Saudi plans $500 mln car manufacturing company

Newswire

JEDDAH, Saudi Arabia, Dec 26 (Reuters) - Saudi Arabia plans to start up its first car manufacturing company with a capital of $500 million and expects a prototype within two years, state media reported on Sunday. Riyadh-based King Saud University's President Abdullah al-Othman signed on Sunday a memorandum of understanding with a South Korean car manufacturing firm to set up the new company. "(The company) will have a capital of about $500 million," Othman said, quoted by the state news ...

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