Riyadh: The National Industrial Development Center (NIDC) signed a memorandum of understanding (MoU) with Valeo company, in the presence of the Minister of Industry and Mineral Resources and Chairman of the Board of Directors of the NIDC, Bandar bin Ibrahim Al-Khorayef, and the Egyptian Minister of Trade and Industry Ahmed Samir Saleh, during the official visit of the Minister of Industry and Mineral Resources to the Arab Republic of Egypt.

The MoU aims to pave the way for the localization of the auto-components industry and the manufacture of modern systems for mobility technology in the Kingdom of Saudi Arabia, which will contribute to enhancing the efficiency of the automotive industry and increasing the economic growth of the sector in the Kingdom per the objectives of the National Industrial Strategy (NIS).