Manufacturing Korea’s Hyundai plans new assembly plant in Saudi Arabia By Pramod Kumar January 3, 2023, 5:13 AM SPA The MoU stipulates building an assembly plant with the CKD system for electric and internal combustion engine cars Saudi Arabia’s Ministry of Industry and Mineral Resources and South Korea’s Hyundai Motor Company have signed a memorandum of understanding (MoU) to build a completely knocked down (CKD) assembly plant in the kingdom. The deal will see the construction of a Saudi-based assembly plant with the CKD system for electric and internal combustion engine cars, state-owned SPA news agency reported. Saudi’s national industry strategy is aiming to localise the vehicle sector and increase investment opportunities, with light car sales expected to increase by 2.2 percent during the upcoming decade. In November 2022, Crown Prince Mohammed Bin Salman, Saudi Arabia’s prime minister and chairman of its Public Investment Fund, launched Ceer, Saudi Arabia’s first electric vehicle brand, to boost its automotive sector. The kingdom is betting big on electric vehicles. US-based EV maker Lucid Group said it will open its first showroom in the Middle East in Riyadh. The company has unveiled plans for a full production factory at King Abdullah Economic City.
Business of Sport Qatar Airways signs $97m deal to sponsor new rugby tournament Qatar Airways has agreed a $97 million deal to sponsor the new World Rugby Nations Championship. The eight-year deal will cover the qualifying matches and finals for the first four editions of the rugby union tournament from 2026 to 2034. The agreement is the biggest title sponsorship in international rugby, according to The Guardian. The […] 4 hours ago
Economy Oman issues $460m in grants to support citizens Oman has provided funding of OR178 million ($460 million) to support more than 100,000 citizens in housing and businesses. Sultan Haitham bin Tariq, in a royal decree marking the fifth anniversary of his accession to the throne, increased the allocation for this year’s housing assistance programme, which provides housing to lower income families. The grants […] 3 hours ago
Employment Saudi Arabia plans cash pay-offs to cut public sector jobs Saudi Arabia is to offer cash incentives to encourage unproductive employees in the public sector to resign in a bid to tackle inefficiency. Saudi newspapers have reported that the government has earmarked nearly 12.7 billion riyals ($3.38 billion) for the three-year plan, which it dubs the ‘Golden Handshake’. While Riyadh has not clarified why it […] 3 hours ago
Logistics Fall of Assad reopens Syria route to Gulf for Turkey’s truckers The overthrow of the Bashar Al-Assad regime is great news for Turkey’s logistics sector, with hopes that the direct land route to the Gulf region through Syria may soon be re-established. While there will be strong demand for logistics in Syria as the country rebuilds after 13 years of civil war, Turkey’s truckers are looking […] 2 hours ago
