Saudi Arabia Builds Car Factory with Hyundai to Help Its Economy Grow
Image used for illustrative purpose. Photo: SPA
Jeddah: Saudi Arabia is taking strong steps to build its own car industry. The Minister of Industry and Mineral Resources, Bandar Alkhorayef, said the country is working quickly to make cars locally. This plan will help the Saudi economy and make the country more competitive around the world. It’s all part of a big plan called Saudi Vision 2030, which aims to grow the economy and create more jobs.
The minister spoke during a special event to celebrate the start of a new Hyundai car factory in King Abdullah Economic City, near Jeddah. This new factory is a result of a partnership between Hyundai and Saudi Arabia’s Public Investment Fund (PIF). The goal is to build cars in Saudi Arabia instead of importing them from other countries.
Alkhorayef said this project is a big step for the country. It will help local industries grow, create new jobs, and make it easier for companies in Saudi Arabia to make and sell cars. It will also help other businesses that supply car parts and services. This will make Saudi Arabia a key place for car-making in the region.
The minister thanked many government departments that helped make this happen, including the Ministries of Investment, Energy, Finance, and Planning, as well as the National Industrial Development Center and the Saudi Industrial Development Fund.
He also said this factory fits perfectly with Saudi Arabia’s big plan to grow its industries. The country wants three major car companies to build up to 300,000 vehicles each year. With Hyundai joining Lucid and Ceer, this dream is now becoming real.
The Hyundai factory will be able to make 50,000 cars every year. Experts believe it could add about $5 billion to Saudi Arabia’s economy by the year 2045. Hyundai has already been in Saudi Arabia for over 40 years and is now the second most popular car brand in the country.
This project is an important part of Saudi Arabia’s future, helping the Kingdom move from just buying cars to actually building them at home.
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