Time: November 26, 2018
HITACHI elevators announced the establishment and start of formal business operations of Hitachi Elevator Saudi Arabia in the capital city last Thursday.
With the opening the new company, Hitachi will be able to provide Saudi Arabia with their elevator maintenance service, meticulously tuned over its 90 years of business operations, and aims to proactively expand its business activities here.
The newly established elevator market in Saudi Arabia is a promising market in the Middle East, and saw on average a demand of 7,000 units per year between 2013 – 2017, looking to remain stable in future. More than 80% of demand comes from major cities like Riyadh, Jeddah, Makkah and Madinah, with construction plans expected to continue down the near future.
In 2011, Hitachi supplied 22 elevator units to Saudi Arabia for projects on hotels, offices, and residential and commercial units, including seven high-speed elevator units (with a speed of 360m/minute) to Burj Rafal Hotel Kempinski Riyadh, the third tallest building in Saudi Arabia.
In line with Hitachi’s vision in further expanding into the global elevator market, Hitachi designated Gulf Elevators & Escalators Co. Ltd, a wholly-owned subsidiary of MAYAR, as their agent in Saudi Arabia.
Hitachi Elevator Saudi Arabia is a joint venture between Hitachi and Saudi Arabian investment firm MAYAR Holding Company, aiming to deliver high quality and high value added products and services that will realize the concept of safe, reliable and comfortable cities.
Hitachi Elevator Saudi Arabia Limited was established in March 2017.