PIF, Hyundai sign deal to establish $500m auto plant in Saudi Arabia

PIF, Hyundai sign deal to establish $500m auto plant in Saudi Arabia

Saudi Arabia, South Korea sign 52 MOUs to boost cooperation across various sectors

RIYADH: Saudi Arabia and South Korea signed 52 memorandums of understanding for cooperation in various fields on the sidelines of the Saudi-Korean Investment Forum on Sunday.

The agreements included tourism, supply chains, real estate development, technology, and transportation and span across various sectors, as reported by El-Ekhbariya TV. 

The Saudi-Korean Investment Forum features a multitude of sessions and meetings, both at the ministerial level and among executives and corporate leaders. The event coincides with the visit of South Korean President Yoon Suk Yeol to the Kingdom, highlighting the strong investment relations between Saudi Arabia and Korea.

According to El-Ekhbariya TV, a joint fund was established with over $160 million to further support mutual investment activities.

The agreements encompass technology transfer, such as the one with the Saudi National Automobiles Manufacturing Company. Additionally, the CEO of SNAM, Fahd S. Al-Dohish mentioned that the first production of two car models, the sport utility vehicles and pickups, is set to begin shortly, as reported by El-Ekhbariya TV.

In the realm of electric vehicles, Saudi Arabia has made significant strides in recent times, with the introduction of luxury brands and electric cars. 

Additionally, emerging Saudi companies are eager