"Unimech Aerospace and YBA Kanoo ink JV for new Saudi Arabian manufacturing hub."

Bengaluru-based precision engineering and manufacturing firm Unimech Aerospace and Manufacturing Limited has announced a joint venture with Yusuf Bin Ahmed Kanoo Company Limited to expand its presence in the Middle East.

The joint venture, to be named YBAK Unimech Advanced Manufacturing Solutions, will be set up with Unimech holding a controlling 51 per cent stake, while YBA Kanoo will own the remaining 49 per cent.

Under the partnership, the two companies will establish a greenfield advanced manufacturing and remanufacturing facility in Dammam, Saudi Arabia. The project will be supported by a phased joint investment of about $30 million.