Saudi Arabia in talks with car manufacturers to set up facilities in the kingdom

Saudi Arabia is in talks with several foreign car manufacturers that could set up manufacturing facilities in the kingdom, Saudi Investment Minister Khalid al-Falih told Reuters, adding an announcement on this could happen this year.

The discussions are part of plans to attract foreign investment in the country to support the transformation of the economy and diversify it away from the oil sector.

Saudi sovereign wealth fund, Public Investment Fund, is also working on creating a new national airline and an aviation hub in Riyadh, Falih said.

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