Versatile International announces new lighting venture in Saudi Arabia
• Asheil Versatile Lighting Technologies combines consultancy and local manufacturing for large-scale lighting installations
• Joint venture between Versatile International and Chinese LED manufacturer Haneco.
DATELINE: Versatile International, the Middle East’s first fully integrated stone project management consultancy, has announced the establishment of a new company to manufacture lighting technologies in Saudi Arabia.
Asheil Versatile Lighting Technologies isan end-to-end lighting manufacturer that also provides consultancy and planning services for large scale lighting installations. Asheil will serve destination-scale projects, including the Saudi giga-projects, and the local wholesale market. The company’s operating model is designed to increase supply chain transparency, decrease risk and provide access to a comprehensive range of locally manufactured lighting products.
“Asheil aims to kindle a new lighting technology sector in Saudi Arabia and establish the Kingdom as a producer of world-class lighting technologies,” said Marco Fahd, Group Chairman and CEO of the Versatile Group and co-founder of Asheil.
“Asheilcombines the project governance expertise of Versatile International with the manufacturing capabilities of our partner, Haneco. The company’s unique service offer is designed to address disparity in the market, insulate Saudi Arabia from global supply chain challenges, and support the Kingdom’s signature development projects in delivering against Vision 2030.”
In its first phase, Asheil is building a 5,000 m2 manufacturing facility in Sudair City for Industry and Businesses, 120 km northwest of Riyadh. Ultimately the company plans to have 20,000 m2 of factory space, manufacturing bespoke lighting installations tailored to the specific needs of Saudi Arabia’s biggest development projects.
Asheil’s component portfolio will feature more than 1,000 fully compatible lighting products, eachbacked by a comprehensive guarantee for maximum transparency and accountability.
Saudi Arabia’s LED lighting market was valued at USD 923 million in 2022 and is projected to reach USD 1,858 million by 2030.The Kingdom currently imports around SAR 5.25 billion (USD 1.4 billion) in lighting equipment per year, according to data from the Observatory of Economic Complexity. Around 85 percent of imports come from China, amounting to 3.8percent of the Kingdom’s total imports from China.
“Saudi Arabia represents an enormous opportunity for lighting manufacturers willing to invest in the Kingdom’s future,” said Marco Fahd.
“Asheil’s end-to-end lighting technology service, comprising consultancy and design planning, in-market manufacturing and service warranty to Saudi customers, will help large-scale projects develop and procure Made in Saudi lighting solutions with complete transparency andon-the-ground service.”
About Versatile International
Versatile International (www.versatileinternational.com) is the first fully integrated stone project management consultancy in the Middle East established to meet the unique needs of destination scale real-estate development projects. The company’s unique operating model is designed to provide asset developers with certainty of outcome by mitigating or removing supply chain risk and overseeing procurement and installation to the very highest international standards.
Founded in 2019 and with offices in Dubai and Riyadh, Versatile International is the professional services arm of the Versatile Group, Australia’s leading end-to-end real estate development and construction company.
About Haneco
Haneco is an established manufacturer and provider of LED lighting solutions to TierOne global companies. The company is headquartered in China with manufacturing facilities in China and a global distribution network across Asia, Europe and North America.