Gas Arabian Services Co. (GAS) announced the official signing of a Joint Venture agreement with Bonomi Group, a significant milestone in advancing industrial localization within Saudi Arabia.
This new partnership will establish a world class valve manufacturing facility in the Kingdom, combining Bonomi’s global expertise in valve technologies with GAS’s extensive operational capabilities, deep market knowledge and strong local presence.
Fully aligned with the Saudi Vision 2030, this Joint Venture will drive industrial growth, create high value employment opportunities, and strengthen local manufacturing across strategic sectors including oil & gas, petrochemicals, water and other sectors, delivering world class valves proudly manufactured in Saudi Arabia.
The new entity will be initially capitalized at SAR 5 million. Bonomi will hold a 60% stake, while GAS will own the remaining 40%.
GAS said it will finance its SAR 2 million share of the investment from its own resources.
The company expects the JV to have a positive long-term financial impact. The establishment of the new entity remains subject to regulatory approvals and the fulfillment of conditions outlined in the partnership agreement.