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Saudi-made passenger car on the way
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A Saudi university has signed a deal with a South Korean firm to produce passenger cars. The Korean company is investing $500mn in the project. Abdullah al-Othman, president of King Saud University, said the first car, a five-passenger model, is expected to roll out within two years. The kingdom plans to export it to the Gulf nations and North Africa. He said in a statement yesterday that the Wadi al-Riyadh Technology Firm, affiliated with the university, will have a 10% share, while the South Korean company will put some 30%. The rest will be offered to investors. Earlier this month King Abdul Aziz City for Science and Technology also unveiled plans for launching a domestically designed and manufactured automobile.
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