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Korea’s 23 SMEs to participate in Saudi-Korean Industrial Village

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Korea’s 23 SMEs to participate in Saudi-Korean Industrial Village

pulse230320

The Line, Neom city [Provided by Neom]

 

More than 20 South Korean small- and medium-sized enterprises armed with advanced technologies in electric vehicles, biotechnology and robotics sectors are expected to join a project worth at least 13 trillion won ($9.9 billion) in Saudi Arabia to build production facilities in an industrial site in the Gulf nation.

About 23 SMEs will sign land contracts at the Yanbu Industrial Complex, located 300 kilometers north of Jeddah, in May and set up production facilities for operations, according to a list of companies that have been confirmed to join the Saudi-Korean Industrial Village obtained exclusively by Maeil Business Newspaper from the Saudi International Industrial Village Co. on Sunday.

In the list are five SMEs in the renewable energy sector, including EV component manufacturer EL B&T and hydrogen fuel cell developer Gaoncell; seven information technology and digital companies, including handset component manufacturer S-Connect and film-type leakage detection sensor manufacturer Yuminst; seven light and heavy industry companies, including autonomous robot developer Potenit and rubber product manufacturer TR Beltrack; and four bio and healthcare companies including diagnostic systems developers Asta and MiCo BioMed.

Saudi Arabia is expected to invest 13 trillion won in the Saudi-Korean Industrial Village in the first round. The Middle East country is hoping to transform itself into an advanced and environmentally-friendly industrial nation through the industrial village while Korean companies are hoping to win large-scale investments and advance into the vast regional market.

It is the first time that Saudi Arabia is opening up to SMEs from a single country and establishing an industrial complex. Industry insiders note that Saudi Arabia selected Korean players over those from German and Japanese peers that own advanced technologies as the Gulf nation has high expectations of the potential growth in Korean SMEs.

There are hopes that the partnership will allow more opportunity for Korean businesses to take part in the larger Neom City project in Saudi Arabia.

Faisal Abdulaziz, chief executive officer of the SIIVC who visited Korea recently, told Maeil Business Newspaper that the manufacturing facilities in the industrial complex will aim to begin operations from 2024.

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ZeeAnn announced its joint company ZeeAnn FD to have a local Production Site in Korea to transfer its Production Process and build up the new production camp with SIIVC in the Kingdom of Saudi Arabia.

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ZeeAnn announced its joint company ZeeAnn FD to have a local Production Site in Korea to transfer its Production Process and build up the new production camp with SIIVC in the Kingdom of Saudi Arabia.

ZeeAnn Co., Ltd. and FlatDis Co., Ltd. has been preparing forming of a joint venture to integrate each company’s strength to enhance both parties’ customers and create new markets by combining ZeeAnn’s new sensing display technology and FlatDis’ advanced Marine engineering and Plant instrument & control system manufactured by its Changwon production site. ZeeAnn & FlatDis recently agreed to form a join company “ZeeAnn FD” in order to enhance each party’s business and grow faster to meet the market’s demands. ZeeAnn and FlatDis are expecting rapid business growing with each party’s existing customers and create new market with strategic collaboration and localized plan in action under SIIVC’s great cooperation. ZeeAnn FD is going to implement the ready technology transfer and turnkey system set up to deliver ZeeAnn’s products to the market in Mid East Asia and Northern Africa as the first market with SIIVC’s strategic direction of Vision 2030.

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Hank P

ZeeAnn moving for Creating New Market with SIIVC in the Kingdom of Saudi Arabia under Vision 2030

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ZeeAnn moving for Creating New Market with SIIVC in the Kingdom of Saudi Arabia under Vision 2030

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ZeeAnn Co., Ltd. has been focusing in developing its next generation image sensor customized for rapidly growing Electric Vehicle markets and its own advanced micro display imager especially for new metaverse industry based on new Augmented Reality and Virtual Reality Display with higher resolution for last 3 years. On April 19, 2021, ZeeAnn signed the MOA with SIIVC (Saudi International Industrial Village Company) to form a joint venture company in the Kingdom of Saudi Arabia for the technology transfer of ZeeAnn’s Image sensor and Micro Display wafer packaging technology and its related System Design and manufacturing company to create new market under the great cooperation from the government of Saudi Arabia. The goal of this collaboration was to establish a manufacturing facility jointly in KSA that is managed and operated technically by ZeeAnn and SIIVC. Finally, on May 19, 2022, SIIVC officially announced Saudi-Korean Industrial Village development project kick off with the presence of the Minister of Industry and Mineral Resources, Mr. Bandar bin Ibrahim Al-Fall and the Deputy Minister of Industry and Mineral Resources Engineer Osama bin Abdul Aziz Zamil, with a workshop to introduce the services and incentives provided by the industry system and mineral wealth and its partners, in the presence of a number of Korean and local investors. The workshop witnessed the introduction of a proposal for the establishment of the Saudi-Korean Industrial Village project in Yanbu Industrial City, in order to support the program (made in Saudi Arabia), and achieve its strategic objectives in accordance with the directions of the Kingdom Vision 2030. ZeeAnn introduced its new advanced Sensing Micro Display hardware platform to plant it in Yanbu City as one of core development projects under the Kingdom Vision 2030. By mutual agreement between SIIVC and ZeeAnn, the SIIVC-ZeeAnn joint company in Yanbu was registered and the new production in Camp is under construction to achieve the 1st production in Q4, 2023.

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