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The joint venture will primarily serve the Saudi market but plans regional expansion Saudi-listed Advance International Company for Communication and Information Technology (AICTEC) has signed a memorandum of understanding (MoU) with the Chinese company ZKTeco to establish a factory in Saudi Arabia. ZKTeco will hold a 60% stake, while AICTEC will own the remaining 40% in the new company, which will have a total capital of $1.5 million (SAR 5.63 million), AICTEC said in a statement to Tadawul. The new plant will focus on local manufacturing and assembly of security inspection gates, vehicle and pedestrian access control gates, and modern technical systems. ZKTeco, listed on the Shenzhen Stock Exchange, develops biometric solutions and AI-powered spatial cognitive intelligence technologies. The joint venture will primarily serve the Saudi market but plans regional expansion, the statement added. |
