PIF's Joint Venture with Hyundai Motor Company, Hyundai Motor Manufacturing Middle East, celebrates groundbreaking milestone

• Pavingthe way for a new industrial future
• The new facility is a joint venture between PIF and Hyundai Motor Company
• The plant will manufacture internal combustion engine and electric vehicles, with an annual production target of 50,000 vehicles to supplySaudi Arabia

KING ABDULLAH ECONOMIC CITY,Saudi Arabia,May 15, 2025/PRNewswire/ -- Hyundai Motor Manufacturing Middle East (HMMME), a joint venture between PIF and Hyundai Motor Company, today hosted its groundbreaking ceremony in the recently announced King Salman Automotive Cluster within King Abdullah Economic City (KAEC). The ceremony is a significant milestone that marks another step in the development of the automotive industry in theKingdom of Saudi Arabia.

PIF owns a 70% stake in HMMME, with Hyundai holding the remaining 30%. The manufacturing plant, Hyundai's first facility in theMiddle East, will roll out its first vehicle by the fourth quarter of 2026 and targets an annual production of 50,000 vehicles. This will include both internal combustion engine (ICE) and electric vehicles (EV).

Yazeed A. Alhumied, Deputy Governor and Head of MENA Investments at PIF, said:"This groundbreaking is a significant milestone for PIF as it further strengthens the automotive industry inSaudi Arabia. PIF will continue to enable and accelerate the growth ofSaudi Arabia'sautomotive ecosystem through partnerships. This joint venture underscores PIF's commitment to build local capabilities, attract cutting-edge technology, and create highly skilled jobs inSaudi Arabia'sautomotive and mobility sector."

Jaehoon Chang, Hyundai Motor Group Vice Chair said,"Today's groundbreaking marks the beginning of a new chapter for both theKingdom of Saudi Arabiaand Hyundai Motor Company, as we lay the foundation for a new era of future mobility and technological innovation. Through our joint venture, we hope to contribute to the development of talent in the region with advanced skills and capabilities under Saudi Vision 2030."

Wongyun Park, Vice President and CEO of Hyundai Motor Manufacturing Middle East said, "With HMMME, we are driving change forward and paving the way for a new industrial future in the region. The facility will become a platform for growth and industrial excellence in the heart of the Kingdom."

HMMME is building a foundation for a new era of automotive manufacturing inSaudi Arabia. Harnessing the skills of the local workforce, the new manufacturing plant will create thousands of jobs and allow for knowledge transfer and skills development. The localization of Hyundai's vehicles will accelerate the growth ofSaudi Arabia'sautomotive and mobility ecosystem and pave the way for a new industrial future.

This partnership is one in a series of PIF initiatives establishingSaudi Arabiaas a global automotive player. Together, these initiatives are driving transformation in the sector, and boosting domestic manufacturing capabilities, infrastructure, and supply chains.

SOURCE Hyundai Motor Manufacturing Middle East