Demonstrating its commitment to localizing and diversifying the economy, Honeywell invests in a cutting-edge manufacturing facility.
The forthcoming facility will produce a diverse range of Honeywell technologies, aimed at enhancing the automation, safety, and efficiency of the energy sector within the region.
Honeywell (Nasdaq: HON) is set to inaugurate a state-of-the-art regional manufacturing center within the King Salman Energy Park, a prominent energy industrial zone in Saudi Arabia.
This addition will mark Honeywell's eighth presence in Saudi Arabia, underscoring the company's strategic growth objectives in the Kingdom and its endorsement of Aramco's In-Kingdom Total Value Add (IKTVA) initiative, which aims to foster local capabilities in the research, development, and manufacturing of cutting-edge technology.
The manufacturing hub will encompass engineering, production, and assembly lines dedicated to Honeywell's industrial automation and control equipment, field instruments, robust mobile computers, gas detection systems, fire safety solutions, and building management systems hardware. Moreover, the plan includes provisions for potential future expansion of manufacturing capabilities and customer demonstration facilities.
In reference to this development, Abdullah Al-juffali, President of Honeywell Saudi Arabia and Bahrain, remarked, "The groundbreaking of our new facility at SPARK signifies a substantial investment and a crucial milestone in Honeywell's enduring partnership with Saudi Arabia, which traces back to 1948. We take pride in supporting Saudi Arabia's key enterprises in localizing and innovating technologies that drive critical sectors of the economy. The King Salman Energy Park presents an ideal setting for us to continue our trajectory of investment, localization, and growth in alignment with its sustainability objectives and the broader Vision 2030 ambitions."
The expansion will unfold in phases, with the first phase anticipated to conclude by 2024. The commencement ceremony for the facility was attended by a delegation of global and regional Honeywell executives, including Vimal Kapur, President and Chief Operating Officer; John Waldron, Senior Vice President and Chief Commercial Officer; Ben Driggs, President of Global High Growth Regions; and Mohammed Mohaisen, President and CEO of Honeywell Middle East and North Africa. The event also welcomed senior figures from the King Salman Energy Park and Aramco.
Saif Al Qahtani, President and CEO of the King Salman Energy Park, expressed enthusiasm, stating, "We are pleased to welcome Honeywell to the King Salman Energy Park, aligning with our localization goals and our commitment to expanding Saudi Arabia's capabilities as a manufacturing and engineering powerhouse for the energy sector in the region. Honeywell's investment in our ecosystem will contribute to local economic expansion and pave the way for more job opportunities for Saudi nationals in advanced technology domains."
The King Salman Energy Park, evolving into a 50 km² industrial ecosystem, is designed to harness the entire value chain of the energy sector, functioning as a primary gateway for the region's energy activities. This aligns with Vision 2030 by supporting the Kingdom's endeavors to cultivate a robust economy through the diversification and localization of pivotal sectors.
Honeywell, an active presence in Saudi Arabia for over seven decades, plays a pivotal role in advancing the Kingdom's industries. The company also administers a range of training initiatives that support the country's transition into a knowledge-driven economy. In tandem with its internal aim to achieve carbon neutrality across its operations and facilities by 2035, Honeywell assists Saudi Arabia in its aspiration to achieve net-zero emissions by 2060 through the deployment of localized technology.