Knest, India’s largest & the world’s fastest growing aluminium formwork company, has signed a Memorandum of Understanding (MOU) with ABR Jeddah Contracting Co. from Saudi Arabia. The signing event was organised on September 11 as part of the India – Saudi Investment Forum 2023 during the G20 Summit in New Delhi.
The MOU has been endorsed by key government and industry partners including Saudi Arabia’s Ministry of Investment, India’s Ministry of Commerce & Industry & the Federation of Indian Chambers of Commerce & Industry (FICCI).
The objective of the strategic alliance is to set up an aluminium formwork factory in Saudi Arabia that will boost its supply in Saudi & other Middle East and North Africa (MENA) countries. Along with the investments, the alliance is set to kickstart knowledge sharing and collaborative growth in the sector.
Talking about the alliance, Nitin Mittal, Chairman & MD, Knest, shared, “The effort is to take Knest to the world, and continue building an efficient, inter-connected & consistently productive global real estate ecosystem. We are grateful to both the Indian & Saudi Governments for supporting us in creating value for all.”
Mr Yaser A. Almalki, Chairman, ABR Jeddah, commented, “Knest is a pioneer in the aluminium formwork industry, and we have been fascinated by their value engineering. Our vision is to start using the technology in Neom, Al-‘Ula & National Housing Company for housing & commercial projects. And then take it to the entire MENA region. We are confident that working with Knest & India will be a watershed moment for all.”