Core Insights - Hyundai Motor Manufacturing Middle East (HMMME) has commenced construction of its manufacturing facility in King Abdullah Economic City, marking a significant development in Saudi Arabia's automotive industry [1][5] - The joint venture between the Public Investment Fund (PIF) and Hyundai aims to enhance local manufacturing capabilities and create skilled jobs in the region [5][7] Company Overview - HMMME is a joint venture with PIF holding a 70% stake and Hyundai holding 30% [4] - The facility will be Hyundai's first manufacturing plant in the Middle East, with an annual production target of 50,000 vehicles, including both internal combustion engine (ICE) and electric vehicles (EV) [4][6] Industry Impact - The establishment of HMMME is part of a broader initiative by PIF to position Saudi Arabia as a global player in the automotive sector, enhancing domestic manufacturing capabilities and infrastructure [7] - The new facility is expected to create thousands of jobs and facilitate knowledge transfer and skills development within the local workforce [5][6]