NIDC inks deal with Valeo Egypt to boost Kingdom’s automotive sector 

NIDC inks deal with Valeo Egypt to boost Kingdom’s automotive sector 
Valeo Egypt develops 60 percent of the group’s worldwide software production and delivers over 250 software projects yearly, according to the firm’s website (Valeo Egypt)
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Updated 06 June 2023
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NIDC inks deal with Valeo Egypt to boost Kingdom’s automotive sector 

NIDC inks deal with Valeo Egypt to boost Kingdom’s automotive sector 

RIYADH: In a push to localize the Kingdom’s automotive industry, Saudi Arabia’s National Industrial Development Center has inked a strategic deal with Valeo Egypt, the software development unit of the global automotive supplier. 

The two parties signed a memorandum of understanding set to pave the way for the localization of automotive components and manufacturing of modern systems for mobility technology in the Kingdom, the Saudi Press Agency reported. 

The MoU was signed in the presence of Bandar Alkhorayef, the Saudi minister of industry and mineral resources, and Ahmed Saleh, the Egyptian minister of trade and industry. 

The deal will significantly enhance the efficiency and growth of Saudi Arabia’s automotive sector, as charted in the National Industrial Strategy’s objectives. 

The NIS serves as Saudi Arabia’s roadmap for diversifying its industrial base, boosting non-oil exports, attracting foreign investment, promoting innovation and research, and generating local employment. 

The strategy revolves around three key objectives, namely developing a resilient industrial economy, establishing an integrated industrial center, and achieving global leadership in manufacturing selected industrial commodities. 

The NIS has set ambitious goals for the industrial sector, with the aim of increasing the sector’s contribution to the Kingdom’s gross domestic product from $88.26 billion to $377.06 billion by 2035.

Additionally, it hopes to boost jobs in the industrial sector from 900,000 to 3.3 million during the same period.