A major step forward for Saudi Arabia’s automotive sector has been marked with the groundbreaking of Hyundai Motor Manufacturing Middle East (HMMME), a joint venture between the Public Investment Fund (PIF) and Hyundai Motor Company. The ceremony took place at King Salman Automotive Cluster in King Abdullah Economic City, signaling the start of construction on Hyundai’s first manufacturing facility in the Middle East.
According to PIF, the fund holds a 70% stake in HMMME, while Hyundai retains 30%. The plant is designed to produce both internal combustion and electric vehicles, aiming for an annual output of 50,000 units to supply the Saudi market. The first vehicles are expected to roll off the production line by the end of 2026.
The event was attended by key figures including His Excellency Bandar Alkhorayef, Minister of Industry and Mineral Resources, Yazeed A. Alhumied, Deputy Governor and Head of MENA Investments at PIF, Jaehoon Chang, Vice Chair of Hyundai Motor Group, and Wongyun Park, CEO of HMMME. Their presence highlighted the strategic importance of this initiative for industrial growth and technological advancement in the Kingdom.
Leaders emphasized that this partnership will foster the development of local talent, create thousands of skilled jobs, and enable technology transfer. HMMME’s establishment supports Saudi Vision 2030 by driving innovation, strengthening domestic manufacturing, and building a robust automotive ecosystem.
This joint venture reflects PIF’s broader efforts to position Saudi Arabia as a global player in the automotive industry. Through such initiatives, the Kingdom aims to build industrial excellence and future-ready mobility solutions at the heart of the Middle East.
