco under the name Noor Technology Co. The new entity has been registered with a unified commercial registration number (7051187396) and a capital of SAR 5.63 million, the company said in a statement to Tadawul. The venture follows a memorandum of understanding (MoU) signed earlier this year between the two firms. Noor Technology will set up a specialized factory to produce security inspection gates, vehicle and pedestrian access control systems, and other modern technology solutions for Saudi Arabia and the wider Middle East. AICTEC expects the project to support Saudi Arabia's Vision 2030 goals by boosting localization of security and technology industries, increasing local content, creating jobs, and strengthening the Kingdom's technological and manufacturing base. ZKTeco is a global provider of biometric solutions and AI-powered spatial intelligence technologies, specializing in biometric authentication and smart access management. In May, AICTEC signed an MoU with ZKTeco to establish the plant in Saudi Arabia. ZKTeco will hold a 60% stake in the venture, with AICTEC owning the remaining 40%, according to Argaam data.
Argaam
22-07-2025
- Business
- Argaam
AICTEC receives GAC's nod on Signmax stake acquisition
Advance International Company for Communication and Information Technology (AICTEC) received a no-objection certificate from the General Authority for Competition (GAC) for its planned acquisition of a 25% stake in Signmax Advertising Co. In a statement to Tadawul, the company said that it appointed Crowe Solutions Consulting as the financial advisor for the transaction. It noted that there is no change in the previously stated cost. The company signed, on June 26, a memorandum of understanding (MoU) outlining its intention to acquire a 25% stake in Signmax Advertising Co. for SAR 3 million, according to data available with Argaam.
Argaam
13-07-2025
- Business
- Argaam
AICTEC converts branch into LLC to carry out all technical projects
Advance International Co. for Communication and Information Technology (AICTEC) completed procedures for the spin-off of its technical projects execution arm by converting its branch, Nabah Technology Co., into a single-member limited liability company (LLC), wholly owned 100% by AICTEC. This step comes as part of the company's plans to restructure its operational segments, aiming to enhance focus on its core activities, according to a statement to Tadawul. The newly formed company will be responsible for executing all technical project operations. This event does not have any material financial impact on the financial statements. The procedure has been completed, and a commercial registration certificate has been issued for the newly formed single-member LLC, the statement added. The company will announce any future developments in due course. According to data available on Argaam, the company approved, in May, a comprehensive strategic plan to restructure its technical and operational divisions. The move is part of AICTEC's efforts to improve operational efficiency and deepen specialization in technical and operational services. As part of the plan, AICTEC would spin off its projects segment into a wholly owned subsidiary and also separate its wholesale segment into another wholly owned subsidiary. In addition, AICTEC said it would establish a new unit dedicated to technical services, cybersecurity, and programming, which will also be a wholly owned entity. The company further plans to develop an investment arm to explore opportunities for strategic partnerships and future expansion. Last month, AICTEC announced the spin-off of its wholesale business by converting its branch, Innovation Passage Technology Co., into a wholly owned, single-member limited liability company (LLC).
Argaam
29-06-2025
- Business
- Argaam
AICTEC inks MoU to acquire SAR 3M stake in Signmax Advertising
Advance International Company for Communication and Information Technology (AICTEC) signed, on June 26, a memorandum of understanding (MoU) outlining its intention to acquire a 25% equity stake in Signmax Advertising Co. for SAR 3 million. In a statement to Tadawul, the company said that the MoU is valid for three months from the signing date. This strategic move aims to strengthen AICTEC's presence in the advertising industry, as well as in the organization and preparation of exhibitions and conferences, and digital marketing services, the statement added. Signmax is recognized as one of the leading companies in its sector, boasting international expertise and operating a specialized manufacturing facility dedicated to exhibition and conference production and organization. This sector is considered one of the most promising markets in Saudi Arabia and the wider Gulf region, the company noted. There is no financial impact currently, any subsequent material developments will be announced in due course, AICTEC further indicated.
