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Eye of Dubai
Cars & Autos | Monday 18 March, 2024 2:27 pm |
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Saudi Diesel Equipment Co, Perfect Arabic Factory forge strategic alliance for commercial vehicle assembly in Saudi Arabia

In a significant move towards enhancing the commercial vehicle industry in the Kingdom of Saudi Arabia, Saudi Diesel Equipment Company (SDEC), Perfect Arabia Factory for Metal Industries (PAF), an allied business of Bahwan International Group, and Daewoo Trucks have entered into a non-binding memorandum of understanding (MOU). This MOU, formalized on March 5, 2024, in Saudi Arabia, aims to explore the potential for collaboration in the assembly of commercial trucks in Saudi Arabia and represents a promising development for the commercial vehicle industry in the region, potentially leading to increased local production, job creation, and technological transfer. This ceremony took place in the presence of Mr. Bangshin Kim, President & CEO of Daewoo Trucks.

A spokesperson for Saudi Diesel Equipment Company, the sole distributor of Daewoo Trucks in KSA, said that the MOU outlines an understanding between the parties to focus on the assembly of Daewoo Trucks by PAF and SDEC, supported by technical assistance from Daewoo Trucks. This collaboration aims to leverage local capabilities in vehicle assembly, thereby enhancing the availability and quality of commercial vehicles in the Saudi market.

A representative for Perfect Arabia Factory said, “Joining forces with Saudi Diesel Equipment Company and Daewoo Trucks marks a pivotal step in our journey towards innovation and excellence in the commercial vehicle sector.”

A Daewoo Trucks official remarked, “This understanding of collaboration marks a significant step in our efforts to expand our presence in the Middle Eastern market. Our collaboration with Saudi Diesel Equipment Company and Perfect Arabia Factory is a testament to our commitment to the Saudi market, fostering growth and delivering superior commercial vehicle solutions.”

The parties have committed to making their best efforts to materialize the opportunities outlined in the MOU.

 

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