Saudi Arabia sets up new automobile company
King Saud University in Riyadh has signed a joint cooperation agreement with a Korean firm to set up a new company in the automotive industry with a capital of US$ 500 million. Abdullah al-Othman president of King Saud University said the first car, a five-passenger model, is expected to roll out within two years. The kingdom plans to export it to the Gulf countries and north Africa.
According to him, the Wadi al-Riyadh Technology Firm, affiliated with the university, will have a 10 to 15 per cent share, while the South Korean company will put some 30 per cent. The rest will be offered to investors. Earlier this month, King Abdul Aziz City for Science and Technology also unveiled plans for launching a domestically designed and manufactured automobile.
- Saudi intervenes to keep Mecca-Medina project on track : "final warning" to avoid slowing high-speed rail service
- Is it a bird, is it a plane? It's Etihad's first superjumbo jet! Airway's Airbus A380 takes off next week
- Egypt's old taxis get a white-washing: Government pours 1.5 bn EGP into white cab project
- Saudia gets an early Christmas present?! New Boeing 777-300ER to supplement Saudi flagship airline
- $280 billion later: Middle East airlines' plane ordering binge to slowdown
- Saudi Arabia: New real estate investment company to set up
- Saudi Arabia: Ithmaar bank, Kuwait Investment Company and Atheeb Trading to set up new investment bank
- Saudi's got a new chill "pill": Global reknown drug company setting up shop in Kingdom
- ENOC and Aldrees sign joint venture to establish service stations in Saudi Arabia