As a part of the Kingdom’s Imaginative and prescient 2030 ongoing efforts to strengthen its industrial sector and localize high-value manufacturing, Petromin Company, Foton, the Ministry of Funding, and the Nationwide Industrial Growth Middle signed a four-party memorandum of understanding (MoU) to discover the institution of an built-in business automobile manufacturing plant in Saudi Arabia.
The initiative goals to develop native capabilities in manufacturing and logistics, strengthen provide chains, and enhance localization charges within the automobile sector. The scope of manufacturing will embrace heavy-duty vans, light-duty vans, and buses.
Amr Al-Dabbagh, Chairman and CEO of Al-Dabbagh Group, commented: “This step aligns with our ambitions to advertise a diversified economic system based mostly on trade and know-how. We take pleasure on this partnership with Foton, who’re no 1 within the Chinese language business automobile market. This partnership acts as a robust catalyst to ship high-quality business automobiles that meet market expectations and help reaching Imaginative and prescient 2030 aims.”
Chang Rui, Chairman of BAIC Foton, added: “We’re pleased with our partnership with Petromin to localize business automobile manufacturing. Via this collaboration, we intention to switch superior know-how to the Saudi market and supply modern and sustainable mobility options benefiting companies and shoppers alike.”
The mission is backed by the Ministry of Business and Mineral Sources, the Ministry of Funding, the Nationwide Industrial Growth Middle, the Saudi Industrial Growth Fund, and the Native Content material and Authorities Procurement Authority. It’s anticipated to create job alternatives for nationwide expertise, help the expansion of small and medium-sized enterprises, and contribute to the Kingdom’s shift towards a sustainable, superior industrial economic system.
With its wealthy historical past and experience within the automotive trade, Petromin is a number one supplier of complete automotive options within the Center East. The corporate is dedicated to fostering innovation inside the neighborhood and guaranteeing buyer satisfaction by means of high-quality services.
Foton, the number one business automobile producer in China, has established a worldwide presence within the trade. It focuses on producing high-quality business automobiles by means of strategic partnerships with main trade producers comparable to Daimler (Mercedes-Benz), ZF Transmission, Cummins Engines, and others. Its partnership with Petromin supplies a novel alternative to reinforce its presence within the Saudi market, leveraging Petromin’s native experience and market presence.
