Kumho Tire inked a technology export agreement with Saudi Arabia’s Black Arrow Tire Company (Blatco) on Feb. 28.
Through this agreement, Kumho Tire will provide Blatco with technology for production of passenger car tires sold in the Middle East, including Saudi Arabia, for 20 years.
Blatco, a manufacturing company strongly supported by the Saudi Arabian government’s Vision 2030 policies, aims to complete and start production of an 85,000 square meter tire plant in the Western Industrial Zone by 2027. The company plans to expand its mobility business by producing and selling tires in Saudi Arabia and other Middle Eastern markets.
“Through the technology export agreement with Blatco in Saudi Arabia, we will demonstrate our technological competitiveness and lay the foundation for future growth in production and sales in the Middle East through strategic partnerships in the Middle East market,” said Jung Il-taek, president of Kumho Tire.
“We will strive to develop and produce products with quality and technology through our partnership with technology leader Kumho Tire,” said Adel Al Masood, CEO of Blatco.
Meanwhile, Kumho Tire inked an MOU to establish a tire joint venture at the Korea-Saudi Smart Innovative Growth Forum held in Saudi Arabia in 2022.