Tiong Woon sets up in Saudi Arabia

15 April 2008

Heavy lift and transport specialist Tiong Woon Corporation Holding Ltd (TWC) has gained a licence to operate a 100% foreign-owned company in Saudi Arabia. The new wholly-owned subsidiary, TWC Arabia Limited Liability Company, is the first Singaporean company to get such a licence, which is awarded by the Saudi Arabian General Investment Authority (SAGIA).

The licence allows TWC to execute contracts for lifting, installation and maintenance services on equipment for oil, gas, petrochemical and electrical power related projects and marine transportation services in Saudi Arabia.

Ang Kah Hong, TWC group chairman and managing director, commented: “This is a very significant achievement for our company and we are grateful to SAGIA for granting us this investment licence. We are optimistic that the Saudi Arabian market will continue to stay buoyant and we plan to have a dynamic presence there.”

Meshari Al-Khaled, SAGIA's country director for its Singapore office, said, “We are very pleased to grant a 100% foreign-owned business licence to TWC – it is a well-established company with an illustrious track record and a sound business strategy and we are convinced of their long-term commitment to doing business in Saudi Arabia.”

Ang said Saudi Arabia, with its projected activity in oil and gas, will be one of the company's key markets. “We are now well-positioned to make inroads into the booming oil and gas sector there, as well as springboard into the region. Not only are there abundant opportunities in Saudi Arabia itself but, with a regional base there, it would be much easier for us to explore business opportunities in the neighbouring countries. In the longer term TWC hopes to progressively build a fleet size of 50 to 100 [units of] heavy lift equipment to cater to the Middle East market.”

In particular, Ang mentioned the countries that, together with Saudi Arabia, form the Gulf Cooperation Council (GCC), namely, Kuwait, Bahrain, Qatar, the United Arab Emirates and the Sultanate of Oman.

TWC plans to replicate what it has in Singapore to Jubail Industrial City in Saudi Arabia, Ang said. Jubail Industrial city is a large industrial complex on the Arabian Gulf and will be one of the world's largest petrochemical complexes. Al-Khaled said: “This is part of Saudi Arabia's initiative to open up its market and to welcome foreign investment into our country. One of SAGIA's aims is to foster investment opportunities in energy, transportation and knowledge-based industries and we will continue to award such licences to suitable Singapore companies.”

TWC is the 11th largest crane-owning company in the world according to the 2006 International Cranes and Specialized Transport magazine IC50 ranking.

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