Saudi Arabia invests $1.86bln in automotive industry

The Saudi market is expected to receive around one million cars during 2020

  
Image used for illustrative purpose. Cars are parked along Al Olaya street, one of the most busy streets in Riyadh on December 7, 2015 in Riyadh , Saudi Arabia.

Image used for illustrative purpose. Cars are parked along Al Olaya street, one of the most busy streets in Riyadh on December 7, 2015 in Riyadh , Saudi Arabia.

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Riyadh –  Saudi Arabia invests up to SAR 7 billion in the automotive industry, providing more than 27,000 vacancies, according to Mohammad Al Zahrani, director of Industrial Investment Development Department of the Royal Commission for Jubail and Yanbu (RC in Jubail and Yanbu).

Al Zahrani said during the inauguration of the Automobile and Spare Parts Industry Forum and Exhibition that the kingdom has a successful experience in the manufacture of some automotive components through more than 200 factories engaged in the assembly and manufacture of some auto parts.

He added that the RC in Jubail and Yanbu, which is an autonomous organization of the Saudi Arabian Government, aims at supporting investment in all sectors to create sustainable jobs and contribute to the enrichment of the local economy.

Al Zahrani noted that the Saudi market is expected to receive around one million cars during 2020.

It is worth noting Automobile and Spare Parts Industry Forum and Exhibition kicked off on Tuesday, 8 October, in Jubail Industrial City.

The forum hosted 28 local and Korean companies, in addition to a number of governmental and industrial bodies.

Source: Mubasher

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