Publication Date:
Sun, 2010-12-26 18:22
The South Korean concern is investing
$500 million in the project.
Abdullah Al-Othman, president of King Saud University, said the first car — a
five-passenger model — is expected to roll out within two years. The Kingdom
plans to export it to the Gulf nations and North Africa.
He said in a statement Sunday that the Wadi Al-Riyadh Technology Firm,
affiliated with the university, will have a 10 percent share, while the South
Korean company will put some 30 percent. The rest will be offered to investors.
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