South Korean auto giant Hyundai has agreed to build its first car assembly plant in the Middle East, in a joint venture deal with Saudi Arabia’s Public Investment Fund (PIF), where it will produce 50,000 electric and gas-powered vehicles annually, Yonhap reported.
The partners will jointly pump in $500 million to construct the plant in King Abdullah Economic City in the western region of Saudi Arabia, targeting production in the first half of 2026, the report went on.
As part of its Saudi Vision 2030 government strategy, Saudi Arabia is looking to promote the development of its automotive industry, as the nation aims to reduce its dependence on its oil industry.
Read the full story: Yonhap
- By Sean O’Meara
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