Alwaseeta and QKLC sign joint venture agreement to develop breakthrough LED project in Qatar | Alwaseeta and QKLC sign joint venture agreement to develop breakthrough LED project in Qatar -
H.E. Dr. Al-Sada and Dr. Kim exchanging documents after signing the agreement

Alwaseeta and QKLC sign joint venture agreement to develop breakthrough LED project in Qatar

: Tuesday, February 11 - 2014 @ 12:11

Qatar Intermediate Industries Co. Ltd. (Alwaseeta) today signed a joint venture agreement with the Qatar Korea LED Consortium (QKLC) for the establishment of a manufacturing facility for light-emitting diode (LED) lighting systems in Qatar.

The agreement was signed by His Excellency Dr. Mohammed bin Saleh Al-Sada, Minister of Energy and Industry and Chairman of the Board of Directors of Alwaseeta, and Dr. Tai-Kyoo Kim, Chairman of QKLC. Also present during the signing ceremony were Mr. Ali Hassan Al-Sidiky, Vice Chairman and Managing Director of Alwaseeta, and other senior officials from both parties.

Alwaseeta is a subsidiary of Qatar Petroleum and is primarily involved in the development of a broad range of intermediate and downstream industrial projects. QKLC, on the other hand, is made up of prominent Korean LED companies and governmental institutes, such as the Korea Photonics Technology Institute (KOPTI) and Korea Association for Photonics Industry Development (KAPID).

Under the agreement, the two parties will set up the Qatar-Korea LED Project (Q-LED), an LED manufacturing facility that will be jointly owned by Alwaseeta with 75% interest and QKLC with 25% interest. The factory will occupy an area of 60,000 square meters, and it will have an initial production capacity of 155,000 LED units per year.

The project will be implemented in two phases, with the LED manufacturing plant to be built in the initial phase and scheduled for completion by 2016. This will be followed by the second phase, which will involve installing LED chip packaging, establishing a state-of-the-art Research & Development Centre, and subsequently setting up a demonstration centre for simulating real-time conditions. The project’s final phase is expected to be completed by 2018.

In his comments on the occasion, H.E. Dr. Al-Sada said: “Qatar is witnessing dynamic development and remarkable growth in various sectors, including the construction sector, which is witnessing a rapidly growing demand for LED lighting. This agreement will aid Qatar’s strategic approach to developing investment projects across a range of vital sectors, and will also help deliver explosion-proof LED lighting for the oil and gas industry, and special LED lighting for commercial use, such as for street and stadium lighting, traffic signals, and so on.”

“This LED project will also establish stringent specifications that are specially designed for the climate in the MENA region, and we will aim at continuous improvement and development of specifications and products through research and development,” H.E. Dr. Al-Sada added.

For his part, Dr. Tai-Kyoo Kim, Chairman of QKLC, commented: “This agreement will see the building of joint ventures on a solid foundation, which is a win-win situation for both Alwaseeta and QKLC. It will also pave the way for broader investment opportunities and for developing the local and regional LED industry, which will be an important contributor to Qatar’s vibrant economy.”

The Q-LED Project will be involved in continuous research and development (R&D) in integrated LED management and solution systems. These systems will provide more convenience and smart management control to customers. They can also result in up to 70-80% in energy savings compared to conventional lighting, such as incandescent and fluorescent lights. In addition, they will contribute to a substantial reduction of CO2 emission as a result of reducing power production from power plants.

The project’s efficient and well-planned systems will also offer a comparative and competitive solution to the existing endemic problems with locally sold LED lighting products, such as high price, low reliability and high maintenance costs. The Q-LED Project will also be a catalyst for the development of related industries, and it is anticipated that through this project, Qatar would eventually become the frontrunner of the LED lighting industry in the MENA region, which is the intended market for the project’s products.

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Tuesday, February 11- 2014 @ 12:11 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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