Hyundai Motor Manufacturing Middle East (HMMME)—a joint venture between Saudi Arabia’s Public Investment Fund (PIF) and Hyundai Motor Company—officially broke ground at the newly launched King Salman Automotive Cluster within King Abdullah Economic City (KAEC).
The groundbreaking ceremony marks a pivotal milestone in Saudi Arabia’s journey to becoming a global automotive manufacturing hub, reinforcing the goals of Saudi Vision 2030 to diversify the economy and localize high-tech industries.
A Strategic Joint Venture for Regional Automotive Leadership
HMMME is strategically structured, with PIF owning a 70% stake and Hyundai holding 30%. The plant represents Hyundai’s first manufacturing facility in the Middle East and is expected to produce 50,000 vehicles annually, including internal combustion engine (ICE) models and electric vehicles (EVs).
The first vehicle is slated to roll off the assembly line by Q4 2026, positioning Saudi Arabia as a key player in both conventional and future mobility solutions.
Leadership Speaks: A Vision for Growth and Innovation
Yazeed A. Alhumied, Deputy Governor and Head of MENA Investments at PIF, highlighted the strategic importance of the initiative:
“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.”
HMMME facility rendering
He emphasized the joint venture’s role in attracting cutting-edge technology and generating highly skilled local employment opportunities.
Jaehoon Chang, Vice Chair of Hyundai Motor Group, echoed this sentiment:
“We lay the foundation for a new era of future mobility and technological innovation. Our joint venture will contribute to regional talent development with advanced skills and capabilities.”
Wongyun Park, CEO of HMMME, added:
“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.”
Building Saudi Arabia’s Automotive Future
The HMMME facility is more than just a manufacturing site—it is a strategic pillar for job creation, local talent development, and knowledge transfer. Thousands of skilled jobs will be generated, further strengthening Saudi Arabia’s position as a center of automotive innovation in the region.
This venture forms part of a series of PIF-led initiatives aimed at establishing Saudi Arabia as a global automotive powerhouse, enhancing domestic manufacturing, infrastructure, and supply chains.
Conclusion: Hyundai and PIF Steering Toward Vision 2030
With construction underway, HMMME is poised to become a catalyst for the transformation of the Middle East’s automotive sector. The collaboration between PIF and Hyundai sets a strong precedent for technology-driven industrial development, reinforcing the Kingdom’s ambitions to become a regional leader in advanced manufacturing.
As the automotive plant gears up for production by 2026, the world will be watching Saudi Arabia’s ascension in the global automotive value chain, driven by strategic partnerships and a bold vision for the future.