Crown Prince launches King Salman automotive industry park

Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, may Allah protect him, has announced the launch of the name "King Salman Automotive Complex" for the area designated for automotive manufacturing activities, located in the Special Economic Zone of King Abdullah Economic City.

The "King Salman Automotive Complex" will be a significant milestone in achieving economic diversification in the Kingdom, serving as a platform for the automotive industry and sustainable transportation solutions. It will contribute to supporting non-oil GDP, increasing exports, developing the sector's capabilities, and localizing these capabilities by accelerating the growth of local manufacturing, research, and development potentials. Additionally, it will enhance the efficiency of supply chains with regional and international markets.

The complex will serve as a central hub for both local and international companies in the automotive sector, such as the "Seer" factory, Saudi Arabia’s first electric vehicle brand, and "Lucid Motors," which opened its first international factory in King Abdullah Economic City in 2023. It also includes joint ventures with global companies, including "Hyundai Motor" to establish a highly automated car manufacturing plant, and a joint venture with "Pirelli" to establish a tire factory in the Kingdom.

The complex aims to create investment opportunities for the private sector and contribute to the development of promising sectors in the Kingdom. This will contribute over 92 billion riyals to the non-oil GDP by 2035. It will also have a positive impact on the balance of payments, creating direct and indirect job opportunities, supporting local industry, and increasing exports regionally and globally.

The "King Salman Automotive Complex" benefits from the supportive investment environment provided by Saudi Vision 2030, in addition to the investment incentives offered by the Special Economic Zone of King Abdullah Economic City, its logistical infrastructure, and its connection to a developed port in a vital location for global trade.

The complex will contribute to achieving the goals of Saudi Vision 2030 in diversifying the economy and achieving sustainable growth. It will also be a key supporter of the National Industry and Logistics Development Program, which aims to make the Kingdom a leading industrial power and a global logistics hub through the development of high-growth local sectors and attracting foreign investments.

The automotive and transportation sector is one of the strategic priority sectors for the Public Investment Fund (PIF). The PIF’s portfolio includes many investments in the sector, in partnership with the private sector, to enhance infrastructure and support the development of local supply chain capabilities.