Almalki and Mittal sign the MoU
Knest, India's largest and the world's fastest growing aluminium formwork firm, has signed a deal with ABR Jeddah Contracting Co to set up an aluminium formwork factory in Saudi Arabia.
The factory will boost aluminium formwork’s supply in Saudi Arabia and other Middle East and North Africa (Mena) countries. Along with the investments, the alliance is set to kickstart knowledge sharing and collaborative growth in the sector.
The Memorandum of Understanding (MoU) was signed on the sidelines of the India-Saudi Investment Forum 2023 during the G20 Summit in New Delhi.
The MoU has been endorsed by key government and industry partners including Saudi Arabia's Ministry of Investment, India's Ministry of Commerce & Industry & the Federation of Indian Chambers of Commerce & Industry (FICCI).
Nitin Mittal, Chairman & MD, Knest, said: "The effort is to take Knest to the world, and continue building an efficient, inter-connected and consistently productive global real estate ecosystem. We are grateful to both the Indian and Saudi Governments for supporting us in creating value for all."
Yaser A Almalki, Chairman, ABR Jeddah, commented: "Knest is a pioneer in the aluminium formwork industry, and we have been fascinated by their value engineering. Our vision is to start using the technology in Neom, Al-'Ula & National Housing Company for housing and commercial projects. And then take it to the entire Mena region. We are confident that working with Knest and India will be a watershed moment for all."-- TradeArabia News Service