Chinese firms seeking auto investments in Saudi Arabia: official

05/03/2019 Argaam

 

Saudi Arabia said Chinese automotive firms are seeking investments in the Kingdom.

 

“Chinese firms started talks to set up manufacturing as well as car-assembly units in the Kingdom during Crown Prince King Mohammed bin Salman’s visit to China,” Al Eqtisadiah has reported, citing Abdullah Alhazani, Vice President at National Industrial Clusters Developing Program (NICDP).

 

The Saudi NICDP Auto Cluster seeks to attract three or four car manufacturing investments valued at SAR 4-5 billion each, including spare parts, and tires.

 

Saudi Arabia recently launched the National Industrial Development and Logistics Program (NIDLP), which seeks to leverage local automobile, space and renewable energy industries.  The government is allocating SAR 44 billion for investments in the automobile sector, as the new scheme is expected to develop national industrial and logistics services through 13 subprograms, in line with Vision 2030.

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