المملكة: King Salman Car Industry Complex … an economic system and a promising strategic industry
The King Salman Auto Industry Complex will be an essential and integrated center for industries associated with the automotive sector and the future of sustainable transportation, benefiting from the Kingdom of Saudi Arabia’s economic and geographical status, in line with the goals of the Saudi Vision 2030.
King Salman Automobile Mall
The announcement of His Royal Highness Prince Muhammad bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister – may God protect him – comes by naming the auto industry area in the Special Economic Zone in King Abdullah Economic City with the “King Salman Car Industry Complex”, with the aim of highlighting the role of ” King Salman Motor Industry Complex “as an economic system that leads the transportation and cars sector in the region as a promising strategic industry.
The King Salman Car Industry Complex “is possible for the auto industry and sustainable transportation solutions, as it will be a specialized industrial center that contributes to supporting the non -oil GDP and increasing exports.
The complex also enhances the economic transformation process led by the Saudi Vision 2030, and will work to develop the capabilities of the auto sector in the Kingdom, by accelerating the growth of local capabilities in manufacturing, research and development, while enhancing the efficiency of supply chains, and linking with regional and international markets.
The King Salman Auto Industry Complex will raise the attractiveness of local and international partnerships in the automotive industry, and will support the Kingdom’s efforts in the field of the future of sustainable movement and in the industrial sector in general.
Sustainable car industry solutions
The King Salman Auto Industry Complex will provide sustainable solutions for the automotive industry by adhering to environmental sustainability standards and carbon emissions.
The complex aims to create ideal investment opportunities for the private sector and participate in developing promising sectors in the Kingdom, which would contribute more than 92 billion riyals in the non -oil GDP by 2035 AD and achieve a positive impact on the balance of payments.
The King Salman Auto Industry Complex will contribute to supporting the local industry, increasing the Kingdom’s exports regionally and globally, and promoting regional development.
It will also provide the “King Salman Car Industry Complex” a supportive environment and investment incentives for making opportunities for the private sector as a partner, supplier and investor in the auto sector and accompanying services.
Achieving the goals of the National Industry Development Program
The King Salman Auto Industry Complex will be a major 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 investment, in order to support the achievement of Saudi Vision 2030.
The Fund aims to support the localization of technologies and the transfer of knowledge, and the development of expertise and technologies related to the sector, as well as creating jobs through joint projects agreements with major international companies in the field of car manufacturing and related industries.
King Abdullah Economic City has an ideal location on the Red Sea, which provides a competitive advantage for economic activities, manufacturing and export; It is linked to an advanced port on the Red Sea and connects to major cities, such as Jeddah, Makkah Al -Mukarramah, and Madinah, through the Al -Haramain High Train, in addition to an advanced transport network.
King Abdullah Economic City is one of five private economic regions that benefited from the approval of regulations and legislation supporting investment in light of the Saudi Vision 2030, to provide an investment environment that contributes to achieving the targets of developing non -oil economics and investing in the new sectors with competitive incentives, establishing an attractive environment for investors, and consolidating the Kingdom’s position ; To become a logistical center, along with enabling supply chains.
Integrated options for work and housing
King Abdullah Economic City includes an economic zone for an area of 60 square kilometers, which is the largest in the Kingdom, and provides integrated options for work and housing with advanced basic facilities, most notably, the industrial valley, housing, and educational institutions.
One of the main activities of the Special Economic Zone in King Abdullah Economic City, which includes the “Lusid Motors” factory, and the company “Sir”, is the first brand of electric cars in the Kingdom, and the joint project “Hyundai Middle East Company for Motor Industry” To create a highly automated car manufacturing factory in the Kingdom, along with the joint project agreement, the “Middle East and North Africa Tire” company to establish a tire factory in the Kingdom.
The Emaar Economic City Company is in charge of developing King Abdullah Economic City, and the Public Investment Fund is a major shareholder in the company, in line with its strategy to build economic partnerships and enhance the capabilities of the strategic sectors in the Kingdom.
The Public Investment Fund reinforces the journey of transformation in the automotive and mobility sector in the Kingdom and the region, and the fund pays priority to the sector within its strategic investments aimed at enhancing economic diversification in the Kingdom.
The auto industry system
The Public Investment Fund also aims to invest in the auto industry system and support localization of local supply chains and enhance their efficiency, in a way that contributes to raising the level of local production, transferring global experiences, providing opportunities for the private sector, and consolidating the Kingdom’s position as a leading global center in the sector.
The Fund works to support the target of the Kingdom’s leadership in solutions to the future of sustainable transport, especially in the field of electric cars, in a way that enhances the sustainable economic growth of the Kingdom, and to reach net zero emissions by 2050, in line with the Saudi Vision 2030.
The “King Salman Automobile Complex” will be a major center for local and international companies in the automotive sector, the most prominent of which is “Sir”, the first Saudi electric cars brand, and the “Lusid Motors” company, which opened its first international factory in King Abdullah Economic City in 2023 .
Auto industry in Saudi Arabia
The King Salman Auto Industry Complex includes many joint ventures of the fund with international manufacturers, including, “Hyundai Middle East Motor Industry Company” in cooperation with “Hyundai Motor” to establish a highly automated car manufacturing factory in the Kingdom, and the joint venture agreement with “Perleli” “” The Middle East and North Africa Tire “to establish a tire factory in the Kingdom.
Through its investments, the Fund aims to support the development of local expertise and technologies through joint projects with major international companies in the field of car manufacturing and its associated industries.
The King Salman Auto Industry Complex contributes to achieving Saudi Vision 2030, to diversify the economy and achieve sustainable growth through the launch of new economic sectors and the development of job opportunities.
Many national strategies
The King Salman Car Industry Complex supports the goals of many national strategies, including:
– The National Strategy for Transport and Logistics, which aims to make the Kingdom a global logistical center by benefiting from its geographical location to promote trade.
– The National Industry Strategy, which aims to double the industrial GDP and the value of industrial exports, especially the exports of advanced technical products.
– The auto and transport sector is one of the priority strategic sectors of the Public Investment Fund, as the Fund’s portfolio includes many investments in partnership with the private sector, to enhance infrastructure and support the development of the capabilities of local supply chains.
– The complex contributes to strengthening the non -oil exports base in the Kingdom and its competitiveness, and supporting import policies, which contributes to achieving a positive impact on the balance of payments, and supporting the achievement of the Saudi Vision 2030 in raising the contribution of non -oil exports to 50% of the non -oil gross domestic product .
– The Cities and Special Economic Zones Authority contributes to supporting the Saudi Vision 2030, by attracting investments to the Kingdom and creating appropriate investment strategies for investors, as special economic areas work to create and facilitate the development of new technology -based industries, which is essential to achieving sustainable economic growth.
– The strategy of the Cities and Special Economic Zones Authority aims to attract foreign investment and global companies, and to develop new industries, including the auto industry, which will contribute to the creation of jobs and enhance the growth of strategic sectors; In line with the Saudi Vision 2030.
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