Saudi Arabia signs deal with South Korea to make cars

RIYADH, Saudi Arabia — A Saudi university says it has signed a deal with a South Korean firm to produce passenger cars.

RIYADH, Saudi Arabia — A Saudi university says it has signed a deal with a South Korean firm to produce passenger cars.

The South Korean concern is investing US$500 million in the project.

Abdullah al-Othman president of King Saud University says 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.

He said in a statement Sunday that the Wadi al-Riyadh Technology Firm, affiliated with the university, will have a 10 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.

Be Among The First To Know

Sign up for a free account today, and receive top headlines in your inbox Monday to Saturday.

Sign Up with google Sign Up with facebook

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Reset your password

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

A link has been emailed to you - check your inbox.



Don't have an account? Click here to sign up