One of the local establishments signed an initial memorandum of understanding with (Advanced CNG Technologies, Inc.), one of the largest American companies in the world, specialized in the field of manufacturing technology for missile components, space industries, blue and alternative energy, oil industries, and some components of combat tanks, armored vehicles and luxury sports cars. ; With the aim of transferring and indigenizing their expertise, technologies and experiences, and training Saudi youth on them.On the Saudi side, the memorandum was signed by the General Manager of Tawazun Gulf Trading Group, Abdul Rahman Al-Tambekti, and the representative of the American company, Mr. Weinner.
After signing the agreement, Timbekti assured “Okaz” that this project is strategic and advanced, and contributes to supporting industrial fields in Saudi Arabia, and its success requires removing the obstacles it may face.
He indicated that work is underway to obtain the necessary industrial licenses as well as benefit from the funds provided by either government or private financing agencies, whether local or global, in order to achieve the objectives of the project that is in line with Vision 2030. He explained that the project is expected to be launched in Riyadh during the second half of the year Next, 2021, the location of the factory opening may be changed to Jeddah.
On the projects of the American company expected to be transferred to Saudi Arabia, Al-Timbukti indicated that the factory provides many important sectors, most notably “the manufacture of car bodies, missile warheads, and electronic platforms, in addition to armored vehicles and luxury cars.” He expected a positive price reversal in the Saudi market as a result of localizing the industry during the coming period.
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