(MENAFN) The Saudi National Automobile Manufacturing Company (SNAM) and the Public Investment Fund (PIF) are working with South Korea's Daewoo International, to establish an automobile plant, Arab News reported.
The automobile manufacturing plant to be located in the Kingdom is aimed to meet domestic demand and also cater for the ever increasing automobile export market in the Gulf region.
Under the deal, SNAM, PIF and Daewoo International will collectively invest approximately USD1 billion to build the plant. Earlier, Daewoo International signed an MoU with PIF for the plant.
"Things are progressing well with a memorandum of understanding (MoU) signed, while the agreement deal is in the final stage," manager Daewoo International, Saudi Arabia, said in a statement.
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