In light of the industrial renaissance witnessed by the Kingdom of Saudi Arabia under Vision 2030, which aims to support local content, localize industry, and transfer knowledge, and the Saudi Green Initiative, which aims to achieve the vision of reducing carbon emissions by 2030 and paving the way towards zero neutrality by 2060, Basic Electronics Co., Ltd. celebrated the laying of the foundation stone of the Advanced Basic Company for Industry's factory.

This factory specializes in the manufacture of air conditioners to provide sustainable and environmentally friendly cooling solutions that directly contribute to reducing carbon emissions. The ceremony took place in the presence of Madam Dong Meng Zhu, Chairman and CEO of Gree Electric Appliances Inc., on Tuesday, April 23, 2024, on a total area of more than 70,000 square meters for the first stage. The project aims to employ more than 2,000 employees.

Since its establishment in 1961, the company has been engaged in commercial transactions in several sectors, including sales of household appliances, air conditioners, monitoring and control devices, medical devices, and many other sectors for commercial electrical appliances.

In recent years, the company's management has strategically transformed to support the localization of industry. The establishment and operation of the basic factory for smart meters in the Eastern Province of the Kingdom with a production capacity of more than three hundred thousand meters per year exemplify this effort. The main company's celebration of laying the foundation stone for the industrial complex for air conditioner manufacturing aligns with its strategic partnership with Gree, marking a significant leap for uniqueness in the industrial sector. This is characterized by the utilization of the best international technologies in the industry field, as the main company embarks on a journey to localize its industry in the Kingdom.

The first phase of the industrial complex aims to produce high-efficiency smart air conditioners with VRF technology integrated with photovoltaic energy production technology to meet immediate needs. It also includes smart and innovative laboratories for device testing, a research and development center, and a training facility.

The second phase of the industrial park will encompass the production of all air conditioning solution technologies using the latest industrial technology programs worldwide, such as artificial intelligence and digitization systems produced by our strategic partner, Gree Company, which holds numerous patents globally.

Investing in the development of Saudi talent, capacity building, technology transfer, and localization is one of the company's primary objectives across all stages of implementing its industrial vision.