Latest news with #KAEC
Trade Arabia
18-05-2025
- Automotive
- Trade Arabia
Hyundai Motor Manufacturing Middle East breaks ground for Saudi plant
Hyundai Motor Manufacturing Middle East (HMMME), a joint venture between the Public Investment Fund (PIF) and Hyundai Motor Company, held its groundbreaking ceremony for Hyundai's first manufacturing plant in the Middle East at the King Salman Automotive Cluster within King Abdullah Economic City (KAEC). The event marks a significant milestone in the development of Saudi Arabia's automotive industry, said a Saudi Press Agency report. PIF holds a 70% stake in HMMME, with Hyundai owning the remaining 30%. The facility is expected to produce its first vehicle by the fourth quarter of 2026 and aims for an annual output of 50,000 vehicles. The production will include both internal combustion engine (ICE) vehicles and electric vehicles (EVs). Deputy Governor and Head of MENA Investments at PIF Yazeed Alhumied 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 building local capabilities, attracting cutting-edge technology, and creating highly skilled jobs in Saudi Arabia's automotive and mobility sector.' Vice Chair of Hyundai Motor Group Jaehoon Chang 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.' HMMME aims to establish a strong foundation for automotive manufacturing in Saudi Arabia. Leveraging local talent, the facility will create thousands of jobs while promoting knowledge transfer and skills development. The localization of Hyundai vehicles is set to accelerate the growth of the Kingdom's automotive and mobility ecosystem, advancing its industrial future. This partnership is part of a broader series of PIF initiatives positioning Saudi Arabia as a global automotive hub. Together, these efforts are transforming the sector, enhancing domestic manufacturing capabilities, and strengthening infrastructure and supply chains, the report said.
ArabGT
18-05-2025
- Automotive
- ArabGT
Hyundai's New Plant Marks the Birth of Saudi Car Manufacturing
A major milestone was marked at King Salman Industrial City, nestled within King Abdullah Economic City (KAEC), as high-level dignitaries convened for the official launch of Hyundai's cutting-edge manufacturing facility in Saudi Arabia—set to roll out Korean vehicles directly from Middle Eastern soil. This new facility, known as Hyundai Motor Manufacturing Middle East (HMMME), is poised to shift the regional automotive paradigm. With an ambitious output target of 50,000 vehicles annually, it represents not just another plant, but the very first full-scale production facility—not merely an assembly site—in the Middle East. Hyundai plans to debut its first locally manufactured vehicle in the final quarter of 2026, offering both traditional and electric drivetrains. A Strategic Leap Toward Vision 2030 • Empowering local industry: The project is a joint endeavor, with the Saudi Public Investment Fund holding a 70% stake and Hyundai owning the remaining 30%. This structure underlines the Kingdom's intent to localize manufacturing, boost national employment, and accelerate its Vision 2030 objectives. • Flexible, future-forward production: By integrating both internal combustion and electric vehicle lines, the plant will cater to a broader market while aligning with global trends toward cleaner transportation. Integrated for Efficiency Strategically situated within the King Salman Automotive Complex, the factory benefits from a robust support ecosystem—including logistics hubs and parts suppliers—cutting down delivery times and optimizing operational costs across the Gulf. Key Metrics That Matter • 50,000 units per year: This output capacity positions Hyundai's Saudi plant as a leading auto producer in the Arab world. • 2026 launch goal: The rollout of the inaugural model, especially with advanced infrastructure tailored for EV production, is set for late 2026. • Job creation on a national scale: Thousands of new roles—from engineering to admin—will emerge, fostering technical expertise and advancing Saudi Arabia's industrial capabilities. Why This Factory Changes the Game for Arab Consumers • Cost efficiency: Lower shipping and customs fees are likely to bring down prices, particularly for SUVs, hybrids, and EVs, making them more accessible. • Enhanced after-sales support: Local service centers and parts depots will translate into faster maintenance, improved spare parts availability, and greater customer satisfaction. • Growth potential: The facility opens up opportunities for regional suppliers and service providers, strengthening the industrial supply chain and encouraging sustainable investment. Hyundai's newly inaugurated plant in KAEC is more than just a factory—it marks a bold reimagining of how and where vehicles are made in the Arab world. By anchoring production within the region and embracing both gasoline and electric technologies, the Kingdom is positioning itself as a major player in the global automotive arena. Expect the first wave of Hyundai vehicles from the HMMME plant to arrive by late 2026—ushering in what may be the most significant evolution our regional car market has seen in a generation.
Argaam
15-05-2025
- Automotive
- Argaam
Hyundai breaks ground on new factory in King Salman Automotive Cluster
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). The facility is Hyundai Motor's first manufacturing plant in the Middle East. Production is scheduled to begin in the fourth quarter of 2026, with an annual capacity of up to 50,000 vehicles, including internal combustion engine vehicles and electric vehicles. According to data compiled by Argaam, the Public Investment Fund (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%. In November, Emaar The Economic City signed a 20-year land lease agreement with HMMME for a plot in the Industrial Valley's special economic zone. The SAR 175.7 million deal covers the construction and operation of a facility for assembling vehicles and manufacturing auto parts.
Zawya
15-05-2025
- Automotive
- Zawya
PIF's Joint Venture with Hyundai Motor Company, HMMME, celebrates groundbreaking milestone
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 KAEC, Saudi Arabia: 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. ABOUT HMMME Established in 2024, Hyundai Motor Manufacturing Middle East (HMMME) is a joint venture between Public Investment Fund (PIF) and Hyundai Motor Company. HMMME is a pioneering vehicle manufacturing committed to redefining mobility through innovation, sustainability, and advanced vehicle technologies. With a core focus on producing vehicles that meet the evolving demands of modern transportation and consumers, our manufacturing operations are rooted in quality, safety, and performance, reflecting our ambition to lead the future of mobility from the heart of the Middle East. HMMME is contributing to a vision of smarter, more connected communities, creating long-term value for our stakeholders and establishing trust with our customers through purpose-driven innovation and industrial excellence. Contact: Rami Yun Hyundai Motor Manufacturing Middle East (HMMME)
Arabian Business
14-05-2025
- Automotive
- Arabian Business
Hyundai breaks ground on 50,000 car a year factory in Saudi Arabia
Hyundai and PIF have broken ground on a 50,000 car-a-year manufacturing plant in Saudi Arabia. Hyundai Motor Manufacturing Middle East (HMMME), a joint venture between the Public Investment Fund (PIF) and Hyundai Motor Company, held its groundbreaking ceremony at the King Salman Automotive Cluster within King Abdullah Economic City (KAEC). The event marks a significant milestone in the development of Saudi Arabia's automotive industry. Hyundai car plant in Saudi Arabia PIF holds a 70 per cent stake in HMMME, with Hyundai owning the remaining 30 per cent. The facility, Hyundai's first manufacturing plant in the Middle East, is expected to produce its first vehicle by the fourth quarter of 2026 and aims for an annual output of 50,000 vehicles. The production will include both internal combustion engine (ICE) vehicles and electric vehicles (EVs). Deputy Governor and Head of MENA Investments at PIF Yazeed Alhumied 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 building local capabilities, attracting cutting-edge technology, and creating highly skilled jobs in Saudi Arabia's automotive and mobility sector.' Vice Chair of Hyundai Motor Group Jaehoon Chang 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.' HMMME aims to establish a strong foundation for automotive manufacturing in the Kingdom. Leveraging local talent, the facility will create thousands of jobs while promoting knowledge transfer and skills development. The localisation of Hyundai vehicles is set to accelerate the growth of the Kingdom's automotive and mobility ecosystem, advancing its industrial future.
