Iraq’s MidPoint signs escalator deal with Saudi Arabia’s Mayar Holding in Iraq
Gulf Elevators and Escalators Co. Ltd. (GEEC), a subsidiary of Mayar Holding Co. in Saudi Arabia, has formalized an exclusive agency agreement with MidPoint General Trade and Commercial Agencies Co. in Iraq.
This mutually beneficial accord, as per Mayar’s official communication to the Saudi stock exchange, Tadawul, designates MidPoint with the pivotal role of overseeing the marketing, sales, installation, and maintenance of Mayar’s elevator and escalator products across the entirety of Iraq throughout a substantial 36-month contract.
Notably, the agreement is characterized by its independence, with no involvement of connected parties, underlining the transparency and integrity of the contractual relationship.
The disclosed collaboration is set to bring about a significant and enduring financial impact, with the contract slated to initiate its positive effects in the first half of 2024. Mayar Holding Co. affirms the strategic importance of this partnership, highlighting the commitment to elevating the standards of elevator and escalator services in Iraq.
This venture not only underscores the strengthening ties between Iraqi and Saudi business entities but also positions MidPoint as a key player in the comprehensive management of Mayar’s products, contributing to the enhancement of vertical transportation infrastructure throughout the diverse regions of Iraq.
As the exclusive agency agreement takes effect, MidPoint’s responsibilities encompass a wide spectrum, ranging from promoting and selling Mayar’s products to overseeing the intricate processes of installation and maintenance. The duration of the contract, spanning 36 months, signifies a substantial commitment from both parties involved and is poised to shape the landscape of elevator and escalator services in Iraq for years to come.
