Riyadh - Mubasher: National Metal Manufacturing and Casting Company (Maadaniyah) announced on Wednesday that it has signed a memorandum of understanding (MoU) with the Saudi National Automobile Manufacturing Company.

According to the company’s statement to the Saudi Stock Exchange (Tadawul) on Wednesday, the agreement involves establishing a new car manufacturing firm in Saudi Arabia.

The agreements is effective beginning 25 January 2017 for one year, the statement revealed.