Executives of the Korean LG Electronics company reported that they are seeking new investment opportunities in the kingdom of Saudi Arabia, according to Al-Sharq Al-Awsat daily.
They added that LG is interested in expanding its Saudi investments portfolio, especially in light of the recent investment incentives offered to foreign companies by Saudi authorities
At a press conference in Jeddah on May 8, LG’S chief executive in the Middle East and Africa estimated the company’s turnover in Saudi Arabia at $93 million per annum. He added that the company is planning to raise this figure to $130 million by the end of 2001—that is, to achieve a 40 percent increase.
LG is expected to seek partnership agreements in the Saudi market, similar to those signed in the country by Philips and IBM. — (MENA Report)
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