Time: April 18, 2018
A key contribute to the development of the manufacturing industry in Saudi Arabia is being explored by a joint venture between Abdul Latif Jameel and Japanese company Kosei Aluminum. This progress is a key priority of Saudi Vision 2030. The joint venture would also explore the potential of exporting the products globally.
Both companies have signed a Memorandum of Understanding (MoU) with to explore the feasibility of a joint venture that would manufacture aluminum wheels and components in Saudi Arabia.
During a visit by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud in March 2017, Saudi Arabia and Japan agreed to deepen existing bilateral relations between the two countries and establish a solid strategic partnership, as part of the Saudi-Japan Vision 2030.
This MoU, signed in Tokyo, Japan, will now see both companies study the potential of utilizing Saudi Arabia’s rich aluminium deposits and competitive energy costs through a joint venture.
Fady Mohammed Abdul Latif Jameel, Deputy President & Vice Chairman, Abdul Latif Jameel International said: “This MoU has the potential to develop into an exciting joint venture, which would bring manufacturing and skills to Saudi Arabia, while contributing to the country’s domestic automotive industry.”
The feasibility study is expected to begin in 2018, and be completed by 2019