EL EVATA and EL B&T will break ground for the Saudi-Korea Industrial Village (SKIV) Project in October. 

In the second week of October, EL EVATA and EL B&T will be signing a land acquisition agreement in Jazan Economic City located in the southwest of the Kingdom of Saudi Arabia.

The SKIV is an unprecedented project to create an industrial complex by opening the door to companies from unitary states. This project was initiated by Saudi Arabia, who strives to reduce oil dependence and transform the economic structures, with the judgment that South Korean technology SMEs can contribute to Saudi’s economic development. A total of 17 South Korean companies has been confirmed, and a signing ceremony to secure the site will be held in Jazan in the second week of October.

The Saudi International Industrial Village Company (SIIVC) is overseeing the SKIV Project and providing full support for the establishment of factories and facilities for the South Korean companies selected through the Saudi Industrial Development Fund (SIDF). It is providing $515 million in initial investment costs for the joint venture formed by SIIVC, EL EVATA, and EL B&T.  EL EVATA and EL B&T will be building “EL EVATA & EL B&T PARK,” which will house EL EVATA's rechargeable batteries, EL B&T's electric vehicles, and related suppliers. It is expected to be the largest in terms of land and investment in the industrial complex.

The SKIV will break ground in October and begin building factories and manufacturing facilities with the goal of starting operations next year.