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Sovereign Wealth Funds Briefing - Categorized | Market

POSCO to Work with Saudi SWF to Build Auto Assembly Plant

Posted on 18 June 2014

POSCO Group, jointly with the Public Investment Fund of Saudi Arabia, will build an automobile assembly plant in Saudi Arabia with an annual capacity of 150,000 cars. The group will also cooperate actively with construction projects to build social infrastructures such as homes and plants.
According to company sources on June 17, POSCO chairman Kwon Oh-joon met on the 13rd with Abdulrahman M. Al Mofadhi, Acting Secretary General of the Saudi sovereign wealth fund and signed an agreement for mutual cooperation. Earlier in February he had discussed with Mr. Al Mofadhi before being appointed as POSCO chairman for a possible deal to build an auto plant………………………………………..Full Article: Source


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