Riyadh - Sharikat Mubasher: Advance International Company for Communication and Information Technology (AICTEC), a leading Saudi provider of security devices and integrated solutions, and China's ZKTeco jointly formed Noor Technology Company, with a capital of SAR 5.6 million.
This move came as part of the implementation of a Memorandum of Understanding (MoU) between AICTEC and ZKTeco to build a manufacturing factory in the Kingdom, the Saudi company announced in a bourse filing.
Noor Technology Company will focus on setting up the joint factory specializing in the manufacturing of security inspection gates, vehicle and pedestrian access control gates, and modern technology systems to serve the Saudi market and the Middle East markets.
ZKTeco owns a 60% stake in the new company, while AICTEC owns the remaining 40% stake.
Noor Technology Company is expected to support the localization of security and technology industries, enhance local content, create quality job opportunities, and strengthen technological and manufacturing capabilities within the Kingdom, in alignment with Vision 2030.
The partnership between AICTEC and ZKTeco underscores the shared commitment of both companies to contributing to the development of local manufacturing capabilities, job creation, and technological advancement in the Kingdom.
