Saudi Arabia’s King Abdullah Economic City (KAEC) has signed an agreement with OWS Automotive to “develop vehicle re-manufacturing, assembly, upgrade and reset within the city,” the company announced in an emailed statement on Tuesday.
The move is part of KAEC’s efforts to establish itself as a “leading automotive sector enabler and a vision-ready destination.”
“We’re very excited about this partnership as opportunities to support the local industry and combine it with OWS Automotive’s experience in the region are immense,” OWS Automotive’s chief executive officer Oweis Zahran said.
Zahran added: “The automotive sector is an important element of Saudi Arabia’s economic diversification efforts, in line with Vision 2030’s objectives, and we are excited to participate in playing a part in its expansion alongside KAEC. As we continue to scale up operations, our agreement with KAEC marks an important step in widening our regional footprint and offering high-quality services within the Saudi market.”
Under the agreement, both entities will work to establish OWS Saudi Arabia in KAEC, serving as the launch platform for the company’s entry into the Kingdom of Saudi Arabia.
“The agreement focuses on creating Maintenance Repair Overhaul (MRO) service centers, re-manufacturing & parts logistics facilities, accommodation for staff, business development functions and marketing activation from within KAEC,” the statement added.
Through the agreement’s initiatives, the two groups also aim to introduce innovative automotive services as well as manufacturing capabilities in KAEC and the Industrial Valley, creating nearly 1,000 new jobs in the process, the statement said.
“The agreement allows us to leverage our facilities in premise, namely KAEC IV and King Abdullah Port, to further scale up our impact and contribute to strengthening capabilities within the local automotive sector and reflects on KAEC’s overhauled strategy to welcome third-party investors and partners within a dynamic environment,” KAEC’s chief executive officer Cyril Piaia said.
OWS Automotive will also launch a training academy within the city, aiming to offer 200 jobs to Saudi nationals, expanding to over a thousand jobs following the academy’s opening.
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