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17-01-21
Saudi Arabia: Royal Commission to develop infrastructure for attracting 3 global automakers
(MENAFN)According to Al-Arabiya TV, Mohammad Al-Zahrani, Director of Industrial Investment Development Department stated that the Royal Commission in Jubail initiating improving the infrastructure necessary for attracting three global automakers, estimating the first Saudi-made car in the next year.
Al-Zahrani further said that the step comes in organization with South Korea’s SsangYong Motor Co. through setting up a car meeting center. Engineering designs are in higher stages.
He added that the study managed by the Royal Commission eyes to attract about SR40 billion (USD10.67 billion) direct investments to the automotive industry by 2040, he stated that this sector will add SR80 billion (USD 21 billion )to the Saudi Gross Domestic Product (GDP) and offer 27,000 direct jobs.
He also declared that the Kingdom’s auto complex is part of the strategic industrial program, as Jubail Industrial City and Ras Al-Khair Industrial City offer no less than 90 percent of the raw materials used in direct automobile manufacturing.
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