The manufacturing facility located in Saudi Arabia's planned city of NEOM would produce chips, displays, and EV components. The new factory will be located in the city of NEOM in the Tabuk Province of northwestern Saudi Arabia. The one problem being, NEOM doesn't exist yet. The Saudi government announced NEOM back in 2017 and is planning to complete the first section by 2025. When finished, it's expected to become a new economic zone covering 10,000 square miles at an estimated cost of $500 billion.
Approval of any deal ultimately rests with Prince Mohammed, assuming Saudi Arabia ends up offering Foxconn a more attractive deal than the UAE. Foxconn would also need to be convinced NEOM is actually going to be built in a timely manner and will offer reliable access to power and water before it commits to this new desert facility.