SINGAPORE: Heavy lift and transport specialist Tiong Woon Corporation Holding Ltd (TWC) has gained a license to operate a 100-percent foreign-owned company in Saudi Arabia. The new wholly owned subsidiary, TWC Arabia Limited Liability Co., is the first Singaporean company to get such a license, which is awarded by the Saudi Arabian General Investment Authority (SAGIA). The license allows TWC to execute contracts for lifting, installation and maintenance services on equipment for oil, gas, petrochemical and electrical power related projects and marine transportation services in Saudi Arabia.
“We are optimistic that the Saudi Arabian market will continue to stay buoyant and we plan to have a dynamic presence there,” said TWC Group Chairman and Managing Director Ang Kah Hong. Ang said Saudi Arabia, with its projected activity in oil and gas, will be one of the company's key markets. “We are now well-positioned to make inroads into the booming oil and gas sector there, as well as springboard into the region,” he said.