Saudi Arabia-based Abdul Latif Jameel has signed a memorandum of understanding (MoU) with Japanese company Kosei Aluminium to explore the feasibility of a joint venture that would manufacture aluminium wheels and components in the kingdom.

During a visit by King Salman bin Abdulaziz Al Saud in March 2017, Saudi Arabia and Japan agreed to deepen existing bilateral relations between the two countries and establish a solid strategic partnership, as part of the Saudi-Japan Vision 2030, said a statement.

This agreement, signed in Tokyo, Japan, will now see both companies study the potential of utilising 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.