King Abdullah Economic City (KAEC) has signed a long-term master supplier agreement with AVK Saudi Valves Manufacturing Company (AVK SVMC)
As a leader within its industry, AVK SVMC will supply the city with its state-of-the-art products, as the city continues to develop and expand its infrastructure.
In a move to keep pace with the rapid developments, the new supplier has been brought on for further expansion of the capacity. As Fahd Al-Rasheed, Group CEO and Managing Director of KAEC, said:
"This partnership is a key indicator of the caliber of companies working alongside KAEC in the delivery of a next generation city to support Vision 2030. KAEC continues to partner with new best-in-class companies to maintain our ability to provide a premium infrastructure that empowers growth."
With an annual turnover of, approximately, SAR 2.2 billion, AVK is one of the world's largest manufacturers of valves, fittings, and hydrants. They focus on its expertise, primarily on these core product areas. AVK SVMC has been manufacturing locally in the Kingdom of Saudi Arabia for over 30 years, and supplies projects across Saudi Arabia, Qatar and the UAE.
"AVK SVMC places the support of Saudi Arabia's economy at the center of its business practices. Offering world-class skills and expertise to Saudi employees, we are currently on track to soon reach Saudization levels of over 40 %. Partnering with KAEC, a city designed to support the growth of Saudi Arabia into the future, is a natural direction for us, and we are very excited about the level of sustainable, high quality projects being developed there," said Ole Hedegaard, Managing Director of AVK SVMC. "The new partnership with AVK supports a commitment by both parties to prioritizing the use of high quality domestically manufactured products in the growth of local communities."
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