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FINANCIAL NEWS
Siemens to build switchgear production plant in Saudi
21 May 2011
(MENAFN) Siemens Chief Executive Officer, Peter Loscher, stated that the company has plans for building a switchgear production plant and a service center in Saudi, which would double the German company’s investments in the Kingdom as well as create over 1000 jobs for Saudis, reported Arab News.
Loscher also said that Siemens has other plans that would offer another 3000 job opportunities in Saudi’s Eastern Province. He pointed out that the Kingdom was a fertile ground for investing since half of its population is less than 25 years old.
The CEO of the Germany-based firm added that Siemens would keep on growing its investments in Saudi as it has done over the course of 75 years of presence in the Gulf country.
It is worth noting that Loscher said that Siemens also invested in a new manufacturing and service facility for gas turbines and other components recently in Saudi. He added that Siemens has over 1,800 employees in the country so far.
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24 Feb 2026
BBK discloses its financial results for the year ended 31st December 2025
05 Feb 2026
BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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