Apple supplier Foxconn in talks to build $9b multipurpose facility in Saudi Arabia: WSJ

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Mon, 2022-03-14 20:27

RIYADH: Foxconn Technology Group is in talks with Saudi Arabia about jointly building a $9 billion facility that could make microchips, electric-vehicle components and other electronics, the Wall Street Journal reported on Monday, citing people familiar with the matter.

Foxconn, which is a supplier to Apple Inc, did not immediately respond to a Reuters request for comment.

According to WSJ report, the Saudi authorities are reviewing an offer from the company, known as Hon Hai Precision Industry Co,. to build a dual-line foundry for surface-mount technology and wafer fabrication in NEOM.

The report quoted the unnamed sources as saying that Riyadh wants the company to guarantee that it would direct at least two-thirds of the foundry’s production into Foxconn’s existing supply chain to ensure there are buyers for its products and the project is ultimately profitable.

The company said last year that it is planning to build an EV project in the Middle East, focusing on software and cloud infrastructure for passenger cars.

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Business & Economy
Saudi Arabia

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