National Metal Manufacturing & Casting Co. (Maadaniyah) has signed a 99-year contract with Saudi National Automobile Manufacturing Co. (SNAM) to incorporate a new automobile manufacturing company.

 

Maadaniyah will own 10 percent of the new entity, the company said in a statement to Tadawul, adding that financial impact will be revealed in due course.

 

Maadaniyah inked a memorandum of understanding (MoU) earlier this year with SNAM to establish a new firm for manufacturing cars in the kingdom.

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