Sinad subsidiary signs deal with Egypt’s Elaraby Group

Logo of Sinad Holding Co. 

Sinad Holding Co. said that Alessa Cooling and Air Conditioning Co., a wholly owned subsidiary of Alessa Industries Co., has signed a strategic alliance agreement with Egypt-based Elaraby Group. Sinad holds a 38% stake in Alessa Industries.

The agreement covers collaboration in manufacturing, supply chains, research, and development (R&D), the company said in a statement to Tadawul.

For more news on listed companies

This alliance is expected to boost the operational performance of Alessa Industries in the coming period, Sinad added.

The company explained that this partnership aligns with efforts to localize advanced industries and increase local content across various production stages, including supply chains. It also aims to adopt the latest global technologies, foster innovation, and enhance research and development.

Elaraby Group, founded in 1964 in Egypt, is a well-established company with over 60 years of expertise in the industrial and electronics sectors, the statement noted.

The agreement was signed during the Big 5 Construct Saudi exhibition, held on Feb. 15-18, in Riyadh, under the sponsorship of the Ministry of Industry and Mineral Resources and the National Industrial Development Center (NIDC).