A Malaysian company has signed a joint venture with a Saudi firm to build a plant in Dammam for the manufacture of carbon steel fittings. The SR15-million plant is likely to be set up within a year. It will produce carbon steel pipe and fitting products. The agreement between Pantech and Saudi Arabia’s Abdul Rahman Al-Otaishan Trading Group was signed in Kuala Lumpur in the presence of Malaysian Deputy Finance Minister Wira Chor Chee Heung. This will be the first overseas investment by Pantech, which expects the Saudi plant to generate revenue of SR50 million in the first year of operation. While Pantech is a pipes and fittings maker, Dammam-based Otaishan Trading is involved in oil and gas, petrochemical industries as well as logistics, transportation and industrial specialty services in Saudi Arabia and GCC countries.
MALAY- SAUDI MEET
MALAY- SAUDI MEET
