Saudi national car manufacturing company, Saudi Public Investment Fund plans to joint venture with South Korea's Daewoo International, to build a car factory in Saudi Arabia, Saudi Arabia to meet domestic demand for cars, exports to the Gulf region.
The total investment will be more than 10 US dollars, South Korea's Daewoo International holds a 15% stake, the Saudi national car manufacturing company holding 50% of Saudi Arabia Public Investment Fund holds 35%. Currently, the two sides have signed a MOU sand Korea on cooperation to discuss a formal cooperation agreement has entered its final stage.
Plant will be built in Saudi Arabia Sudair industrial city, 120 km away from Riyadh, 160 kilometers away from Qasim. Plant expected to be completed in 2018, annual production of 150,000 vehicles.
To promote the development of joint projects, Daewoo International and the Saudi national car manufacturing companies jointly develop personnel training programs, plans to recruit foreign students to South Korea's Daewoo International Corporation headquarters training from Saudi Arabia, many students participated in personnel training program enrollment will be evangelizing.
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