IssuerAnnouncementDetailsV2Portlet
Actions
AICTEC Announces Signing of Memorandum of Understanding with Chinese Company ZKTeco to Establish a Joint Factory in the Kingdom of Saudi Arabia
| Element List | Explanation |
|---|---|
| Introduction | AICTEC (Taqadam Global Company for Telecommunications and Information Technology) is pleased to announce the signing of a Memorandum of Understanding with the Chinese company ZKTeco, with the aim of establishing a joint factory in the Kingdom of Saudi Arabia. The proposed new entity will focus on manufacturing security inspection gates, vehicle and pedestrian access control gates, and advanced technology systems, to better serve the Saudi market and the broader Middle East region. The establishment of this joint venture represents a significant milestone in the long-term partnership between ZKTeco and AICTEC. The total capital of the joint company will amount to USD 1,500,000, with ZKTeco holding a 60% stake, and AICTEC holding 40%. As part of this collaboration, the company will benefit from ZKTeco’s advanced technologies and global resources, along with AICTEC’s strong presence in local and international markets and its operational expertise. The joint venture will primarily serve the Saudi market, while maintaining the flexibility to expand into neighboring countries. This strategic partnership underscores both companies’ commitment to Saudi Arabia’s Vision 2030, contributing to the development of local manufacturing capabilities, job creation, and technological advancement in the Kingdom. It is worth noting that ZKTeco Co., Ltd. (ZKTeco) (listed on the Shenzhen Stock Exchange, ticker: 301330) is a global leader in biometric solutions and AI-powered spatial cognitive intelligence technologies. Specializing in biometric authentication and smart access control, ZKTeco is redefining human-machine interaction and enabling digital transformation. As for our company, AICTEC is a Saudi public joint-stock company specialized in smart security technologies, smart retail solutions, and ICT services. Headquartered in Riyadh, it operates across the Kingdom of Saudi Arabia, offering tailored technology solutions to support digital transformation and national development initiatives. AICTEC is committed to innovation, local value creation, and excellence in service delivery. |
| Memorandum Signing Date | 2025-05-04 Corresponding to 1446-11-06 |
| Counterparty | ZKTeco (China) |
| Memorandum Subject | Establishment of a joint factory in the Kingdom of Saudi Arabia for the local manufacturing and assembly of security inspection gates, access control gates for vehicles and pedestrians, and advanced technology systems. The factory will serve the Saudi and Middle East markets with a total capital of USD 1,500,000, of which ZKTeco owns 60% and AICTEC owns 40%. |
| Memorandum Duration | Six (6) months |
| Related Parties | None |
| Financial Impact | A positive financial impact is expected once the factory becomes operational. Any developments will be disclosed in due course. |
| Additional Information | None |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
Share
Company Performance
LoginPortletPopupv2
Actions
AddtoWatchlistv2
Actions