Jazan Chamber, Chinese firm sign EUR 10B deal to set automobile factory

Hazan Chamber of Commerce signed an agreement with China’s Xincheng Jiao Technology Co. to establish a modern automobile manufacturing plant.

The Chamber stated in a post on X that the project will involve investments of approximately EUR 10 billion and will span 15 years under the supervision of Jazan Chamber.

The agreement includes conducting a comprehensive market study to identify future needs in the automotive sector, contributing to the provision of government support and financing in coordination with relevant authorities, and assisting in determining the project’s location in cooperation with government agencies.

The agreement aims to strengthen industrial cooperation between Saudi Arabia and China and to support efforts to localize modern automobile manufacturing in the Kingdom in line with the goals of Saudi Vision 2030.