Middle-east Arab News Opinion | Asharq Al-awsat

LG to Build Air Conditioner Factory in Saudi Arabia - ASHARQ AL-AWSAT English Archive
Select Page

SEOUL (AFP) – South Korea’s LG Electronics has said it has reached agreement on a joint venture to build an air conditioner factory in Saudi Arabia.

LG said it would own 51 percent of the 30 million dollar joint venture with 49 percent controlled by Saudi Arabia’s H.G. Ibrahim Shaker.

Construction of the plant with an annual capacity of 250,000 units will begin during the second quarter of this year, it said.

LG plans to use the new plant, its ninth overseas, for exports to other Middle East countries.

LG said Saudi Arabia’s air conditioner market would rise from 450 million dollars this year to 700 million dollars by 2011.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

More Posts

Follow Me:
FacebookGoogle PlusYouTube