Saudi Arabia’s Public Investment Fund (PIF) and Hyundai Motor Company have begun construction on a cutting-edge automotive manufacturing plant at the King Salman Automotive Cluster in King Abdullah Economic City (KAEC).
The facility marks a major step towards the Kingdom’s Vision 2030, with a projected capacity of 50,000 vehicles annually. PIF holds a 70% stake in the project, underscoring its commitment to industrial localisation and economic diversification.
The plant will contribute an estimated $5bn to GDP by 2045 and create thousands of jobs across the automotive supply chain.
Gulf Economist Staff Writer