Mayar Inks Agreement With China’s Shenyang Yuanda

Riyadh, Saudi Arabia-headquartered Mayar Holding Co. subsidiary Gulf Elevators & Escalators Co. signed a partnership agreement with China’s Shenyang Yuanda Intellectual Property Group Co., Tadawul reports. Under the agreement, Mayar will produce Shenyang’s BLT elevators and escalators — boasting speed, capacity and versatility — at its factory in Saudi Arabia. Elevator and escalator production lines will be upgraded, and intellectual and engineering knowledge will be transferred. Production lines will be automated to achieve an approximately 30% reduction in total production costs, and the factory workforce will receive training. Expected to have a positive impact on Mayar’s financial statements in the first quarter of 2025, the agreement covers parts of the Middle East, Africa and Europe, excluding Russia.