TAKWEEN SIGNS AN MOU WITH MAGNA STEYR CO

Takween Advanced Industries announces the signing of a memorandum of understanding with MAGNA STEYR Co for collaboration and cooperation in regard to possible manufacture of automotive parts, components and / or vehicle assembly in the Kingdom of Saudi Arabia (KSA). as following:

1. Signed the Memorandum on 22-01-2014
2. MOU will be effective from 22-01-2014 for twelve months from the date of signing
MAGNA STEYR is the leading diversified global automotive supplier for design, manufacture, and assembly of automotive parts and components as primary sale to original equipment manufacturers as well as assembly of complete cars and light trucks. TAKWEEN and MAGNA will jointly carry out a feasibility and marketing study for the Saudi Arabian automotive market. The MOU is in line with TAKWEEN’s mission to acquire and develop technology for industrial development and product diversification and is in accordance with Saudi Arabia Government initiative and direction to develop downstream industries.