The company has been manufacturing locally in the kingdom for over 30 years, and supplies projects across Saudi Arabia, Qatar and the UAE
King Abdullah Economic City (KAEC), a special economic zone on Saudi Arabia’s Red Sea coast, said it has signed a long-term master supplier agreement with AVK Saudi Valves Manufacturing Company (AVK), a leading supplier of valves and fire hydrants in the kingdom.
As per the deal, AVK will supply the city with its high tech products as the city continues to develop and expand its infrastructure.
With an annual turnover of SR2.2 billion ($586 million), AVK is one of the world’s largest manufacturers of valves, pipes and hydrants, focusing their expertise primarily on these core product areas.
AVK has been manufacturing locally in the Kingdom for over 30 years, and supplies projects across Saudi Arabia, Qatar and the UAE.
“This partnership is a key indicator of the caliber of companies working alongside KAEC in the delivery of a next generation city to support Vision 2030,” said Fahd Al rasheed, Group CEO and managing director, KAEC.
“KAEC continues to partner with new best-in-class companies to maintain our ability to provide a premium infrastructure that empowers growth,” he noted.
Ole Hedegaard, the managing director of AVK, said the company places the support of Saudi Arabia’s economy at the center of its business practices.
“Offering world-class skills and expertise to Saudi employees, we are currently on track to soon reach Saudisation levels of over 40 per cent. Partnering with KAEC, a city designed to support the growth of Saudi into the future, is a natural direction for us, and we are very excited about the level of sustainable, high quality projects being developed there,” he stated.
“The new partnership with AVK supports a commitment by both parties to prioritising the use of high quality domestically manufactured products in the growth of local communities,” he added.
Fahd Al Rasheed pointed out that KAEC’s continued development was evidence of the power of Vision 2030 to drive an economy beyond oil.
“The advanced infrastructure of the city has been developed in partnership with renowned industry leaders, focusing on a premium level product to increase safety and security for all investors,” he added.
KAEC is the largest privately-funded new city in the world. Situated on the west coast of Saudi Arabia, KAEC covers an area of 181 sq kms of land, approximately the size of Washington DC. KAEC comprises King Abdullah Port, the Coastal Communities residential districts, the Haramain Railway district and the Industrial Valley. The city is under development by Emaar, The Economic City, a publicly listed Saudi joint-stock company established in 2006.