The making of the model, as well as the fact that Ghazal proved it can be done, has opened up the appetite of local investors and not only for an automotive industry in its own rights.
The Ghazal has already been confirmed for production, with the model likely to roll off assembly lines somewhere in the country in about three years. When this announcement was made back in June, estimates were production of the model would require an investment of at least $400 to $500 million.
Now, word of that money having been found came via Reuters. The basis of the company have reportedly already been set after the King Saud University signed a memorandum of understanding with an yet undisclosed South Korean partner.
According to the information available, a part of the money will come from the Riyadh Technology (15 percent of the investment), while 30 percent of the money will be provided by the foreign partner. Other investors are expected to chip in the rest of the money needed for the project.
It is not clear yet whether the first car to be produced will be one based on the Ghazal. A prototype should be ready within the next two years. After that, production should begin, with the ones making the plans saying that they intend to export the vehicle to both Gulf states and African ones.
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