المملكة: The Crown Prince launches the “King Salman Complex” on the automotive industry in King Abdullah Economic City

His Royal Highness Prince Muhammad bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister – may God protect him – announced the launch of the “King Salman Car Industry Complex” on the area designated for car manufacturing activities, located in the Special Economic Zone in King Abdullah City Economic.
The “King Salman Car Industry Complex” will be an important station in achieving economic diversification in the Kingdom, and possible for the auto industry and sustainable transportation solutions, which contributes to supporting the non -oil GDP and increasing exports, developing the sector’s capabilities, and localizing capabilities in it by accelerating the growth of local capabilities In its associated manufacturing, research and development, enhance the efficiency of supply chains with regional and international markets.
The “King Salman Automotive Complex” will constitute a head center for local and international companies in the automotive sector, most notably the “Sir” factory, the first Saudi electric cars brand, and the “Lusid Motors” company, which opened its first international factory in King Abdullah City Economic in 2023, along with many joint ventures of the fund with international manufacturers, including, “Hyundai Motor” to establish a high -automated car manufacturing factory in the Kingdom, and the joint project agreement with “Perleli” company to establish a tire factory in the Kingdom.
The complex aims to find ideal investment opportunities for the private sector and participate in the development of promising sectors in the Kingdom, which would contribute more than 92 billion riyals in the non -oil gross domestic product by 2035, and achieve a positive impact on the balance of payments, while creating direct and indirect job opportunities And support the local industry, and increase the Kingdom’s exports regionally and globally, in a way that reflects positively on the balance of payments.
The “King Salman Car Industry Complex” benefits from the legislative environment in support of investment provided by the Kingdom’s 2030 vision, and the investment incentives provided by the Economic Zone in King Abdullah Economic City and its logistical infrastructure, and its connection to an advanced port in a vital site for global trade, in order to provide opportunities for the private sector Local and international companies as a partner, supplier and investor in the auto sector and accompanying services.
The King Salman Auto Industry Complex will contribute to achieving the Kingdom’s 2030 vision targets, to diversify the economy and achieve sustainable growth, and will be a head supporter to achieve the goals of the National Industry Development Program and logistical services seeking to make the Kingdom a leading industrial power, and a global logistical center by developing high -growth sectors locally, And attracting foreign investments, as well as supporting the goals of the national industry, transport and logistical services.
The auto and transport sector is also one of the priority strategic sectors of the Public Investment Fund, as the Fund’s portfolio includes many investments in the automotive sector in partnership with the private sector, to enhance infrastructure and support the development of local supply chains capabilities, through which it aims to support the development of local expertise and technologies from During joint projects with major international companies in the field of car manufacturing and associated industries.