The Clap
The Saudi Ministry of Industry and Mineral Resources signed an MoU with Hyundai, the global provider of smart mobility solutions, with the aim of enhancing joint cooperation for the automotive industry in the region.
What
The signing of the MoU comes within the framework of the national strategy for the industry, represented in developing local manufacturing capabilities.
The MoU states that it is planning to build a complete assembly plant with the “CDK” system for electric cars and internal combustion engine cars in Saudi Arabia.
So What
The national strategy for the industry aims to localize the automotive sector and increase investment opportunities in it.
Light vehicle sales in KSA are expected to grow by 2.2% over the next decade.
Now What
The national strategy for the industry works to achieve the goals of the KSA’s “Vision 2030“, which seeks to diversify the economic base in Saudi Arabia.
