Recently, the Saudi Arabian National Tire Company (NTC) and the South Korean Samsung Engineering Company signed a memorandum of understanding.
NTC said it will invest $1.6 billion to build a high-end tire factory in Jubail, Saudi Arabia.
The project leader Farid Dudin said that the investment amount of the project has been expanded from the $1 billion announced in January to the current size of 1.6 billion.
According to reports, the planned construction area of ​​the plant is 1.4 million square meters, and the annual output of tires can reach more than 20 million sets. It will be put into operation at the end of 2020.
Tire World Network learned that the owner of NTC is a member of the royal family in Saudi Arabia.
Previously, the company has signed a cooperation agreement with a Dutch engineering company, including factory design, tire product development and design.
According to relevant sources, the Jubail factory has the hope of becoming the "largest and most modern single tire factory in the world".
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