14 Hrs
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الاقتصادية
Banmako to invest in Philips ACs and go public
Saudi Pamco Company plans to invest 375 million riyals over the next three years in locally assembling Philips air conditioners, coinciding with the launch of a new production line for air conditioners targeting the Saudi market. The company aims to capture a 10% share of the residential air conditioning market, which is approximately 3.2 billion riyals annually, with sales reaching about 1.75 million units. Currently, Pamco mainly relies on imports from China and Turkey, and is working on establishing local factories for assembling air conditioners. Additionally, it intends to list on the Saudi Stock Exchange "TASI" by 2030, as part of its strategy to expand the HVAC sector and promote local manufacturing in Saudi Arabia.
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