Kingdom, Toyota sign MoU on Vehicles and Parts Development in Saudi Arabia
March 14, 2017
The Saudi National Industrial Cluster Development Program (NICDP) and Toyota Motor Corporation today signed a memorandum of understanding for the feasibility study of an industrial project to produce vehicles and parts Saudi Arabia.
The MoU was signed in Tokyo on the sidelines of the visit by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz to Japan.
The MoU is part of NICDP’s plans for the development of a globally competitive automotive industry in Saudi Arabia, and confirming 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. It would also be looking into the development and attraction of talented Saudi workforce and put in place the adequate training programs.
Abdul Latif Jameel as a local distributor for Toyota will be also taking part in the joint feasibility study. Toyota remains the leader in Saudi and other Gulf Cooperation Council (GCC) car markets with more than 500,000 units sold in the GCC in 2016.