- Saudi Arabia, Stellantis, and Petromin sign MoU for vehicle manufacturing initiative.
- Collaboration supports Vision 2030, advanced manufacturing, and automotive sector localization.
- Initiative aims to create jobs, strengthen supply chains, and boost SMEs.
During the US-Saudi Investment Forum, the Ministry of Investment in Saudi Arabia, the National Industrial Development Center, Stellantis, and Petromin Corporation inked four-party MoU to investigate creating a vehicle manufacturing initiative in the Kingdom.
The investment forum acts as a strong platform to strengthen the economic connections between both countries and investigate new investment opportunities in key areas such as energy, technology, financial services, infrastructure, and healthcare. It showcases strategic platforms for interaction between officials from Saudi Arabia and the US, business leaders, along with unique business prospects.
This strategic agreement emphasizes the Kingdom’s dedication to Vision 2030 and its goal to establish itself as a regional center for advanced manufacturing and innovation. The collaborative effort will assess the practicality of establishing a manufacturing facility to localize the production of both commercial and passenger vehicles, utilizing the renowned American brand lineup from Stellantis. The initiative seeks to enhance localization rates in the automotive sector, supporting the expansion and sustainability of the car industry in Saudi Arabia.
Also Read: Saudi Arabia, Stellantis Explore Local Vehicle Manufacturing
This MoU represents an important advancement in the alliance between Stellantis and Petromin, reinforcing their shared dedication, initiated through a business collaboration agreement earlier this year, to build a robust industrial footprint in the Kingdom.
The initiative is anticipated to create job openings, strengthen local supply networks, and encourage the expansion of small and medium enterprises. It aligns with the Kingdom’s aspiration to transform into a hub for advanced manufacturing and innovation.