PIF's Joint Venture with Hyundai Motor Company, Hyundai Motor Manufacturing Middle East, celebrates groundbreaking milestone
Hyundai Motor Manufacturing Middle East (HMMME), a joint venture between Saudi Arabia's PIF (70% stake) and Hyundai Motor Company (30% stake), celebrated its groundbreaking ceremony for a new manufacturing facility in King Abdullah Economic City. The plant, Hyundai's first in the Middle East, will produce both internal combustion engine and electric vehicles with an annual production target of 50,000 vehicles to supply Saudi Arabia. Production is scheduled to begin in Q4 2026.
The facility, located in the King Salman Automotive Cluster, aims to create thousands of jobs and facilitate knowledge transfer in the region. This initiative is part of PIF's broader strategy to establish Saudi Arabia as a global automotive player while boosting domestic manufacturing capabilities and supply chains.
Hyundai Motor Manufacturing Middle East (HMMME), una joint venture tra il Public Investment Fund (PIF) dell'Arabia Saudita (70%) e Hyundai Motor Company (30%), ha celebrato la cerimonia di posa della prima pietra per un nuovo stabilimento produttivo nella King Abdullah Economic City. Lo stabilimento, il primo di Hyundai in Medio Oriente, produrrà sia veicoli con motore a combustione interna sia veicoli elettrici, con un obiettivo di produzione annua di 50.000 veicoli destinati al mercato saudita. La produzione è prevista per il quarto trimestre del 2026.
La struttura, situata nel King Salman Automotive Cluster, mira a creare migliaia di posti di lavoro e a favorire il trasferimento di conoscenze nella regione. Questa iniziativa fa parte della strategia più ampia del PIF per posizionare l'Arabia Saudita come un attore globale nel settore automobilistico, rafforzando al contempo le capacità produttive e le catene di approvvigionamento nazionali.
Hyundai Motor Manufacturing Middle East (HMMME), una empresa conjunta entre el Fondo de Inversión Pública de Arabia Saudita (PIF) con una participación del 70% y Hyundai Motor Company con un 30%, celebró la ceremonia de inauguración de una nueva planta de fabricación en King Abdullah Economic City. La planta, la primera de Hyundai en Oriente Medio, producirá tanto vehículos con motor de combustión interna como eléctricos, con un objetivo de producción anual de 50,000 vehículos para abastecer a Arabia Saudita. La producción está programada para comenzar en el cuarto trimestre de 2026.
La instalación, ubicada en el King Salman Automotive Cluster, busca crear miles de empleos y facilitar la transferencia de conocimientos en la región. Esta iniciativa forma parte de la estrategia más amplia del PIF para establecer a Arabia Saudita como un actor global en la industria automotriz, al tiempo que impulsa las capacidades de fabricación y las cadenas de suministro nacionales.
현대자동차 중동 제조법인(HMMME)는 사우디아라비아 국부펀드(PIF, 70% 지분)와 현대자동차(30% 지분)의 합작 투자로, 킹압둘라 경제도시에 새 제조 시설 착공식을 개최했습니다. 이 공장은 현대자동차의 중동 최초 공장으로, 내연기관 차량과 전기차를 모두 생산하며, 연간 5만 대 생산 목표로 사우디아라비아 시장에 공급할 예정입니다. 생산은 2026년 4분기에 시작될 계획입니다.
킹살만 자동차 클러스터에 위치한 이 시설은 수천 개의 일자리를 창출하고 지역 내 지식 이전을 촉진하는 것을 목표로 합니다. 이 사업은 사우디아라비아를 글로벌 자동차 산업의 주요 주체로 자리매김하고 국내 제조 역량과 공급망을 강화하려는 PIF의 광범위한 전략의 일환입니다.
Hyundai Motor Manufacturing Middle East (HMMME), une coentreprise entre le Fonds d’Investissement Public (PIF) d’Arabie Saoudite (70 %) et Hyundai Motor Company (30 %), a célébré la cérémonie de pose de la première pierre d’une nouvelle usine de fabrication à King Abdullah Economic City. Cette usine, la première de Hyundai au Moyen-Orient, produira à la fois des véhicules à moteur thermique et électriques, avec un objectif de production annuel de 50 000 véhicules destinés au marché saoudien. La production devrait débuter au quatrième trimestre 2026.
L’installation, située dans le King Salman Automotive Cluster, vise à créer des milliers d’emplois et à faciliter le transfert de connaissances dans la région. Cette initiative s’inscrit dans la stratégie plus large du PIF visant à positionner l’Arabie Saoudite comme un acteur mondial de l’automobile tout en renforçant les capacités de production et les chaînes d’approvisionnement nationales.
Hyundai Motor Manufacturing Middle East (HMMME), ein Joint Venture zwischen dem Public Investment Fund (PIF) Saudi-Arabiens (70 % Anteil) und der Hyundai Motor Company (30 % Anteil), feierte die Grundsteinlegung für eine neue Produktionsanlage in der King Abdullah Economic City. Das Werk, Hyundais erstes im Nahen Osten, wird sowohl Fahrzeuge mit Verbrennungsmotor als auch Elektrofahrzeuge herstellen, mit einem jährlichen Produktionsziel von 50.000 Fahrzeugen für den saudischen Markt. Die Produktion soll im vierten Quartal 2026 beginnen.
Die Anlage im King Salman Automotive Cluster soll tausende Arbeitsplätze schaffen und den Wissenstransfer in der Region fördern. Diese Initiative ist Teil der umfassenderen Strategie des PIF, Saudi-Arabien als globalen Akteur in der Automobilbranche zu etablieren und gleichzeitig die heimischen Produktionskapazitäten sowie Lieferketten zu stärken.
- Joint venture establishes Hyundai's first manufacturing facility in the Middle East
- Significant annual production capacity of 50,000 vehicles including both ICE and EVs
- Will create thousands of local jobs and enable knowledge transfer
- Strategic 70-30 ownership structure with PIF majority stake ensures local control
- Contributes to Saudi Arabia's automotive ecosystem development and manufacturing capabilities
- Production won't start until Q4 2026, indicating a long wait for revenue generation
- Initial production capacity is relatively modest at 50,000 vehicles annually
- Paving the 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 supply
Saudi Arabia
KING ABDULLAH ECONOMIC CITY,
PIF owns a
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 in
Jaehoon Chang, Hyundai Motor Group Vice Chair said, "Today's groundbreaking marks the beginning of a new chapter for both the
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 in
This partnership is one in a series of PIF initiatives establishing
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SOURCE Hyundai Motor Manufacturing Middle East
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