Riyadh: In a significant leap in the country’s industrial landscape, Saudi Arabia aims to produce a staggering 400,000 cars annually by the year 2034. This move marks.
Jerry Todd, Head of National Development Division at Saudi Arabia’s Public Investment Fund (PIF), disclosed the country’s automotive manufacturing plans in a recent announcement at the Future Investment Initiative (FII).
He lauded the critical role played by suppliers in building the necessary infrastructure and explained that the development of these supply chains is crucial to the success of the automotive manufacturing sector in Saudi Arabia.
Todd also spoke about the remarkable progress of a Saudi company in this field, SAMI, which was started in 2017. The company is now ranked 79 globally and to illustrate their rapid progress, he gave an example of the Brazilian company Embraer, which is ranked 100 globally.
In a separate agreement, the PIF has joined hands with Pirelli to establish a tyre manufacturing plant in Saudi Arabia.
Saudi Arabia has also invested $500m in a deal with Hyundai, the automotive manufacturing leader in South Korea. The agreement will oversee the manufacture of 50,000 vehicles annually, including both fuel-powered and electric vehicles through a manufacturing facility in the kingdom.
(Aya Boye is an intern with Gulf News)