China and Arab countries
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RIYADH: Chinese home appliance and consumer electronics company Hisense has signed a partnership agreement with Saudi Arabia’s United Matbouli Group to expand its operations in the Kingdom.
UMG will now be an officially appointed distributor of Hisense products and will support the brand with warehousing, after-sales services and develop retail space for sales, according to a press release.
The partnership agreement was signed by Jason Ou, Hisense president of the Middle East and Africa, and Adnan Matbouli, chairman of UMG.
“Our partnership with UMG underlines our dedication to expand in the regional markets, increase our availability and provide the best brand experience to our customers as well as business partners,” said Ou.
He added: “We look forward to working together with UMG, driving on each other’s strengths and expertise with an intention of growth and sustainability in the market.”
Matbouli said that this partnership is a part of their strategy to bring top-quality electronic products to Saudi Arabia.
“As an official distributor of Hisense’s home appliance and entertainment segment in the country, we provide assurance in supporting with unparalleled accessibility to expand in the market, better service in after-sales, provision to spare parts, and warehousing to meet the business as well as consumer needs,” said Matbouli.
Established in the early 1990s, UMG has become one of the known names in the Kingdom’s consumer electronics market, with a network of 11 branches, warehousing facilities, 11 service centers, a fleet of vehicles and 23 brand shops in the Kingdom.
UMG became the sole distributor for Samsung Consumer Electronics in 1991, followed by the Italian home appliance brand, Tecnogas, with which it signed an agency agreement in 2013.
Headquartered in Qingdao, China. Hisense exports products to over 160 countries, with three listed companies - Hisense Visual Technology, Hisense Home Appliances and SANDEN listed in Shanghai, Shenzhen, Hong Kong and Tokyo stock exchanges.
Hisense, in the course of time, has also acquired many known brands including Gorenje, Kelon, Ronshen and ASKO. The company also acquired a 95 percent stake in Toshiba Visual Solutions for $113.6 million in November 2017.
NEOM is a vanity project. I don't think that China has put any investment in that. Any Chinese work done there will be on simply contract terms.
MBS throws 1 billion to a Chinese corporation and says, make me 50 miles of NEOM. China will do it, now if its economically feasible, who cares? Its not your money, its Saudi Arabia's money
Instead of building a tower to compete with Dubai in high rises he is building a line. It is the most pointless thing I ever heard of.
Just think about it, if you want to go from one place in NEOM to another quickly, the optimal shape is a circle, not a line.
Just think about it, if you want to go from one place in NEOM to another quickly, the optimal shape is a circle, not a line.
I'm surprised KSA thought that Neom was feasible given how badly they flopped the much more traditional megaproject "King Abdullah Economic City" which they began to work on in 2005 and have nothing to show for it.
If I look at it, it's planned as 170km long x 0.2km wide.
And with 9 million people, it would be the most densely populated city in the world, which means a lot of skyscrapers.
But yes, the optimal shape would be a circle.
And given that it is 170km, it wouldn't be a huge deal if it was 5x wider at 1km.
That would still only take, at most, 12minutes to walk.
But it would let you build a larger number of shorter buildings, which reduces the overall construction and property cost.
It could be a way to get their money out if America.
So instead of holding USD, they're giving it to foreign contractors to build a new city and infrastructure?
That could work.
The Saudis don't actually need USD to spend domestically, as they can just print Saudi riyals. And they can keep doing this as long as those domestic projects are profitable in the long-run
The Saudis can afford to be really generous right now.
I did wonder about the recent blockbuster trip MBS made to Korea.
Having an ally like Saudi is priceless.
This has got to be helping S. Korea make the multipolar choice: