Representatives from Hyundai Motor, Hyundai Motor Manufacturing Middle East, and the Public Investment Fund took part in a ground-breaking ceremony for a new facility at the King Salman Automotive Cluster located within King Abdullah Economic City on Wednesday. [HYUNDAI MOTOR]
Hyundai Motor Manufacturing Middle East (HMMME), a joint venture between Hyundai Motor and Saudi Arabia’s Public Investment Fund (PIF), commenced construction on Wednesday in Saudi Arabia. This marks the company's formal entry into the automotive sector within the Middle Eastern market.
HMMME, which will be 70% controlled by PIF and 30% by Hyundai Motor, is set to be founded at the King Salman Automotive Cluster, a newly developed automotive manufacturing center in Saudi Arabia, inside what is known as KAEC.
As Hyundai's inaugural facility in the Middle East, HMMME plans to produce its initial vehicle by the third quarter of 2026. The firm anticipates generating up to 50,000 units per year, encompassing both gasoline-powered models and electric vehicles (EVs).
According to the firm, it also plans to generate numerous employment opportunities within the local job sector and foster the development of proficient technical experts in Saudi Arabia.
Saudi Arabia is working on a comprehensive development initiative known as 'Vision 2030' aimed at transforming its current energy-focused industrial framework into a more diversified sector encompassing manufacturing, hydrogen power, and various other forms of energy. This partnership represents a significant endeavor under Vision 2030, led notably by Saudi Arabia’s Public Investment Fund (PIF), which seeks to bolster the automotive industry.
A newly established Hyundai Motor Manufacturing Middle East facility was observed at the King Salman Automotive Cluster located within King Abdullah Economic City on Wednesday. [HYUNDAI MOTOR]
On Wednesday, the firm organized an event featuring appearances from several notable attendees including Bandar Ibrahim Al-Khorayerf, who serves as the minister for industry and mineral resources; Yazeed A. Al-Humaid, deputy governor and leader of MENA investments under PIF; Moon Byung-joon, acting charge d'affaires representing South Korea’s embassy in Saudi Arabia; Chang Jae-hoon, executive vice chairman at Hyundai Motor Group; along with approximately 200 high-ranking Saudi government representatives and corporate figures.
"This ground-breaking event marks a crucial step for PIF as it bolsters the automotive sector within Saudi Arabia. Through collaborations, PIF aims to sustainably foster and expedite the expansion of Saudi Arabia’s automotive landscape," stated Al-Humied.
Today’s milestone signifies the start of a fresh chapter for both the Kingdom of Saudi Arabia and Hyundai Motor Company, as we set the groundwork for a new age of future mobility and technological advancement," stated Chang. "With our partnership, we aim to help cultivate local talent with cutting-edge skills and abilities in line with Saudi Vision 2030.
BY LIM JEONG-WON [lim.jeongwon@joongang.co.kr]
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