Saudi startup FOODICS signs strategic fintech partnership with Alinma Bank to empower SMEs in the Kingdom

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FUKUSHIMA: Aizawa High Pressure Concrete Co., Ltd., and Al Saedan for Development, a leading real estate development group from Saudi Arabia, have established a joint venture to produce and construct pre-stressed concrete structural components in the Riyadh metropolitan area.

The joint venture was revealed at a press conference in Fukushima prefecture with the chairs of the two companies, Yoshihiro Aizawa and Machael Bint Abdullah bin Saedan.

“Today, as the third generation of a long-established family that has developed the real estate sector of the Kingdom, we begin collaborating in the Kingdom with expertise and talent from the world’s advanced countries,” bin Saedan said. “Our journey has just begun as we look to provide a better future for our children, working with countries around the world and building a new tomorrow with Saudi hands and international expertise.”

Yoshihiro Aizawa looked forward to the collaboration: “I am excited to be able to make new challenges in step with Saudi Vision 2030. The history of Family Enterprise, which has continued since the founding of Saudi Arabia, overlaps with the history of our company, which was founded in 1935. We will work together to create new value for the Saudi construction sector.”

According to a statement issued by the Japanese company, the venture aims “to make PC construction widely popular as a durable and clean new skeleton construction alternative to the traditional on-site construction in Saudi, where a large amount of housing is expected.”

The total number of concrete villas the Saudi government plans to order over the next 10 years will be around 400,000.

In the first phase, a factory will be built at the Modon Industrial Complex near Riyadh. At the same time, Aizawa will promote technology transfer to Saudi Arabia for digital cloning and concrete 3D printers.

Aizawa will develop and implement an engineer development program for Saudis at the Fukushima RDM Center to establish independent construction methods by Saudis independent of foreign workers. The plan is to train 100 Saudi engineers at the Fukushima RDM Center.

Aizawa was founded in Hokkaido in 1935. The company is trying to transform the traditional material industry into an innovation marketing group based on smart materials.

The Al-Saedan family has led the development of land in the Saudi capital since its inception in 1934 and has long contributed to the development of the country’s real estate sector, including the development of Saudi’s first high-rise building, the “Elegance Tower.”

In the Saudi Vision 2030 announced in April 2016, the Saudi government designated the housing program as one of its important policies.

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