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Hyundai Motor Manufacturing Middle East (HMMME), a collaboration between the Public Investment Fund (PIF) and Hyundai Motor Company, marked a pivotal moment with its recent groundbreaking ceremony. Held at the King Salman Automotive Cluster in King Abdullah Economic City (KAEC), the event underscores Saudi Arabia’s ambition to become a global automotive leader. This joint venture supports Saudi Vision 2030, driving economic diversification through cutting-edge technology and industrial innovation.
Key Highlights:
- Joint Venture Structure: PIF holds a 70% stake in HMMME, while Hyundai owns 30%.
- Production Goals: The facility targets an annual output of 50,000 vehicles, including internal combustion engine (ICE) and electric vehicles (EV).
- Timeline: The plant is set to produce its first vehicle by the fourth quarter of 2026.
- Economic Impact: The project will create thousands of jobs and foster skills development through knowledge transfer.
- Strategic Location: Located in KAEC, the facility strengthens Saudi Arabia’s automotive ecosystem.
The HMMME plant, Hyundai’s first in the Middle East, is designed to localize vehicle production, enhancing domestic manufacturing capabilities. Yazeed A. Alhumied, PIF’s Deputy Governor, emphasized the venture’s role in building local expertise and attracting advanced technology. Similarly, Jaehoon Chang, Hyundai Motor Group Vice Chair, highlighted its contribution to regional talent development and technological innovation.
By leveraging the local workforce, HMMME aims to drive industrial excellence and support Saudi Arabia’s mobility sector. The initiative is part of PIF’s broader efforts to position the Kingdom as a leader in global automotive manufacturing, boosting infrastructure and supply chains. With a focus on sustainability and innovation, HMMME is poised to redefine mobility in the region, creating long-term value for stakeholders.
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