Hyundai Motor and Saudi Arabia’s Ministry of Industry and Mineral Resources Sign MOU to Jointly Nurture Automotive Industry in Saudi Arabia

• The agreement is in line with the Saudi government’s ‘Vision 2030’ to develop and diversify the economy – this collaboration falls within the objectives of the Saudi National Industrial Strategy to develop its domestic manufacturing capabilities

RIYADH/SEOUL, December 31, 2022 – Hyundai Motor Company, the global smart mobility solution provider, and the Ministry of Industry and Mineral Resources of Saudi Arabia have agreed to cooperate in jointly nurturing the automotive industry in the region.

In the presence of the Saudi Minister of Industry and Mineral Resources Mr. Bandar Alkhorayef, Mr. Seon Seob Kim, Executive Vice President and head of Global Operation Division at Hyundai Motor Company, and representing the ministry Dr. Ibrahim Saad Almojel, CEO of the Saudi Industrial Development Fund signed a memorandum of understanding (MoU) on 31 December, 2022 in Riyadh.

The agreement is in line with the Saudi government’s ‘Vision 2030’ to develop and diversify the economy – this collaboration falls within the objectives of the Saudi National Industrial Strategy to develop its domestic manufacturing capabilities

To foster more collaboration and mutual trust between the two parties, Hyundai Motor is considering participating as a shareholder in a Saudi-based project to construct a knock-down vehicle assembly plant, where the company will assemble full electric vehicles and internal combustion engine models.

Hyundai plans to continue exploring joint opportunities with Saudi Arabia.