Riyadh - Mubasher: Mayar Holding Company announced that one of its subsidiaries, Gulf Elevators and Escalators Limited, has signed a partnership agreement with Shenyang Yuanda Intellectual Property Company of China to manufacture its elevator and escalator products in the Kingdom of Saudi Arabia.

The company explained, in a statement on "Tadawul", today, Thursday, that the agreement includes manufacturing BLT products of elevators and escalators with unique capabilities in terms of speed, capacity, and diversity at the company's factory in the Kingdom.

The agreement also includes updating the production lines at the Gulf Elevators and Escalators Limited factory, increasing the production capacity, and automating the production lines to achieve a savings of 30% of the total production cost.

It also includes the transfer of knowledge, intellectual property and engineering to develop elevator and escalator products, and training and developing the skills of the factory’s human workforce.

The company noted that the agreement covers the geographical region of the Middle East, Africa and Europe, excluding the Russian Federation.

She pointed out that according to the agreement, a 10.5% stake in Gulf Elevators & Escalators Co., Ltd. will be transferred to Shenyang Yuanda Intellectual Industry Co., Ltd.

The company indicated that this partnership is expected to have a positive financial impact on the financial statements starting from the first quarter of 2025.