S&C Advises Foxconn Interconnect Technology Limited in the Establishment of Smart Mobility SJSC, a New US$100 Million Joint Venture in Saudi Arabia

Taiwan-based electronic connector manufacturer, Foxconn Interconnect Technology Limited ("FIT"), has agreed, through its wholly owned subsidiary, to establish Smart Mobility SJSC, a new US$100 million joint venture in Saudi Arabia, with a subsidiary of Saleh Suleiman Alrajhi & Sons Co. FIT will hold a 50 percent interest in Smart Mobility.

Once established, Smart Mobility is expected to manufacture electric vehicle chargers locally in Saudi Arabia, and to provide sales, distribution and support services. Smart Mobility is expected to help strengthen Saudi Arabia's leadership in renewable energy and technological innovation and to contribute to the realization of Saudi Vision 2030, Saudi Arabia's economic diversification plan.

FIT is the largest consumer electronics connector manufacturer in Greater China. While connectors remain FIT's core business, FIT has strategically expanded in recent years into 5G AIoT, electric vehicles, acoustic electronic components and the consumer brand sector.

Saleh Suleiman Alrajhi & Sons Co. is a prominent and well-established family business in Saudi Arabia with significant investments across various sectors.

The S&C team advising FIT includes Ambassador Michael George DeSombre, Kay Ian Ng, Ching-Yang Lin, Dickson Wong, William Ma, Stephen Pang, Samantha Li and trainee solicitor Kimberly Cheah. Nader Mousavi, Mark Schenkel, Jay Thornton and Julia Caffery advised on intellectual property matters. Juan Rodriguez and Axel Beckmerhagen advised on antitrust and FDI matters.