Saudi and Japanese Firms Sign Agreement for New Company

JEDDAH - Saudi’s Tharawat Development Company, or TDC, and Kubota Japanese Company, or KJC, have signed an agreement worth an estimated SR225 million to form Kubota Saudi Arabia Company, LLC.



The deal was signed by Subhi Mohammed Al Hashim, Vice-Chairman and Deputy Member of TDC, and Takeshi Torwiki, General Manager of Iron Industries of KJC, in Osaka recently.

Al Hashim said that the Japanese own 51 per cent of the partnership, with the remaining 49 per cent to TDC.

The company will be located in Dammam, where the Saudi Industrial Property Authority has provided a 25,000 square-metre land for the new company to begin production by mid-2010.

“This company currently enjoys the support of the Kingdom’s government and the encouragement of the National Industrial Clusters Development Programme and the Saudi-Japanese Industrial Cooperation team that was established to reinforce the new industrial investments between both countries in available opportunities, especially in the Saudi market,” Al Hashim said.

He added that the industrial cooperation team is working to find an approach to coordinate events for the industrial partnerships between both countries as he believed the team would serve as an effective industrial communication channel between both parties.

“The Saudi market is trusted by everyone. Moreover, the strategic relation that both Saudi and Japanese companies share is based on mutual confidence,” Torwiki said.

· habib@khaleejtimes.com


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