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China’s Neway Oil Equipment to set up subsidiary in Saudi Arabia 

Neway Oil Equipment, a Chinese oil equipment supplier, announced plans to invest USD 8 million to set up a wholly-owned subsidiary in Saudi Arabia. This investment will be mainly used for rent, factory repair and maintenance, infrastructure and software investment, and other capital needs. It aligns with the company’s broader globalization strategy to enhance its market competitiveness and increase its overseas market share.