Riyadh – Mubasher: Saudi National Industrial Cluster Development Program (NICDP) signed a memorandum of understanding (MoU) with Toyota Motor Corporation (Toyota) on Monday.
The agreement is for the feasibility study of an industrial project to produce vehicles and spare parts in the Kingdom of Saudi Arabia, according to Saudi Press agency (SPA).
The MoU comes as part of NICDP’s plans for the development of a globally competitive automotive industry in Saudi Arabia, and confirms the intent of both parties to continue with the evaluation of the project as part of the Kingdom’s 2030 vision.
“The study would take into account the evaluation of development of a local supply base using materials produced by major Saudi companies like Sabic, Maaden, Petro Rabigh, and other major industrial companies in the Kingdom,” SPA stated.
