Hitachi Ltd. has announced the establishment and start of the formal business operations of Hitachi Elevator Saudi Arabia Limited., with its main business tenets of sales and service. Hitachi Elevator Saudi Arabia is a joint venture between Hitachi and Saudi Arabian investment firm Mayar Holding Company. The joint venture aims to deliver high-quality and high value-added products and services that will realize the concept of safe, reliable and comfortable cities.
Hiroshi Nasu is the managing director of Hitachi Elevator Saudi Arabia.
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 percent of the demand comes from major cities like Riyadh, Jeddah, Makkah and Madinah, with construction plans expected to continue in the near future.
In line with Hitachi’s vision of 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. In 2011, Hitachi supplied 22 elevator units to Saudi Arabia for a number of projects, including hotels, offices, and residential and commercial units. The company supplied seven high-speed elevator units (with a speed of 360m/minute) to Burj Rafal Hotel Kempinski Riyadh, the third tallest building in Saudi Arabia.
With the opening of the new company, Hitachi will be able to provide Saudi Arabia with its elevator maintenance service, aiming to proactively expand its business activities here.