Saudi Arabia is making confident strides and accelerating progress toward localizing the automotive industry, creating a sector’s added value in the national economy and enhancing its global competitiveness, in line with the goals of Saudi Vision 2030, Minister of Industry and Mineral Resources Bandar Alkhorayef said.
During the laying of the foundation stone for Hyundai plant at King Salman Automotive Cluster, the minister explained that the plant represents an important milestone in the journey to localize the automotive industry in the Kingdom.
He further clarified the step’s significant impact in enhancing industrial capabilities, strengthening supply chains, localizing industrial production, and developing local content, in meeting local and regional demand for cars and consolidating the Kingdom’s position as a global hub for the automotive industry.
Alkhorayef highlighted the Public Investment Fund’s (PIF) role in supporting industrial transformation and empowering high-value sectors that will create a tangible economic impact in the Kingdom and the region as a whole. He noted the significant impact of the integrated work and unified efforts of all relevant government agencies in the remarkable progress towards localizing the automotive industry in the Kingdom, including the establishment of Hyundai factory.
The minister also emphasized that the project aligns with the Kingdom’s accelerating progress in transforming its industrial goals and transforming its visions into tangible reality, adding that attracting three global automotive industry leaders, who together produce 300,000 vehicles annually in a single industrial complex, is among the goals of the National Industrial Strategy, as Hyundai joined Lucid and CEER.
According to data available on Argaam, Hyundai Motor Manufacturing Middle East (HMMME) broke ground on its new factory in Saudi Arabia’s King Salman Automotive Cluster within King Abdullah Economic City (KAEC) yesterday, May 14.
PIF and Hyundai Motor Co. signed a joint venture agreement in October 2023 to establish a highly automated vehicle manufacturing plant in the Kingdom. PIF holds a 70% stake in HMMME, while Hyundai Motor owns the remaining 30%.
The plant is expected to produce 50,000 vehicles annually and contribute approximately $5 billion to the Kingdom’s GDP by 2045. It will also play a significant role in supporting the Kingdom’s broader goals of localizing industrial production, enhancing local content, and developing supply chain capabilities.
Saudi Arabia is making confident strides and accelerating progress toward localizing the automotive industry, creating a sector’s added value in the national economy and enhancing its global competitiveness, in line with the goals of Saudi Vision 2030, Minister of Industry and Mineral Resources Bandar Alkhorayef said.
During the laying of the foundation stone for Hyundai plant at King Salman Automotive Cluster, the minister explained that the plant represents an important milestone in the journey to localize the automotive industry in the Kingdom.
He further clarified the step’s significant impact in enhancing industrial capabilities, strengthening supply chains, localizing industrial production, and developing local content, in meeting local and regional demand for cars and consolidating the Kingdom’s position as a global hub for the automotive industry.
Alkhorayef highlighted the Public Investment Fund’s (PIF) role in supporting industrial transformation and empowering high-value sectors that will create a tangible economic impact in the Kingdom and the region as a whole. He noted the significant impact of the integrated work and unified efforts of all relevant government agencies in the remarkable progress towards localizing the automotive industry in the Kingdom, including the establishment of Hyundai factory.
The minister also emphasized that the project aligns with the Kingdom’s accelerating progress in transforming its industrial goals and transforming its visions into tangible reality, adding that attracting three global automotive industry leaders, who together produce 300,000 vehicles annually in a single industrial complex, is among the goals of the National Industrial Strategy, as Hyundai joined Lucid and CEER.
According to data available on Argaam, Hyundai Motor Manufacturing Middle East (HMMME) broke ground on its new factory in Saudi Arabia’s King Salman Automotive Cluster within King Abdullah Economic City (KAEC) yesterday, May 14.
PIF and Hyundai Motor Co. signed a joint venture agreement in October 2023 to establish a highly automated vehicle manufacturing plant in the Kingdom. PIF holds a 70% stake in HMMME, while Hyundai Motor owns the remaining 30%.
The plant is expected to produce 50,000 vehicles annually and contribute approximately $5 billion to the Kingdom’s GDP by 2045. It will also play a significant role in supporting the Kingdom’s broader goals of localizing industrial production, enhancing local content, and developing supply chain capabilities.
