Leyard Group has recently entered into a joint venture agreement with Saudi Engineer Holding Group (EHG), leading to the formation of Leyard Middle East, a company focused on the production of LED displays and LED lighting products. The joint venture, which sees EHG holding a 51% stake and Leyard Hong Kong holding 49%, is a strategic move to support the “Made in Saudi” initiative and the “National Industrial Development and Logistics Program (NIDLP)” as part of the Saudi Export Development Authority’s (SEDA) efforts to realize the Saudi Vision 2030.
The agreement was signed by Ms. Li Nannan, a board director of Leyard Group, Vice General Manager of Leyard Optoelectronic, and Board Secretary, alongside Abdullah Bin Swidan, Strategic Vice President of Saudi EHG. The signing ceremony was also attended and witnessed by Chen Jian, Chairman of Leyard Linso Technology. The joint venture aims to leverage Leyard’s technological and operational expertise in conjunction with EHG’s financial resources and local market insights to enhance the growth of the LED industry within Saudi Arabia.
The partnership plans to establish an LED manufacturing facility in Saudi Arabia to cater to the increasing local demand and to serve the global market. Leyard Middle East has already signed a memorandum of understanding with the Saudi Investment Ministry, laying the groundwork for future endeavors. The Saudi market has seen a rapid expansion in demand for LED products, driven by initiatives from the Saudi Standards, Metrology and Quality Organization (SASO), the growing need for energy-efficient LED solutions, the rise in digital advertising, and the proliferation of smart city and smart home projects across the nation.
Market analysis indicates that the Saudi LED lighting market was valued at approximately $1 billion in 2022, with projections suggesting a compound annual growth rate of 17% from 2022 to 2028, potentially reaching $2.5 billion by 2028. The LED display market in Saudi Arabia was estimated at around $90 million in 2022, with an anticipated compound annual growth rate of 22% from 2022 to 2028, which could result in a market size exceeding $300 million by 2028. Additionally, Saudi infrastructure projects present an untapped LED lighting market opportunity worth approximately $4.8 billion and an LED display market exceeding $500 million.
The collaboration between Leyard Group and Saudi Engineer Holding Group is not only in line with the local demand for smart city infrastructure but is also expected to play a pivotal role in Saudi Arabia’s journey towards economic diversification and digital transformation. It will contribute to the development of local expertise in intelligent manufacturing, job creation, and support Saudi Arabia’s manufacturing ambitions.
In alignment with China’s “Belt and Road” initiative and to reinforce its global strategic presence, Leyard has been intensifying its market development efforts in Asia, Africa, and Latin America since 2021, achieving notable progress in team establishment and product innovation. This joint venture represents another significant step in Leyard’s commitment to the “Belt and Road” initiative. Looking ahead, Leyard is determined to continue its role as a pioneer in global visual effect technology, bringing quality products to the “Belt and Road” countries and regions, setting a standard for technological collaboration, and showcasing the excellence of “Made in China” on the world stage.
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