The Saudi Ministry of Industry said on Saturday that South Korean giant Hyundai Motor Group and Saudi Arabia have agreed to sponsor the car industry in the Kingdom.
The two sides have signed a memorandum of understanding “to develop car manufacturing in the kingdom,” the ministry said in a statement.
– Jarrah bin Muhammad Al Jarrah (@Jarrah_4) December 31, 2022
In November, Hyundai Motor Group Chairman Jeon Wi-soon, CEO of Samsung Electronics Co. Lee Jae Young and other South Korean business leaders met with Saudi Crown Prince Mohammed bin Salman in Seoul and discussed business cooperation.
President Yoon Seok-yeol and the Saudi prince met in November and pledged to intensify bilateral cooperation in a wide range of key industrial areas, including infrastructure and energy.