The Saudi trade ministry has denied reports that Jaguar had cancelled a plan to set up a Jaguar Land Rover plant to make cars in the kingdom, Arab News has reported. The project is in its advanced stages and the final deal to establish the plant in Yanbu will be initialled in due course, said the president of the ministry's National Programme of Industrial Development, Azzam Shibli. "There is a timetable for completion, which has not been made public. but the project is in advanced stages," said Shibli. The SR4.5bn project aims to produce 50,000 cars annually and is set to start by the beginning of 2017.