Naming the King Salman Complex for the Automotive Manufacturing Zone in King Abdullah Economic City

Prince Mohammed bin Salman, Crown Prince and Prime Minister, announced the naming of the area designated for automotive manufacturing activities, located in the Special Economic Zone of King Abdullah Economic City, as “King Salman Complex for the Automotive Industry.”

The announcement, which was reported by the Saudi Press Agency, stated that the name “King Salman Complex for the Automotive Industry,” will be an important milestone in achieving economic diversification in the Kingdom, and an enabler for the automotive manufacturing sector and sustainable transportation solutions, which will contribute to supporting the non-oil GDP and increasing exports, developing the sector’s capabilities, and localizing its capabilities by accelerating the growth of local capabilities in manufacturing and related research and development, and enhancing the efficiency of supply chains with regional and international markets.

She added that the "King Salman Automotive Complex" will be a major center for local and international companies in the automotive sector, most notably the factory of "Sir", the first Saudi brand for electric cars, and "Lucid Motors", which opened its first international factory in King Abdullah Economic City in 2023, in addition to many joint projects of the Fund with global manufacturers, including: "Hyundai Motor" to establish a highly automated factory to manufacture cars in the Kingdom, and the joint venture agreement with "Pirelli" to establish a tire factory in the Kingdom.

She stated that the complex aims to create ideal investment opportunities for the private sector and participate in the development of promising sectors in the Kingdom, which will contribute more than 92 billion riyals to the non-oil GDP by 2035, and achieve a positive impact on the balance of payments, while creating direct and indirect job opportunities, supporting local industry, and increasing the Kingdom's exports regionally and globally, which will positively reflect on the balance of payments.

She added that the "King Salman Automotive Complex" will benefit from the supportive legislative environment for investment provided by the Kingdom's Vision 2030, the investment incentives provided by the Special Economic Zone in King Abdullah Economic City and its logistical infrastructure, and its connection to a developed port in a vital location for global trade, in order to provide opportunities for the local private sector and international companies as partners, suppliers and investors in the automotive sector and associated services.

The complex will also contribute to achieving the goals of the Kingdom's Vision 2030, to diversify the economy and achieve sustainable growth, and will be a major supporter of achieving the goals of the National Industrial Development and Logistics Program, which seeks to make the Kingdom a leading industrial power and a global logistics center by developing high-growth sectors locally, attracting foreign investments, and supporting the goals of national strategies for industry, transportation and logistics services.