YBA Kanoo inks service deal with Korean firm
Manama, April 22, 2013
H-Plus Eco Limited, a leading environmental consulting, engineering and construction services company based in South Korea, has signed a service agreement with top Bahraini conglomerate Yusuf Bin Ahmed Kanoo Group of Companies (YBA Kanoo).
One of the Gulf’s largest independent, family-owned, companies established in Bahrain in 1890, YBA Kanoo said the agreement comes following key discussions held by the company top officials during an official state visit to South Korea in May last year.
The Bahrain delegation was led by His Royal Highness Prince Salman Bin Hamad Al-Khalifa, the Crown Prince of Bahrain, First Deputy Prime Minister and Chairman of the Bahrain Economic Development Board (EDB), with the intention to further strengthen bilateral political, economic and trade relations between Bahrain and South Korea.
As per the deal, YBA Kanoo will act as H-Plus Eco’s representative in Bahrain and offer soil and groundwater remediation consultancy, smart farm services, environmental technologies, and environmental consultancy to companies and institutions in the Kingdom.
On the partnership, YBA Kanoo deputy chairman (Bahrain) Fawzi Kanoo said, "We are pleased to announce that through our partner, H-Plus Eco, we can now provide environmental consulting, technology, engineering, and construction services in Bahrain. This agreement follows a positive meeting during the official state visit to South Korea last year."
"We are grateful to HRH the Crown Prince and the EDB for leading this successful delegation, and look forward to a long and prosperous partnership with South Korea’s H-Plus Eco," he stated.
Jahong Hur, the CEO of H-Plus Eco said the Korean firm had been keen to extend its activities in the GCC for some time.
"The initial meeting in Seoul was just the start of our discussions with YBA Kanoo. We are delighted to have finally signed this initial service agreement, and hope this is just the beginning of our relationship with YBA Kanoo, the Kingdom of Bahrain, and the wider GCC," he added.
Commenting on the deal, Kamal bin Ahmed, the Minister of Transportation and acting CEO of Bahrain EDB said: "We are delighted that YBA Kanoo and H-Plus Eco have signed a service agreement. It highlights, once again, the importance of international roadshows and the inclusion of private sector representatives among the visiting delegations for strengthening bilateral relations and highlighting mutual business opportunities."
"Bahrain’s low cost of doing business, highly skilled local workforce, and access to the GCC market are key attractions for international companies. We hope this partnership leads to stronger business ties between the Kingdom of Bahrain and the Republic of South Korea over the coming years," he added.
The delegation visit to South Korea last May was one of many international roadshows organised by the EDB, designed to boost bilateral ties between the business communities and highlight investment opportunities in the Kingdom.
A number of South Korean companies have operations in Bahrain including: Hyundai Engineering and Construction, Hyundai Heavy Industries, Samsung Engineering, Woori Bank, Dm Puretech Co, Woongjin Development, Myong Sung Engineering and Korea Exchange Bank.-TradeArabia News Service