Al Hassan Ghazi Ibrahim Shaker, LG Electronics, and the Ministry of Investment Saudi Arabia (MISA) Sign an MOU to Explore Local Manufacturing of AC Compressors in Saudi Arabia

Al Hassan Ghazi Ibrahim Shaker, LG Electronics, and the Ministry of Investment Saudi Arabia (MISA) Sign an MOU to Explore Local Manufacturing of AC Compressors in Saudi Arabia

15 February 2024 03:47 PM

Element List

Explanation

Introduction

Al Hassan Ghazi Ibrahim Shaker Company (“Shaker”), Saudi Arabia’s leading importer, manufacturer and distributor of Air conditioners and Home Appliances, announces the signing of a non-binding memorandum of understanding with LG Electronics (“LG”) and the Ministry of Investment Saudi Arabia (“MISA”) to manufacture air conditioners (AC) compressors in the Kingdom.

Memorandum Signing Date

2024-02-12 Corresponding to 1445-08-02

Counterparty

LG Electronics, Ministry of Investment of Saudi Arabia

Memorandum Subject

Memorandum of understanding to study the localization of AC compressors manufacturing in the Kingdom between Shaker Group, LG, and MISA.

Memorandum Duration

One year from memorandum signing date.

Related Parties

None

Financial Impact

The financial impact of this announcement cannot be determined at this stage. The latest developments in this regard will be announced at the appropriate time.

Additional Information

This groundbreaking agreement is set to fortify the longstanding partnership between Shaker and LG, building upon their successful joint venture factory in Riyadh that has been producing AC units for the local and international markets since 2008. This marks a significant