The Saudi Arabian General Investment Authority (SAGIA) inked a memorandum of understanding (MoU) with China’s Shen Gong New Materials to establish an intelligent electronic manufacturing facility, Mubasher reported, according to Zawya.

Under the MoU, the new facility will produce plastics and lighting materials.

According to SAGIA’s Twitter feed, the facility will be executed through three phases, in which the first phase will have an initial value of investments of around $164 million.

Based on its vision to be a pioneer in developing quality investments to facilitate sustainable development, SAGIA is responsible for following up and assessing investments performance, alleviating the difficulties encountered by investors, conducting studies and research, and drafting executive plans to stimulate local investments.