Tuesday, 16 July 2002, Jeddah, Saudi Arabia. The joint venture company between Abdul Latif Jameel Co., Ltd., (ALJ) and DENSO International Asia Pte Ltd (DIAS), was officially inaugurated by Mr Fuhaid F. Al-Sharif, deputy governor of Investor Services at Saudi Arabian General Investment Authority (SAGIA), Japanese Ambassador Nobuyasu Abe, ALJ Group President, Mr Mohammed Jameel and DENSO Corporation's (Japan) President, Mr Hiromu Okabe and Mr Akira Okabe, member of the board and Director of Toyota Motor Corporation.
The plant, which marks a milestone in overseas investment, accompanied by transfer of technology, aims at producing about 20,000 air conditioners annually for Toyota Hilux to begin with. With a capital of $2million, the two joint-venture companies own 50 percent share each of the new company and are managing it jointly.
President Okabe said "manufacture of air conditioners here was a challenging task in view of the tough desert condition and high temperatures in the region".
Yoichi Miyamoto, Managing Director of DENSO Abdul Latif Jameel Co., Ltd., said that the factory's production range would include cooling units and hoses and tubes.
This factory has already achieved 35 percent Saudization. Saudis manage key positions involving production, quality assurance and production control. There are plans to raise Saudization to 50 percent and expanding the manufacturing base in areas like car accessories and spare parts.