For quite some time, Saudi Arabia has represented the next frontier in industrial and economic growth, and now we are one step closer to the front; with a capital investment of $500 million, the country plans to start its first auto manufacturing company, and have a prototype out within two years. A South Korean manufacturing firm will help set the new company up.
Up to 15% of the capital investment for the new venture will be put up by King Saud University, 30% will be covered by the South Korean firm, and the rest will be offered to investors.
King Saud University president Abdullah al-Othman said that he hoped that Saudi Arabia could make its first car suitable for export to other Gulf States and various countries in North Africa.
– By: Stephen Calogera
Source: Automotive News (Subscription Required)