Riyadh - Sharikat Mubasher: South Korea's Tata Daewoo Commercial Vehicle Company signed a memorandum of understanding (MoU) with Saudi Diesel Equipment Company (SDEC) and Perfect Arabia Factory (PAF) to establish a truck manufacturing facility in Saudi Arabia.
In a statement, Tata Daewoo revealed that the MoU was signed on 5 March in the attendance of Kim Bang-shin, President of Tata Daewoo Commercial Vehicle, Raad Abduljawad, Managing Director of SDEC, and a representative of PAF.
Under this agreement, Tata Daewoo will manufacture and assemble trucks in Saudi Arabia along with providing technology support, meanwhile, SDEC will be responsible for local sales of Daewoo trucks assembled in the Kingdom.
Bang-shin affirmed that the planned facility represents a milestone in the company’s journey toward achieving ongoing growth in the Middle East, leveraging its technologies and the expertise of its local partners.
Tata Daewoo’s long-term plans include expanding its presence in other markets in the region.
