Saudi Arabia is taking another small step toward diversifying its economy away from its dependence on petroleum. Arab News reports that investors have agreed to establish a factory to build truck trailers and containers in the Kingdom, for use in the Kingdom.
Deal signed for KSA’s first factory to make trailers
JEDDAH: P.K. ABDUL GHAFOUR
Saudi and Turkish investors have reached an agreement to establish the Kingdom’s first factory to build trailers and containers at a cost of SR500 million.
The new factory to be established at Jeddah Industrial City will produce 5,000 trailers and containers this year, said Anwar Basaad, chairman of the board of directors of Reema Group.
“The agreement will help transfer of Turkish technology to Saudi Arabia,” he said, adding that there are good prospects for making trailers and containers in the Kingdom.
“We intend to meet the local demand for trailers and containers,” Basaad said. The factory will be established on an area of 20,000 square meters in the industrial city.
As per the agreement the Turkish side will train Saudis on operation and maintenance of the factory. “We have set out for this project considering the Kingdom’s political and economic stability,” he said