麦加投资 مكه للاستثمار
On August 14, the Saudi Energy Minister tweeted that the kingdom is working on building a car manufacturing city, which will be supported by the government and qualified resources in the country.
Saudi Arabia will organize large companies such as Sabic, Saudi Aramco and mining companies as project pioneers to provide raw materials such as aluminum sheet, liquefied aluminum, rubber, plastic and auto parts with competitive prices. The initial investment of the project is about 150 billion riyals. It is expected to attract 200 billion riyals of investment in the industry related to automobile manufacturing and provide 100,000 jobs.
At present, Sabic, the largest investor of the project, is signing cooperation agreements with major automobile manufacturers in the world, including Volkswagen, Jaguar, Land Rover, etc. At the same time, a number of transportation industry companies around the world have expressed interest in building large integrated aluminum production plants in the coastal cities of eastern Saudi Arabia. In addition, Sabic, together with Sinopec, Exxon Rubber and Mitsubishi of Japan and other large companies in the industry, will contribute to the research and production of innovative plastic products to meet the needs of future automobile production industry chain.
The plan aims to support and encourage the Saudi local and foreign capital investment in Saudi Arabia automobile manufacturing industry, and at the same time to introduce the advanced automobile manufacturing technology into Saudi and train Saudi Arabia local technical personnel. By doing so it changes Saudi Arabia into a car development and production base, reduces car imports and increases exports, thus enriching the Saudi economic diversification.
Makkah Investment keeps following the development of auto industry in Saudi and has seen and built many business opportunities in this field. Auto industry is a rising industry in Saudi Arabia especially since it for the first time in history allowed women to drive. Contact us for more information if you are interested in this promising area.