The Saudi Arabian General Investment Authority (SAGIA) signed a $164 million (SAR 615 million) memorandum of understanding (MoU) with China’s Shen Gong New Materials to establish an intelligent electronic manufacturing facility.
The factory will be constructed through 3 phases, SAGIA announced on its official Twitter account.
The new manufacturing facility will produce plastics and lighting materials, it further added.
We’re delighted to announce that #SAGIA has signed a USD 164m MoU with China’s “Shen Gong New Materials" to develop (for the first of three phases) an intelligence electronic manufacturing facility.#InvestSaudi
— #SAGIA 🇸🇦 هيئة_الاستثمار# (@SAGIAgov) January 20, 2020
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