DNeX strengthens ties with Saudi-based Ajlan & Bros Holding Group to pave the way for IT opportunities and semiconductor manufacturing

Dagang NeXchange Berhad (“DNeX”) has reinforced its partnership with Saudi Arabia-based Ajlan & Bros Holding Group through a Collaborative Framework Agreement (“CFA”) to form a joint venture company (“JVCo”) in the Kingdom of Saudi Arabia (“KSA”).

Under the CFA, both parties will explore and identify opportunities in driving economic growth in high-value areas such as Digital, Cloud, and the Fourth Industrial Revolution (“4IR”) through the JVCo which will undertake the venture and serve the KSA and the Middle East and North Africa (“MENA”) markets.

In addition, DNeX has signed a Memorandum of Understanding (“MoU”) with Ajlan & Bros Holding Group to explore the establishment of a packaging and assembly plant in KSA as well as potential participation by Ajlan & Bros Holding Group in DNeX’s plan to build and equip a brand new 12-inch semiconductor fab in Malaysia.

The MoU will also look at forming a joint-venture agreement for both parties to leverage their strengths and contribute financial resources, while enhancing technical capabilities and client relationships to support the formation and growth.

The agreements are a follow-through from a Memorandum of Understanding (“MoU”) signed in June this year to explore the business synergy between DNeX and Ajlan and Bros. Holding Group. This collaboration complements KSA’s effort to build a thriving economy in line with the Saudi Vision 2030, as part of its initiatives to be an integral driver of international trade routes for Asia, Africa, and Europe.