Pason, Rawabi set up Saudi joint venture
Calgary, June 17, 2014
Pason Systems has signed a joint venture agreement with Saudi Arabia's Rawabi Holding Company for the distribution of Pason's industry-leading data management systems for drilling rigs in Saudi Arabia.
Rawabi and Pason will own 50 per cent of the issued and outstanding stock of the joint venture and shall each nominate two individuals to the board of directors, a press release said.
The new company will also serve as service provider for Pason in certain countries in the region.
Marcel Kessler, president and chief executive officer of Pason, said: "We believe that there is a significant market opportunity for Pason products and services in the Kingdom of Saudi Arabia and the broader Gulf area. We are delighted to deepen our relationship with Rawabi, a well-respected and capable partner with significant experience serving the needs of customers in the region as well as working with international service companies through joint ventures." - TradeArabia News Service