Recently, Leyard Group and Engineer Holding Group (EHG) signed a joint venture agreement, whereby Leyard Middle East, in which 51% shares are held by EHG and 49% by Leyard (Hong Kong) will be established to produce LED displays and LED lighting products for the purposes of implementing the Made in Saudi program, a National Industrial Development and Logistics Program (NIDLP) initiative led by the Saudi Export Development Authority (SEDA) and achieving Saudi Vision 2030.

Li Nannan, director of Leyard Group, and deputy general manager & board secretary of Optoelectronics under Leyard, and Abdullah Bin Swidan, VP Strategy of EHG signed the joint venture agreement on behalf of respective parties. Chen Jian, chairman of Linso under Leyard was present the event as a witness. The joint venture will combine the technologies of Leyard with EGH’s financing and local strengths to drive the LED display and lighting industry in Saudi Arabia forward.

Next, a LED plant will be constructed by both sides in Saudi Arabia to meet growing local demand and export products to countries all over the world. Leyard Middle East has signed a MOU with the Saudi investment division to pave the way for future development.

Thanks to promotion of the Saudi Standards, Metrology and Quality Organization (SASO), demand for LED energy efficient products and digital Ads, and increasing smart city/home projects in Saudi Arabia, the LED display and lighting markets have been expanding rapidly in the country in recent years.

According to statistics, the Saudi LED lighting market size was valued at approximately USD 1 billion in 2022 and is expected to reach USD 2.5 billion by 2028 at a CAGR of 17%. The LED display market size was about USD 90 million in 2022 and is expected to exceed USD 300 million by 2028 at a CAGR of 22%. Moreover, infrastructure projects in the country are projected to require nearly $4.8 billion LED lighting products and more than $500 million LED displays. While adapting to the smart city construction, this partnership is expected to play a vital role in the economic diversification and digital transformation of Saudi Arabia, facilitate the training and employment of local smart manufacturing professionals, and help the country achieve its manufacturing goals.

In response to the BRI and for strengthening the group's strategy for going global, we have been increasing our efforts to expand our business in Asian, African and Latin American markets since 2021, and have made significant progress in all aspects from team building to product research and development. This cooperation is a new typical case showing that we have been proactively implementing the BRI. We will continue to perform responsibility as a global VFX technology leader, achieve success by taking small steps, bring more high-quality products to BRI countries and regions, and build models of BRI technological cooperation for the purpose of letting the world see “displays made in China”.