Saudi power and water company Abunayyan Holding and United States-based power management company Eaton have formed a joint venture to produce and service low- and medium-voltage switchgear in the Middle East, it was announced on Thursday.

The 50:50 JV, known as Eaton Arabia, will have locations in Dammam and Dubai, a press statement from Eaton said, adding that Abunayyan Holding will consolidate JV results.

The statement didn't disclose the amounts invested by the two parties in the JV.

"We are pleased to form this new joint venture with Abunayyan," said Tim Darkes, president, Europe, Middle East and Africa Region, Corporate and Electrical Sector. "Abunayyan's strong presence in the Kingdom of Saudi Arabia combined with Eaton's global scale and access to the broader Middle East will strengthen our offerings to customers in the region."

The NYSE-listed Eaton's 2019 revenues were $21.4 billion.

(Writing by Madhura Deulgaonkar; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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