Taihan Cable & Solution, South Korea announced in a statement that it will establish an ultra-high voltage cable production joint venture with Mohammed Al-Ojaimi Group, a Saudi Arabian company specializing in engineering, procurement and construction (EPC) of power distribution projects.
The two sides signed a joint venture establishment contract at the second building of Hoban Park in Seoul on June 15.
The joint venture has been named Saudi Taihan Cable & Solution. The two sides will invest a total of US$80 million in the joint venture, with Taihan Cable & Solution accounting for 51 percent.
The factory will be built on a site of 70,000 square meters in a high-tech industrial complex in Riyadh, the capital of the Middle East kingdom. They aim to complete the corporate establishment process in the third quarter of this year, break ground for the factory within this year, and complete it in 2023.
