On the sidelines of the Saudi-American Investment Forum organized by the Ministry of Investment, the Saudi Ministry of Investment, the National Center for Industrial Development, Stellantis, and Petromin signed a four-party memorandum of understanding to explore the possibility of establishing a joint venture to manufacture vehicles within the Kingdom.

The signing ceremony took place on November 19, 2025 in Washington, D.C., and this cooperation is in line with ongoing efforts to strengthen economic relations between the Kingdom of Saudi Arabia and the United States of America.

The forum serves as a key platform for strengthening the economic partnership between the two countries and exploring new opportunities in vital sectors, including energy, technology, financial services, infrastructure, and healthcare. It also provides strategic networking opportunities for Saudi and American officials and private sector leaders, supporting the development of robust economic partnerships.

This agreement supports the Kingdom's Vision 2030 and its ambition to become a regional hub for advanced manufacturing and innovation. In this context, the initiative will assess the feasibility of establishing a factory to localize the production of commercial and passenger vehicles, leveraging Stellantis' portfolio of American brands, with a focus on increasing localization rates and supporting the growth of the automotive industry within the Kingdom.

This cooperation is based on the integration of roles between the participating entities, where each entity works according to its competencies to support the establishment of an integrated and sustainable system for the automotive industry in the Kingdom, as follows:

The Ministry of Investment in the Kingdom of Saudi Arabia and the National Center for Industrial Development will provide the necessary support to achieve industrial development goals to enhance the automotive industry sector in the Kingdom, in line with the goals of Saudi Vision 2030.

The Ministry of Investment in the Kingdom of Saudi Arabia: The Ministry is the entity responsible for regulating, developing and promoting local and foreign investments in the Kingdom of Saudi Arabia, and protecting the rights of investors.

The National Center for Industrial Development (NCID) leads government efforts to achieve sustainability and support industrial development in the Kingdom by leveraging its technical and operational expertise to empower and sustain national industries, while creating an attractive industrial investment environment. It focuses on high-value sectors identified in the National Industrial Strategy, particularly the automotive and mobility sector. The center aims to transfer the latest automotive technologies to the Kingdom, attract and develop quality investments, and build a sophisticated and sustainable automotive industry aligned with Saudi Arabia's Vision 2030.

Petromin: As one of the leading companies in providing mobility solutions within the Kingdom, Petromin is a potential investor in this initiative, and will rely on its extensive market experience and operational efficiency to support the project.

Stellantis, one of the world's leading automotive manufacturers, will spearhead the localization of passenger and commercial vehicle production, reaffirming its commitment to regional manufacturing and electric mobility solutions. The company will focus on deep localization, electrification, and regional self-sufficiency to ensure vehicles are manufactured within the region to meet its needs.

This memorandum comes as an extension of the cooperation path between Stellantis and Petromin and an activation of the trade cooperation agreement signed earlier this year, which contributes to establishing a strong industrial capacity within the Kingdom.

Commenting on the signing of the memorandum, His Excellency Dr. Abdullah Al-Dubaikhi, Assistant Minister of Investment, said: “We congratulate our partners on signing this memorandum of understanding, which paves the way for a distinguished investment partnership. This reflects the Kingdom’s attractiveness as a leading destination for global investments and represents an important step towards achieving the goals of Saudi Vision 2030 in the industrial sector. The memorandum of understanding with Stellantis, one of the world’s largest car manufacturers, and in partnership with Petromin, a leading company in the Kingdom’s automotive sector, confirms the success of the Kingdom’s efforts – represented by the Ministry of Investment, the Ministry of Industry and Mineral Resources, the National Center for Industrial Development, and other relevant entities – in promoting foreign direct investment flows into promising sectors, most notably the automotive manufacturing sector.”

As Mr. Saleh Al-Salmi, CEO of the National Center for Industrial Development, explained: “Our goal is to create a regional production hub with competitive supplier capabilities. This partnership between Stellantis and Petromin contributes to accelerating the achievement of this goal by integrating global technology with local market power. At the National Center for Industrial Development, we work to transform partnerships into tangible industrial impact by localizing production, empowering local suppliers, and laying the necessary foundations for sustainable manufacturing within the Kingdom.”

