Hyundai To Set Up Manufacturing Plant In Saudi Arabia

Hyundai Motor Company has begun constructing its first car manufacturing plant in Saudi Arabia. The new facility, which targets an annual production of 50,000 vehicles, is a joint venture between PIF and Hyundai Motor Company. Hyundai's inaugural manufacturing plant in the Middle East is scheduled to roll out its first vehicle by the fourth quarter of next year.

The plant will manufacture internal combustion engines and electric vehicles. Saudi Arabia's PIF owns a 70% stake in Hyundai Motor Manufacturing Middle East (HMMME), with Hyundai holding the remaining 30%. This partnership is one in a series of PIF initiatives establishing Saudi Arabia as an automotive player globally. The plant will be located at King Salman Automotive Cluster within King Abdullah Economic City (KAEC).

"This joint venture underscores PIF’s commitment to build local capabilities, attract cutting-edge technology, and create highly skilled jobs in Saudi Arabia’s automotive and mobility sector," said Yazeed Alhumied, Deputy Governor and Head of MENA Investments at PIF.