Industry and Mineral Resources Minister Bandar Al-Khorayef said Saudi Arabia is in talks with several auto makers to establish factories on the kingdom’s western coast.
He said in a recent interview that there are two “projects” underway for auto makers to establish an industrial presence in Saudi Arabia. He explained that King Abdullah Economic City was chosen as the site for these projects.
Saudi Arabia has been looking to develop the automotive industry in the kingdom for more than a decade. Lucid Motors, the electric vehicle maker, partly owned by Saudi Arabia’s sovereign wealth fund, is looking to build a factory as part of a strategy to develop a hub for the country’s auto industry, people familiar with the plan told Bloomberg in January.
On a different note, Saudi Arabia is also conducting a geological survey to determine the potential mineral benefits, as it seeks to develop the mining industry, according to Al-Khorayef.
The minister revealed that “a large number of these minerals are critical to technologies that will lead a sustainable future and are in high demand.”