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International Companies
Glaxo SmithKline, a well-known international brand, has a prominent presence in the Kingdom. Jeddah-based United Sugar Company combining Tate & Lyle with SAVOLA is one of the largest and most modern sugar refineries in the World. Both these international joint ventures have benefited from medium to long term loans from the Saudi Industrial Development Fund (SIDF). All but two of SABIC’s 16 manufacturing affiliates are joint ventures with foreign-owned companies.
Few industries are more global than the oil business and few companies as global as ExxonMobil Saudi Arabia is. The company is the largest foreign investor in the Kingdom having spent over $ 5 billion. Royal Dutch Shell has played its part in shaping Saudi Arabia’s oil business and it is now central to several joint ventures in the Kingdom. The company operates joint ventures with Saudi partners in oil refining and downstream petrochemicals.
According to Assistant General Manager, Saudi Hollandi Bank, “There is a lot of encouragement for industry both domestic and foreign industry to start here. And our bank is very active in financing that.” Country Chairman, Shell Companies Saudi Arabia has words of praise for the entrepreneurial spirit in Saudi Arabia. “A lot of Saudis we deal with are very smart businessmen. They are very sophisticated administrators. In the government now there are ministers who are top of their class in any sophisticated country.”
KVAERNER is setting up a huge chemical plant in collaboration with the Huntsman Corporation and Saudi based Gulf Advanced Chemical Industries. KVAERNER is the international oil services and products, engineering and construction, pulp and paper, and shipbuilding Group.
Several Danish companies have joint ventures in Saudi Arabia. Among these are Maersk Drilling (Saudi Arabia Ltd.), Maersk Sealand (container shipping) and Grundfos G.M.E.T. Pump Div. Arla Foods (formerly MD Foods) has major investments in local production of cheese and fruit drinks. CO-RO locally produces orange and other soft drinks based on imported concentrates. Other Danish companies Hempel and Dyrup locally produce paint for industrial use in Dammam and Riyadh. AVK produces valves in Jeddah.
Saudi Pharmaceutical Industries & Medical Appliances Corporation (SPIMACO) is a Saudi Joint-Stock company with a fully paid up capital of SR 600 million. It was established in January 1986 with the main objective of setting up an advanced pharmaceutical industry in the Kingdom. SPIMACO has developed a strong position in Saudi Arabia and its main manufacturing facility Al-Qassim Pharmaceutical Plant is equipped up to the highest quality levels. SPIMACO has earned several quality awards and international certifications. It is a successful joint stock company and has one of the most actively traded shares in the Saudi stock market.
Arabian Elevator & Escalator Company (AREECO) was established in 1982. AREECO took its present form in 1991. It is a joint venture with KONE OY, the Finnish manufacturer of elevators, and its 40 percent-owned subsidiary O&K (the German manufacturer of Escalators and walkways). AREECO's services range from design, consultation, supply, installation and maintenance. AREECO lifts are in use throughout the Kingdom in sites ranging from large public construction projects to private residences. Major installed sites include the King Fahd International Airport in Dhahran, the Ministry of Interior Headquarters and the Justice Palace in Riyadh, and the Makkah and Madinah Grand Mosques projects. The company’s new plans to manufacture lift components locally are near completion.
In 1998, Microsoft established Microsoft Arabia Company in Joint Venture with AICO. It began with a work force of 15 employees and within a short period of time the number of employees increased dramatically to over 65 in Riyadh, Jeddah, and Al-Khobar with a 25 percent Saudiization ratio. Microsoft Arabia provides relevant IT solutions, services and support to the Saudi Arabia Market, addressing the needs and requirements for government, education, commercial business, banks & financial services, manufacturing, retail, and health care. In addition it provides a wide range of products for the home user.
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