Indian-owned carmaker signs financial feasibility deal with the National Industrial Clusters Development Programme
The Indian-owned, but British-based, car manufacturer Jaguar Land Rover (JLR) is pushing ahead with its plan to open an automotive production facility in Saudi Arabia.
UK news reports state that a financial feasibility study has been agreed, which will determine whether the project is a viable option for the company.
The deal was signed with the kingdoms National Industrial Clusters Development Programme, which is a governmental agency tasked with increasing Saudi Arabias industrial base.
MEED reported in September 2012 that JLR, which is owned by Indias Tata Group, was looking to build a plant at Ras al-Khair in the Eastern Province. This would enable the company to access large volumes of aluminium from Saudi Arabian Mining Company (Maaden) and the US Alcoas nearby $10.8bn aluminium complex.
Recent reports indicate that Ras al-Khair is still the preferred option and that the new plant would have the capacity to build 100,000 cars a year. Such a capacity would create thousands of direct job opportunities.