Hyundai Motor has reached an agreement with Saudi Arabia's sovereign wealth fund to develop a car assembly plant worth over $500 million in the oil-rich kingdom. The deal comes as part of Saudi Arabia's efforts to diversify its economy and reduce its dependence on oil. This collaboration between Hyundai and the sovereign wealth fund aims to boost the automotive industry in Saudi Arabia and create job opportunities. This is not the first partnership between Hyundai and Saudi Arabia, as they have previously worked together on projects such as a gas processing plant. Additionally, Samsung SDI, a subsidiary of Samsung, will supply electric vehicle batteries to Hyundai Motor starting in 2026, further strengthening the ties between the two companies. The agreements and MOUs signed between Saudi Arabia and South Korea amount to almost $16 billion, highlighting the growing economic cooperation between the two nations.
South Korea's Hyundai Engineering & Construction and Hyundai Engineering have signed a $2.4 billion contract with oil giant Saudi Aramco to build a gas processing plant https://t.co/8KAAvzBqNP
Hyundai Motor has agreed a deal with Saudi Arabia’s sovereign wealth fund to develop a more than $500m car assembly plan in the oil-rich kingdom https://t.co/OQcQvgsXWO
South Korea's Naver announces a deal with Saudi Arabia to create digital replicas of Riyadh and four other cities starting in 2024; sources: deal worth $100M+ (Kim Na-young / Yonhap News Agency) https://t.co/kaRVArTXUW https://t.co/mmeLkgWifH
Deals worth over $4bn inked with Saudi Arabia, Philippines says https://t.co/6p1UOQejRR
EV brand Beyonca signs investment deal with Saudi Arabian group https://t.co/05DHEjktue https://t.co/GsbLHPBlp7
JUST IN: South Korea and Saudi Arabia to sign deals worth over $15 billion
Toyota nears mass production of solid-state batteries https://t.co/HvYVFh4QFT
Samsung SDI to supply EV batteries to Hyundai Motor starting 2026 https://t.co/f1lyjSlFKP https://t.co/THNA7GNzEv
Hyundai to build Saudi car plant jointly with Saudi wealth fund https://t.co/cu5BlgvFkZ https://t.co/440EIfMTMn
Hyundai Motor has agreed a deal with Saudi Arabia’s sovereign wealth fund to develop a more than $500m car assembly plan in the oil-rich kingdom https://t.co/qiyurF2Ilp
Saudi Arabia and South Korea are inking almost $16B in deals and MOUs https://t.co/VM3AuKohaN