Babco Saudi to invest in Philips ACs

BAMCO Saudi Arabia plans to invest 375 million riyals over three years to assemble Philips air conditioners locally, coinciding with Philips launching its new line of air conditioning units in the Saudi market. The company aims to capture a 10% share of the residential air conditioner market within five years, with the intention of being listed on the Saudi Stock Exchange ("TASI") by 2030. The Saudi air conditioner market, valued at approximately 3.2 billion riyals and comprising sales of around 1.75 million units annually, presents a strategic opportunity for BAMCO. Currently, the company relies on imports from China and Turkey but has plans for local manufacturing, establishing a Philips air conditioner factory, and undertaking HVAC trading projects—aligning with Saudi Arabia’s directives to improve energy efficiency and boost domestic manufacturing.

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