For his part, His Excellency Amr Al-Dabbagh, Chairman and CEO of the Al-Dabbagh Group, affirmed: “Petromin is firmly committed to supporting Saudi Vision 2030 and beyond. We are proud to be among the pioneers of local automotive manufacturing in the Kingdom of Saudi Arabia, in partnership with Stellantis and its globally renowned brands. This collaboration will provide the Kingdom with world-class technologies and capabilities, in addition to developing human resources and expanding its business scope, thus enhancing its position as a future regional hub for innovation and excellence in the automotive sector.”

Samir Cherfan, Chief Operating Officer of Stellantis Middle East and Africa and Global Head of Small Mobility, confirmed: “This Memorandum of Understanding is a strategic step towards building a future-ready automotive industry in the Middle East and Africa region. Stellantis is committed to investing in local capabilities and providing customers with freedom of choice, while supporting the industrial zone’s ambitions and promising growth potential.”

The project is expected to create jobs, strengthen regional supply chains, and stimulate the growth of small and medium-sized enterprises. It supports Saudi Arabia's vision to become a hub for advanced manufacturing and innovation.

About the National Center for Industrial Development

It is concerned with driving sustainable industrial growth and supporting the achievement of the goals of Saudi Vision 2030. The center leads government efforts to develop, promote and enable strategic industrial sectors that contribute to diversifying the economy and enhancing the Kingdom’s global competitiveness .

The center focuses on industrial sectors that have a significant impact on the national economy, including the automotive, metals and chemicals, pharmaceutical, machinery, and equipment sectors. It also works to attract local and foreign investment, provide industrial enablers, and promote public-private partnerships .

The center was established in 2007 under the name "National Industrial Clusters Development Program" and was restructured in 2020 to operate with financial and administrative independence. Its mission is to develop high-quality industries, enhance local content, and enable advanced technologies, thereby contributing to consolidating the Kingdom's position as a leading global industrial hub. For more information, please visit the website : www.ic.gov.sa

We would be happy to hear from you at:

info@ic.gov.sa

About Petromin

Petromin is a leading Saudi energy and mobility company, part of the Al-Dabbagh Group, operating in Saudi Arabia, the UAE, Egypt, India, Pakistan, Malaysia, and Morocco, in addition to more than 40 export markets across the Middle East and North Africa. Founded in 1968, the company has undergone remarkable growth to become one of the world's leading providers of end-to-end mobility solutions, encompassing automotive sales and services, lubricants, fuel distribution, industrial solutions, and advanced mobility technologies .

With over 800 points of sale and 6,000 employees, Petromin serves millions of customers annually across its diverse business sectors. Its vision is to be a leading global provider of comprehensive mobility solutions, delivering unparalleled convenience, value, and professionalism. Its mission is to be the leading customer-centric mobility solutions provider in the Middle East, leveraging cutting-edge technologies, service networks, and spare parts sustainably .

For more information, please contact:

Ghena Melhem –

00966562759960

ghena.melhem@petromin.com

About Stellanitis

Stellantis (Stellantis NV , NYSE STLA/ Euronext Milan STLAM/ Euronext Paris STLAP) is one of the world’s leading automotive and mobility groups. Its iconic and prestigious brands embody the passion of its visionary founders and modern customers through its innovative products and services, which include Abarth , Alfa Romeo , Chrysler , Citroën , Dodge , DS Automobiles , Fiat , Jeep® , Lancia , Maserati , Opel , Peugeot , Ram , Vauxhall , Free2move and Leasys . Leveraging its diversification strategy, the group is leading the automotive industry and aspires to become the leading sustainable mobility technology company, while delivering added value to all stakeholders and the communities in which it operates. For more information, please contact:

Yolande Pineda

00 971526768389

Yolande.pineda@stellantis.com

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