KUWAIT: (From left): Feras Samir Al-Bayyat, Samer Hamdi Al-Zaeem, Eng Bader Nasser Al-Kharafi and Eng Abdulrazaq Zaid Al-Dhbayyan during the signing of the partnership agreement yesterday.

KUWAIT: Gulf Cable and Electrical Industries Company, the leading manufacturers of cables, power and telephone lines for more than 46 years in Kuwait, signed a partnership agreement with Riyadh Cables Group Company of Saudi Arabia in the presence of Chairman Eng Bader Nasser Al-Kharafi, Executive Director for Sales, Marketing and Business Development Eng Abdulrazaq Zaid Al-Dhbayyan and board members and owners of Riyadh Cables Group Company Samer Hamdi Al-Zaeem and Feras Samir Al-Bayyat. The partnership venture will build a local factory specialized in producing high-voltage cables, which is considered the first of its kind in Kuwait.

Eng Bader Nasser Al-Kharafi said the signing of this agreement meets the company’s expansion strategy through joint cooperation, which aims at achieving the maximum benefit from the market’s capabilities by diversifying the company’s products and its revenue sources in a way that serves shareholders’ interests and goals.

KUWAIT: Eng Bader Nasser Al-Kharafi (right) and Samer Hamdi Al-Zaeem sign the partnership agreement.

This type of industry will contribute to the development of the local industrial sector and raise productivity by using the most modern technology, besides raising the percentage of the industrial sector’s contribution to local output. It will also present an added value to local products by nearly KD 320 million during the first three years, with a promising launch for the industrial sector and support for human development by providing job opportunities for fresh Kuwaiti graduates and well as scientific research training, activities and services.

KUWAIT: Eng Bader Nasser Al-Kharafi shakes hands with Samer Hamdi Al-Zaeem on the occasion.

These types of transformative industries are important for infrastructure projects and future constructions, especially those related to the Ministry of Electricity and Water and Renewable Energy and the Housing Care Authority, as Kuwait is seeking to develop and build projects based on the partnership plan between the public and private sector as per Kuwait’s 2035 “New Kuwait” vision.

Also, cooperation and partnership between industrial sectors strengthens economic and commercial relations between Kuwait and Saudi Arabia through free trade and expansion in industries of mutual interest, which will be a main pillar of development in the region.