Saudi Arabia signs $ 500 m deal with Korean firm to make cars

Thursday, 30 December 2010 00:01 -     - {{hitsCtrl.values.hits}}

Riyadh: A Saudi university says it has signed a deal with a South Korean firm to produce passenger cars.

The South Korean concern is investing $ 500 million in the project.

Abdullah al-Othman, President of King Saud University, says the first car, a five-passenger model, is expected to roll out within two years. The kingdom plans to export it to the Gulf nations and north Africa.

He said in a statement Sunday that the Wadi al-Riyadh Technology Firm, affiliated with the university, will have a 10 per cent share, while the South Korean company will put some 30 per cent. The rest will be offered to investors.



Earlier this month King Abdul Aziz City for Science and Technology also unveiled plans for launching a domestically designed and manufactured automobile.

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.

COMMENTS

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.