Hyundai Motor Manufacturing Middle East (HMMME), Hyundai Motor's joint venture with Saudi Arabia's Public Interest Fund (PIF), broke ground on Wednesday in Saudi Arabia, marking the carmaker's official launch into the Middle Eastern market.    HMMME, 70 percent owned by PIF and 30 percent by Hyundai Motor, will be established at the King Salman Automotive Cluster, a new Saudi Arabian automotive manufacturing hub, within the King Salman Automotive Cluster (KAEC). As Hyundai's first Middle Eastern manufacturing plant, HMMME aims to roll out its first vehicle by the fourth quarter of 2026. The company targets an annual production of 50,000 vehicles, including petrol engine cars and electric vehicles (EVs).   The company also aims to create thousands of new jobs in the local market and help nurture skilled technicians in Saudi Arabia, according to the company.    Saudi Arabia is pursuing a national development project called ‘Vision 2030’ to diversify its existing energy-centered industrial structure into manufacturing, hydrogen energy and other energy sectors, and this collaboration is one of the key projects being implemented by Saudi Arabia’s PIF, a key player in Vision 2030, to strengthen the automobile industry. The company held a ceremony on Wednesday, attended by Bandar Ibrahim Al-Khorayerf, minister of industry and mineral resources, Yazeed A. Al-Humied, deputy governor and head of MENA investments at PIF, Moon Byung-joon, chargé d'affaires of the Korean Embassy in Saudi Arabia, Chang Jae-hoon, Hyundai Motor Group vice chair and around 200 Saudi officials and business leaders.   “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,” said Al-Humied.   “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,” said Chang. “Through our joint venture, we hope to contribute to developing talent in the region with advanced skills and capabilities under Saudi Vision 2030."   Chang also emphasized to the Korean press during the groundbreaking ceremony that overseas investment will not result in the neglect of domestic endeavors.     "I don't think that domestic investment will be neglected or discouraged due to overseas investment," said Chang. "We will continue to invest more in the domestic role and what we must do in Korea."         (ICE SEOUL)

Fonte notizia: KOREA JOONGANG DAILY