First Saudi-built Renault truck rolls out of KAEC

1 / 2
SUCCESS: The first Saudi-built Renault Truck rolls out of the facility of Arabian Vehicles & Trucks Industry in King Abdullah Economic City.
2 / 2
MILESTONE: The first Saudi-built Renault Trucks have been assembled through the collaboration of a number of Renault-trained technicians, engineers, quality and logistics personnel from Bourg-en-bresse, and a highly trained local team from Arabian Vehicles & Trucks Industry.
Updated 22 June 2016

First Saudi-built Renault truck rolls out of KAEC

JEDDAH: The new era of Renault Trucks in Saudi Arabia started recently with the assembly of its first C & K range models at its newly built state-of-the-art assembly facility of Arabian Vehicles and Trucks Industry Co. Ltd. (AVI), based in King Abdullah Economic City (KAEC).
A milestone for Arabian Vehicles & Trucks Industry and for the French truck manufacturer, the first Saudi-built Renault Trucks have been assembled through the collaboration of a number of Renault-trained technicians, engineers, quality and logistics personnel from Bourg-en-bresse, and a highly trained local AVI team .
Lars-Erik Forsbergh, Renault Trucks Middle East president, said: “Our facility in KAEC further cements our commitment of providing unrivalled transport solutions throughout the Middle East. Through the support of our local importer Zahid Tractor and AVI we hope to continue to service the demanding construction, infrastructure and transport sectors in the region and set new standards in the region’s trucking industry.”
Forsbergh said: “We are delighted to see the first of many Saudi-built Renault Trucks roll off our assembly line. Although the facility layout derives from our group’s lean manufacturing production system, this milestone could not have been achieved without the efforts of our highly-trained Saudi workforce.”
Arabian Vehicles & Trucks Industry Ltd. (AVI), is a joint venture between Zahid Tractor & Heavy Machinery Co. Ltd. and Volvo Trucks Corporation, which owns Renault Trucks.
AVI’s exemplary facility in King Abdullah Economic City (KAEC) was designed by a project team from the Volvo Group Truck Operations (GTO), comprised of engineers and process owners from brands under the group’s umbrella.
The new airconditioned assembly facility in KAEC has been ergonomically designed.
Tooling, fixtures, equipment, driven line, crane structures, special racking on the assembly line, proven tightening tools and different lifting and moving fixtures help the facility to run efficiently and seamlessly at optimum performance, producing up to 4,000 trucks annually for both brands combined.
Implementing a new concept for an efficient and cost-effective truck assembly, the AVI facility is one of the first in the world to produce both Volvo and Renault trucks on the same assembly line.
The facility’s diversified workforce include trained engineers and operators as well as a number of qualified Saudi nationals, working across logistics, engineering, production and quality control. Primarly servicing the growing demands of the Saudi market, the facility will be producing the full line up from Renault Trucks’ new range; the reliable and durable C Range for construction and long haul and the robust K Range for heavy construction.
King Abdullah Economic City (KAEC) has already laid down the foundation as a catalyst for significant social and economic growth in Saudi Arabia beyond oil revenue.
The 168 million sq m KAEC is the perfect location to connect the East and the West.
From its state-of-the-art deep-water port on the Red Sea shore, KAEC can handle the world’s largest ships. In addition, with new road and rail networks, KAEC is just an hour from Jeddah, Makkah, and Madinah.
The city, with its growing industrial base, is poised to feed into the Kingdom’s economy through diversity of innovative and dynamic opportunities across commercial, logistics, manufacturing, shipping, residential and educational fields.
A gem in the heart of the industrial zone, AVI’s knock down (KD) assembly facility is one of the first and biggest completed, fully functional projects in KAEC.


Trump advisers urge delisting of US-listed Chinese companies that fail to meet audit standards

Updated 7 min 17 sec ago

Trump advisers urge delisting of US-listed Chinese companies that fail to meet audit standards

  • Growing pressure to crack down on Chinese companies that avail themselves of US capital markets but do not comply with rules
WASHINGTON: Trump administration officials have urged the president to delist Chinese companies that trade on US exchanges and fail to meet US auditing requirements by January 2022, Securities and Exchange Commission and Treasury officials said on Thursday.
The remarks came after President Donald Trump tasked a group of key advisers, including Treasury Secretary Steve Mnuchin and SEC Chairman Jay Clayton, with drafting a report with recommendations to protect US investors from Chinese companies whose audit documents have long been kept from US regulators.
It also comes amid growing pressure from Congress to crack down on Chinese companies that avail themselves of US capital markets but do not comply with US rules faced by American rivals.
“We are simply leveling the playing field, holding Chinese firms listed in the US to the same standards as everyone else,” a Treasury official told reporters in a briefing call about the report.
The US Senate unanimously passed legislation in May that could prevent some Chinese companies from listing their shares on US exchanges unless they follow standards for US audits and regulations.
Democratic Senator Chris Van Hollen, who sponsored the bill described the recommendations as “an important first step,” but said that “without the added teeth of our bill, this report alone does not implement the requirements necessary to protect everyday American investors.”
The administration’s recommendations, if implemented via an SEC rulemaking process, would give Chinese companies already listed in the United States until Jan. 1, 2022, to ensure the US auditing watchdog, known as the PCAOB, has access to their audit documents.
They can also provide a “co-audit,” for example, performed by a US parent company of the China-based affiliate tasked with auditing the Chinese firm. However, companies seeking to list in the United States for the first time will need to comply immediately, the officials said.
A State Department official told Reuters the administration plans soon to scrap a 2013 agreement between US and Chinese auditing authorities to set up a process for the PCAOB to seek documents in enforcement cases against Chinese auditors.
China said on Friday that the two countries have “good cooperation” in monitoring publicly listed firms.
“The current situation is that some US monitoring authorities are failing to comply with their obligations, and what they are doing is political manipulation — they are trying to force Chinese companies to delist from US markets,” foreign ministry spokesman Wang Wenbin told a media briefing.
The PCAOB has long complained of China’s failure to grant requests, giving it scant insight on audits of Chinese firms that trade on US exchanges.
The report also recommends requiring greater disclosure by issuers and registered funds of the risk of investing in China, as well as mandating more due diligence by funds that track indexes and issuing guidance to investment advisers about fiduciary obligations surrounding investments in China.
The moves come amid rising tensions between Washington and Beijing over China’s handling of the coronavirus and its moves to curb freedoms in Hong Kong, among other issues.