The signing ceremony took place on November 19, 2025, at the John F. Kennedy Center, in Washington D.C. This collaboration aims to reinforce the economic partnership between the Kingdom of Saudi Arabia and the United States of America.

This Forum serves as a powerful platform to reinforce the economic partnership between the two nations and explore new investment horizons across critical sectors, including energy, technology, financial services, infrastructure, and healthcare. It features strategic platforms for exchange between Saudi and U.S. officials, business leaders, as well as exclusive business matchmaking opportunities.

This strategic signing reinforces the Kingdom’s commitment to Vision 2030 and its ambition to become a regional hub for advanced manufacturing and innovation.

This joint initiative will evaluate the feasibility of developing a manufacturing plant to localize both commercial and passenger vehicle production, while leveraging the iconic American brand portfolio from Stellantis. The project aims to increase localization rates within the vehicle sector, contributing to the growth and sustainability of the automotive industry in Saudi Arabia kingdom.

The cooperation brings together the complementary strengths of each organization, reflecting their shared ambition to create a competitive and sustainable automotive ecosystem in Saudi Arabia. Their roles in this partnership are the following:

Ministry of Investment of Saudi Arabia (MISA) and National Industrial Development Center (NIDC): These organizations will provide support for the industrial development framework, aligning with the goals of Saudi Arabia’s Vision 2030. Their focus includes building a robust automotive value chain to strengthen the sector.

Ministry of Investment of Saudi Arabia (MISA): The Ministry is an agency in charge of regulating, developing, and promoting domestic and foreign investment in the Kingdom of Saudi Arabia and protecting the rights of investors.

NIDC: strives to support the Kingdom’s industrial development by leveraging its technical and operational expertise to empower and sustain national industries while fostering an attractive industrial investment environment. It focuses on high-value sectors identified in the National Industrial Strategy, particularly the automotive and mobility sector, where the NIDC aims to transfer cutting-edge automotive technologies to the Kingdom, attract and develop quality investments, and build an advanced and sustainable automotive industry aligned with the Kingdom’s Vision.

Petromin: As a leading provider of mobility solutions in the Kingdom, Petromin is a prospective investor in the initiative and will draw upon its extensive market knowledge and operational expertise to support the project.

Stellantis: A leading global automaker, will take the lead in localizing Passenger & Commercial vehicle production, reinforcing its commitment to regional manufacturing and electrified mobility solutions. The company will emphasize deep localization, electrification, and regional self-sufficiency, ensuring vehicles are produced within the region for regional needs.

This MOU marks a significant step forward in the partnership between Stellantis and Petromin, further supporting their joint commitment, which was implemented through a Business Collaboration Agreement earlier this year, to establish a strong industrial presence in the Kingdom.

His Excellency Dr. Abdullah Al-Dubaikhi, Assistant Minister of Investment MISA, said : “We congratulate our partners for signing the MoU that paves the way for a distinctive investment partnership, which reflects the attractiveness of the Kingdom as a leading destination for global investments, and represents a major step toward achieving the targets of the Kingdom’s Vision 2030 in the industrial sector. The MoU with the Stellantis, one of the world’s largest automotive manufacturers, and in partnership with one of the leaders of the Automotive private sector in the Kingdom, Petromin Corporation, confirms the success of the Kingdom’s efforts—represented by the Ministry of Investment (MISA), the Ministry of Industry and Mineral Resources (MIM), and the National Industrial Development Center (NIDC), and other relevant stakeholders— to grow foreign direct investment flows into promising sectors, foremost among them the automotive manufacturing sector. At the Ministry of Investment (MISA), we affirm our full commitment to providing all necessary support and enablement for this partnership, and to overcoming any challenges to ensure its success and sustainability.”

Saleh Al-Solami, CEO of NIDC, stated: “Our goal is to build a regional production hub with strong supplier capabilities. This partnership between Stellantis and Petromin accelerates that objective by combining global technology with local market strength. At NIDC, we turn partnerships into real industrial impact by localizing production, empowering local suppliers and establishing sustainable manufacturing in the Kingdom.”

His Excellency Amr-Al-Dabbagh, Chairman and CEO of Al-Dabbagh Group stated: “Petromin Corporation is deeply committed to supporting the Kingdom’s Vision 2030 and beyond. We are proud to be amongst the leading pioneers driving domestic automotive manufacturing and industrialization in Saudi Arabia, in partnership with Stellantis and its globally renowned brands. This collaboration will bring world-class technologies, capabilities, human resource development and scale to the Kingdom — reinforcing its position as a future regional hub for automotive innovation and excellence.”

Samir Cherfan, Chief Operating Officer of Stellantis Middle East & Africa and Global Head of Micromobility, stated: "This MoU is a strategic step toward building a future-ready automotive industry in the MEA region. Stellantis is committed to investing in local capabilities and delivering freedom of choice to customers while supporting the Region’s industrial ambitions and great growth potential."

The project is expected to generate employment opportunities, reinforce regional supply chains, and stimulate the growth of small and medium-sized enterprises. It supports the Kingdom’s vision of becoming a center for advanced manufacturing and innovation.