Arab News, Sunday, Jan 01, 2023 | Jamadi Al Thani 8, 1444
Ministry signs MoU to enhance Saudi Arabia’s automotive production
The Saudi Ministry of Industry and Mineral Resources on Saturday signed a
memorandum of understanding with Hyundai Motor Co. to advance automotive
production in the Kingdom.
The deal aims to enhance joint cooperation in the
automotive industry across the region in order to achieve the objectives of the
National Strategy for Industry in developing local manufacturing capabilities.
It is also in line with the objectives of Saudi
Vision 2030, which seeks to diversify the Kingdom’s economic base.
The memorandum was signed in the presence of
Minister of Industry and Mineral Resources Bandar Alkhorayef and his deputy
Osama Al-Zamil, Minister of Economy and Planning Faisal Al-Ibrahim and the CEO
of the Saudi Industrial Development Fund, Ibrahim Al-Mojil.
Hyundai was represented by Heung Soo Kim, its
executive vice president and head of global operations.
Under the memorandum, Saudi Arabia and Hyundai
plan to build a manufacturing plant for electric vehicles and internal
combustion engines to be based in the Kingdom.
Th agreement came after Hyundai revealed plans to
explore investment opportunities in Saudi Arabia.