Latest news with #YazeedA.Alhumied
Gulf Insider
15-05-2025
- Automotive
- Gulf Insider
Building Hyundai Cars In Saudi Arabia: Work Starts On Manufacturing Plant
The project to make Hyundai cars in Saudi Arabia has gotten off the ground at the King Abdullah Economic City. The Hyundai Motor Manufacturing Middle East is a joint venture between Saudi wealth fund PIF and South Korea's Hyundai Motor Company. The site is within the King Salman Automotive Cluster. The manufacturing plant – Hyundai's first in the Middle East – will bring out its first vehicle by the fourth quarter of 2026. Annual production will be around 50,000 vehicles. (This will include both fuel powered cars and electric vehicles.) PIF owns a 70% stake in HMMME, with Hyundai holding the rest. According to Yazeed A. Alhumied, Deputy Governor and Head of MENA Investments at PIF, said: 'This is a significant milestone for PIF as it further strengthens the automotive industry in Saudi Arabia. 'PIF will continue to enable and accelerate the growth of Saudi Arabia's automotive ecosystem through partnerships..' The new manufacturing plant will 'create thousands of jobs' and allow for knowledge transfer and skills development. Local production of one of the world's biggest automotive brands will be a huge leap forward for the Saudi manufacturing sector. Hyundai's market share in the Kingdom has been growing steadily, especially in the mid- to upper-mid range. Saudi Arabia already has an assembly facility for the premium Lucid EVs.
Leaders
15-05-2025
- Automotive
- Leaders
Hyundai Breaks Ground on First Saudi Manufacturing Plant
Construction has commenced on Hyundai's first manufacturing plant in the Middle East, located in Saudi Arabia's King Abdullah Economic City. This significant project is a joint venture between Saudi Arabia's Public Investment Fund (PIF) and South Korea's Hyundai Motor Company. The Hyundai Motor Manufacturing Middle East (HMMME) plant represents a strategic partnership, with PIF holding a 70% stake and Hyundai the remaining 30%. This collaboration aims to produce 50,000 vehicles annually, including both fuel-powered cars and electric vehicles, starting in the fourth quarter of 2026. Boosting Saudi Arabia's Automotive Industry Yazeed A. Alhumied, Deputy Governor and Head of MENA Investments at PIF, highlighted the project's significance. He stated, 'This milestone strengthens Saudi Arabia's automotive industry and accelerates its automotive ecosystem through strategic partnerships.' The plant will create thousands of jobs and facilitate knowledge transfer and skills development. Local production of Hyundai vehicles will significantly boost Saudi Arabia's manufacturing sector. Hyundai's market share in the Kingdom has been steadily growing, particularly in the mid- to upper-mid range segments. This initiative aligns with Saudi Arabia's Vision 2030, which aims to diversify the economy and reduce oil dependency. Future Prospects and Economic Impact The new manufacturing plant is expected to attract further investments and enhance the automotive and mobility ecosystem in Saudi Arabia. With an estimated investment exceeding $500 million, the plant will play a crucial role in the region's economic development. Hyundai's manufacturing plant in Saudi Arabia marks a significant step forward for the automotive industry in the Middle East. This project not only strengthens the local economy but also positions Saudi Arabia as a key player in the global automotive market. Short link : Post Views: 1
Cision Canada
14-05-2025
- Automotive
- Cision Canada
PIF's Joint Venture with Hyundai Motor Company, Hyundai Motor Manufacturing Middle East, celebrates groundbreaking milestone
KING ABDULLAH ECONOMIC CITY, Saudi Arabia, May 14, 2025 /CNW/ -- 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 the Kingdom of Saudi Arabia. PIF owns a 70% stake in HMMME, with Hyundai holding the remaining 30%. 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. 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 in Saudi Arabia. PIF will continue to enable and accelerate the growth of Saudi Arabia's automotive ecosystem through partnerships. This joint venture underscores PIF's commitment to build local capabilities, attract cutting-edge technology, and create highly skilled jobs in Saudi Arabia's automotive and mobility sector." Jaehoon Chang, Hyundai Motor Group Vice Chair said,"Today's groundbreaking marks the beginning of a new chapter for both the Kingdom of Saudi Arabia and 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 in Saudi 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 of Saudi Arabia's automotive and mobility ecosystem and pave the way for a new industrial future. This partnership is one in a series of PIF initiatives establishing Saudi Arabia as a global automotive player. Together, these initiatives are driving transformation in the sector, and boosting domestic manufacturing capabilities, infrastructure, and supply chains.
Yahoo
14-05-2025
- Automotive
- Yahoo
PIF's Joint Venture with Hyundai Motor Company, Hyundai Motor Manufacturing Middle East, celebrates groundbreaking milestone
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, Saudi Arabia, May 14, 2025 /CNW/ -- 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 the Kingdom of Saudi Arabia. PIF owns a 70% stake in HMMME, with Hyundai holding the remaining 30%. 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. 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 in Saudi Arabia. PIF will continue to enable and accelerate the growth of Saudi Arabia's automotive ecosystem through partnerships. This joint venture underscores PIF's commitment to build local capabilities, attract cutting-edge technology, and create highly skilled jobs in Saudi Arabia's automotive and mobility sector." Jaehoon Chang, Hyundai Motor Group Vice Chair said, "Today's groundbreaking marks the beginning of a new chapter for both the Kingdom of Saudi Arabia and 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 in Saudi 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 of Saudi Arabia's automotive and mobility ecosystem and pave the way for a new industrial future. This partnership is one in a series of PIF initiatives establishing Saudi Arabia as a global automotive player. Together, these initiatives are driving transformation in the sector, and boosting domestic manufacturing capabilities, infrastructure, and supply chains. View original content to download multimedia: SOURCE Hyundai Motor Manufacturing Middle East View original content to download multimedia: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
