FINANCIAL NEWS

Siemens to set up a knowledge transfer hub in Saudi Arabia

17 Mar 2012

(MENAFN) Saudi Arabia agreed to lease land to Siemens Energy for the construction of a manufacturing and service facility in Dammam to serve as a technology hub for knowledge transfer, Arabian Business reported.

Under the agreement, which was signed the Saudi Industrial Property Authority, the Germa company will lease a 220,000 sqm plot of land in Dammam Industrial City and set up a centre for the local manufacturing of gas turbines, compressors and heat recovery steam generators as well as repair shops and service facilities for the Saudi market.

The construction works on the center will begin in May, scheduled to completed in late 2013, and will create job opportunities for young Saudis, Siemens said.

Siemens, which employs more than 1,850 people in its Riyadh headquarters, Jeddah, Dammam, Khobar and Dhahran, will be transferring all the necessary know how that is required in order to run an assembly site and later a manufacturing facility.

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