Mayar Subsidiary Signs Partnership Agreement with Shenyang Yuanda to Manufacture Elevator and Escalator Products in the Kingdom

Mayar Holding Co. announced on Thursday that one of its subsidiaries, “Gulf Elevators & Escalators Company Limited,” has signed a partnership agreement with “Shenyang Yuanda Intellectual Industry Group Co. of China,” to manufacture its elevators and escalators products in the Kingdom of Saudi Arabia, update and develop the current elevator and escalator production lines, and transfer technology, intellectual knowledge and engineering.

The company explained 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, updating the production lines at the Gulf Elevators and Escalators Company Limited factory, and increasing production capacity, in addition to automating the production lines to achieve a savings of 30% of the total production cost.

The agreement also includes transferring knowledge, intellectual property and engineering to develop elevator and escalator products, and training and developing the skills of the factory’s human resources.

The agreement covers the geographical area of the Middle East, Africa and Europe, excluding the Russian Federation, in return for transfer of a 10.5% stake in Gulf Elevators & Escalators Co., Ltd to Shenyang Yuanda Intellectual Industry Co.

It is worth noting that Shenyang Yuanda Intellectual Industry Co. is a Chinese public joint-stock company that has been engaged in manufacturing, engineering and development of elevators and escalators since 2001 and is one of the largest companies in the sector, as Shenyang Yuanda Company has contributed to the implementation of quality projects in most countries of the world.

The company expects this agreement to have a positive financial impact on its financial statements starting from the first quarter of 2025.