Hyundai Motor has joined hands with Saudi Arabia’s Public Investment Fund to establish its first production base in the Middle East.
 
Hyundai Motor on Thursday announced that it held a groundbreaking ceremony for Hyundai Motor Manufacturing Middle East(HMMME) at the King Salman Automotive Cluster on Wednesday in Saudi Arabia.
 
HMMME is a joint venture under which the South Korean automaker will own 30 percent and Saudi Arabia’s sovereign wealth fund 70 percent.
 
The company plans to produce 50-thousand vehicles a year, including petrol engine and electric vehicles, with the first cars to roll out by the fourth quarter of 2026.
 
HMMME is seen as one of the key projects being pushed by Saudi Arabia as it is pursuing a national power generation project called Vision 2030 to diversify its existing energy-centered industrial structure to manufacturing and hydrogen energy.
 
Hyundai Motor said it plans to combine its manufacturing technology with Saudi human resources and infrastructure to build HMMME as a key base for the growth of the local mobility ecosystem.