Beiqi Foton Motor Company has announced plans to manufacture commercial vehicles in Saudi Arabia in collaboration with its local distributor, Petromin Corporation. The Chinese truck manufacturer is expanding its presence in the Middle East and Africa region by exploring opportunities to establish a local manufacturing plant as part of Saudi Arabia’s Vision 2030 industrial transformation strategy.
The memorandum of understanding (MoU) signed between Foton, Petromin, the Saudi Ministry of Investment, and the National Industrial Development Center aims to produce a wide range of commercial vehicles, including light, medium, and heavy trucks and buses. The partners also plan to set up a local supply chain to cater to markets across the region.
Sheikh Abdullah Al-Dabbagh, chairman and CEO of Al-Dabbagh Group, the parent company of Petromin, expressed his enthusiasm for the partnership with Foton. He stated, “This step aligns with our ambitions to promote a diversified economy based on industry and technology. We take pride in this partnership with Foton, which is number 1 in the Chinese commercial vehicle market.”
Mr. Chang Rui, Chairman of BAIC Foton, emphasized the importance of transferring advanced technology to the Saudi market through this collaboration. He mentioned, “Through this collaboration, we aim to provide innovative and sustainable mobility solutions benefiting businesses and consumers alike.”
The partnership between Foton and Petromin signifies a significant step towards localizing commercial vehicle manufacturing in Saudi Arabia and supporting the objectives of Vision 2030. The establishment of a manufacturing plant in the kingdom will not only boost the local economy but also contribute to the growth of the commercial vehicle market in the region.
In conclusion, the collaboration between Beiqi Foton Motor Company and Petromin Corporation is poised to revolutionize the commercial vehicle industry in Saudi Arabia, offering high-quality vehicles that meet market demands. This strategic partnership reflects a commitment to innovation, technology transfer, and sustainable mobility solutions in line with the kingdom’s industrial transformation goals.
