Agreement Signed To Market Saudi Elevator Products in Iraq

Saudi Arabia’s Mayar Holding Co. announced on December 20 it signed a contract with an Iraqi firm to market and maintain its elevator products in the country, Zawya reports. In a disclosure statement on Tadawul, Mayar said its Gulf Elevators and Escalators Co. (GEEC) signed the deal with Iraq’s MidPoint Co. Ltd. Under the three-year contract, MidPoint will “market, sell, install and maintain” GEEC products in Iraq, Mayar said, adding that the deal has no specific value and that it would have a long-term positive financial impact on Mayar starting from 2024. GEEC is headquartered in Jeddah Industrial City — Kingdom of Saudi Arabia and manufactures elevators and escalators for residential and commercial purposes. GEEC’s factory produces more than 3,000 elevators annually and has eight sales agents selling products in neighboring countries.