Hyundai Motor Manufacturing Middle East (HMMME), the joint venture between the Public Investment Fund (PIF) and Hyundai Motor Company, marked a major milestone today with its groundbreaking ceremony. The event took place at the newly announced King Salman Automotive Cluster within King Abdullah Economic City (KAEC), highlighting a pivotal step forward in the development of Saudi Arabia’s automotive industry.
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).
“This groundbreaking marks a major milestone for PIF as we continue to strengthen Saudi Arabia’s automotive industry. Through strategic partnerships, we are enabling the growth of a robust local ecosystem,” said Yazeed A. Alhumied, Deputy Governor and Head of MENA Investments at PIF. “This joint venture reflects our commitment to building local capabilities, attracting advanced technologies, and creating high-skilled jobs in the Kingdom’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.
