Philips teamed up with Saudi Arabia to set up a LED lighting joint venture

On March 25th, General Lighting (GLC), the leader in the lighting industry in Saudi Arabia, announced that it has reached an agreement with Philips Lighting, the global leader in the lighting industry, to establish a joint venture in Saudi Arabia.

Under the investment agreement, Philips will acquire a 51% stake in General Lighting from a joint group.

The joint venture will provide LED products, systems and services to the entire lighting market, as well as specializing in the production and distribution of LED lighting fixtures. It is expected that the joint venture will employ 1,300 people, which will further promote regional economic development and help Saudi Arabia achieve its vision of strengthening local manufacturing.

The joint venture will provide a full range of LED lighting solutions and will strengthen General Lighting's position in the Saudi market. General Lighting will achieve market growth with sustainable technologies in line with the Saudi government's energy efficiency goals. At the same time, with the help of Philips' LED expertise and global supply chain advantages, General Lighting will continue to increase its market expansion capabilities.

Driven by large-scale construction markets, government and private energy-efficient lighting projects, the Saudi lighting market is expected to grow steadily during 2014-2018.

Eric Rondolat, CEO of Philips Lighting, said: "With the cooperation of General Lighting, Philips' business in Saudi Arabia will grow rapidly. Driven by public-private infrastructure, we expect local LED usage to reach double-digit in 2018. increase."

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