Saudi Ceramic and EYAP Halt Joint Venture Plans Amid Market Uncertainty
Saudi Arabia: Saudi Ceramic has announced that EYAP has decided not to proceed with a planned joint venture to establish a manufacturing company in Saudi Arabia. The joint venture, intended to focus on the production and sale of sanitary ware, was to be equally owned by both companies. However, EYAP has cited reduced market visibility in the region and a slowdown in the construction sectors of Europe and Turkey as reasons for discontinuing the venture.
Earlier, in April 2023, Saudi Ceramic and EYAP had signed a non-binding letter of intent to explore the potential partnership. Despite this development, both parties have extended their preliminary agreement until the end of 2024, leaving the possibility of future cooperation. Saudi Ceramic’s capital stands at SAR 800 million (USD 213 million), and EYAP holds rights to key sanitary ware brands.
Source: Construction Week