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FINANCIAL NEWS
Saudi, Korean firms to make USD1b car manufacturing plant
18 May 2015
(MENAFN) The Saudi National Automobile Manufacturing Company (SNAM) and the Saudi Arabian Public Investment Fund (PIF) are set to cooperate with South Korea’s Daewoo International to create a car manufacturing factory, Arab News reported.
The new-found factory will be situated in Saudi Arabia and is set in order to cope with the rising local demands and to boost up the country’s contribution of automobile exports to neighboring Gulf countries and the Middle East in general.
“Things are progressing well with a memorandum of understanding (MoU) signed, while the agreement deal is in the final stage,” the manager at Daewoo International in Saudi Arabia told Arab News on Thursday.
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