Saudi Arabia-based Abdul Latif Jameel has entered into a memorandum of understanding (MoU) with Japanese company Kosei Aluminium to explore production of aluminium wheels and components. MoU will look at the feasibility of a joint venture to manufacture products in Saudi Arabia. The feasibility study is expected to complete by 2019.
The agreement will see both companies study the potential of utilizing Saudi Arabia’s rich aluminium deposits and competitive energy costs through a joint venture. This would contribute to the development of the manufacturing industry in Saudi Arabia – a key priority of Saudi Vision 2030.
Fady Mohammed Abdul Latif Jameel, Deputy President & Vice Chairman, Abdul Latif Jameel International said: “This MoU has the potential to develop into an exciting joint venture, which would bring manufacturing and skills to Saudi Arabia, while contributing to the country’s domestic automotive industry.”
The signing ceremony was attended by Mohammed Abdul Latif Jameel, Chairman and Chief Executive Officer of Abdul Latif Jameel, Fady Mohammed Abdul Latif Jameel, Deputy President & Vice Chairman of Abdul Latif Jameel International, Masato Ohde, Director of Kosei Aluminium, Kazuhisa Hosoi of Kosei Aluminium, Yoshifumi Asahina and Chiu Man Raymond Lai of Kosei International Trade And Investment.
Kosei Aluminium manufactures and sells aluminium wheels, automotive parts, assorted machines, and machine parts automobiles.
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