Hyundai Motor Manufacturing Middle East (HMMME) – a joint venture between PIF, the sovereign wealth fund of Saudi Arabia with almost a trillion dollars in assets under management, and Hyundai Motor Company – hosted a groundbreaking ceremony in the recently announced King Salman Automotive Cluster within King Abdullah Economic City (KAEC).
The ceremony was described as “a significant milestone that marks another step in the development of the automotive industry in the Kingdom of Saudi Arabia”.
PIF owns a 70 percent stake in HMMME, with Hyundai holding the remaining 30 percent. The manufacturing plant, Hyundai’s first facility in the Middle East, will roll out its first vehicle by the fourth quarter of 2026 and targets an annual production of 50,000 vehicles. [Read more…] about Hyundai breaks ground to build new electric vehicles factory in Saudi Arabia