Saudi Arabia's wealth fund and Hyundai agreed to jointly build a car manufacturing plant in the kingdom, with an estimated investment of more than $500 million, as part of the country's push to develop its automotive industry.
The project will be a joint venture between the Public Investment Fund (PIF), which will hold a 70 per cent stake, and South Korea's Hyundai, which will own the remainder, the fund said in a statement on Sunday.
The joint venture intends to manufacture 50,000 vehicles a year, including internal combustion engine and electric powered vehicles.
The plant is scheduled to begin production in 2026, after breaking ground in 2024.
The partnership will help the PIF in accelerating the growth of Saudi Arabia’s automotive industry – “one of our 13 priority sectors”, Yazeed Al-Humied, deputy governor and head of Middle East and North Africa investments at the fund, said.
“Our investment in vehicle manufacturing with Hyundai Motor Company is a milestone, aligning closely with our stakes in Lucid and Ceer Motors, and amplifying the breadth of Saudi Arabia's automotive and mobility value chain.”
Saudi Arabia, the Arab world's largest economy, is focused on building its domestic EV market as part of its Vision 2030 strategy to diversify its economy away from oil.
Also this month, PIF and the Saudi Electricity Company launched an EV infrastructure company that plans to set up 5,000 fast chargers across the kingdom by 2030.
In addition, the PIF launched a company to boost EV manufacturing in the kingdom and develop local supply chain capabilities for the automotive industry.
The new company – National Automotive and Mobility Investment Company, or Tasaru Mobility Investments – aims to drive strategic investment and partnerships with local and global private companies.
In September, PIF-backed luxury electric vehicle maker Lucid Group said it opened its first international manufacturing plant in Saudi Arabia, which is expected to produce 155,000 electric vehicles a year.
In November last year, the PIF also launched the kingdom's first electric vehicle brand, Ceer, which aims to attract more than $150 million in foreign direct investment and create up to 30,000 direct and indirect jobs.
The PIF's new manufacturing plant with Hyundai will “create thousands of jobs and allow for knowledge and expertise transfer”, the fund said.
The localisation of Hyundai’s cars will accelerate the development of Saudi Arabia’s automotive and mobility industry and attract further investments to the sector and the wider economy, the PIF said.
Hyundai, the world's third biggest car maker, will providing technical and commercial assistance at the plant.
The joint venture has the potential “to drive significant advancements in vehicle production, fostering a sustainable and eco-friendly automotive future in the region”, Jaehoon Chang, president and chief executive of Hyundai, said.
“Our joint efforts will create opportunities for innovation and environmental progress.”
Completing the joint venture agreement is subject to getting the required approvals from the relevant authorities and meeting all conditions, the PIF said.
Korean Film Festival 2019 line-up
Innocent Witness, June 26 at 7pm
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The Great Battle, June 27 at 9pm
The Witch: Part 1. The Subversion, June 28 at 4pm
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Mal Mo E: The Secret Mission, June 28 at 8pm
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A Resistance, June 29 at 6pm
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Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
Honeymoonish
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Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
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Biog
Mr Kandhari is legally authorised to conduct marriages in the gurdwara
He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada
Father of two sons, grandfather of six
Plays golf once a week
Enjoys trying new holiday destinations with his wife and family
Walks for an hour every morning
Completed a Bachelor of Commerce degree in Loyola College, Chennai, India
2019 is a milestone because he completes 50 years in business
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- Premier League-standard football pitch
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Why does a queen bee feast only on royal jelly?
Some facts about bees:
The queen bee eats only royal jelly, an extraordinary food created by worker bees so she lives much longer
The life cycle of a worker bee is from 40-60 days
A queen bee lives for 3-5 years
This allows her to lay millions of eggs and allows the continuity of the bee colony
About 20,000 honey bees and one queen populate each hive
Honey is packed with vital vitamins, minerals, enzymes, water and anti-oxidants.
Apart from honey, five other products are royal jelly, the special food bees feed their queen
Pollen is their protein source, a super food that is nutritious, rich in amino acids
Beewax is used to construct the combs. Due to its anti-fungal, anti-bacterial elements, it is used in skin treatments
Propolis, a resin-like material produced by bees is used to make hives. It has natural antibiotic qualities so works to sterilize hive, protects from disease, keeps their home free from germs. Also used to treat sores, infection, warts
Bee venom is used by bees to protect themselves. Has anti-inflammatory properties, sometimes used to relieve conditions such as rheumatoid arthritis, nerve and muscle pain
Honey, royal jelly, pollen have health enhancing qualities
The other three products are used for therapeutic purposes
Is beekeeping dangerous?
As long as you deal with bees gently, you will be safe, says Mohammed Al Najeh, who has worked with bees since he was a boy.
“The biggest mistake people make is they panic when they see a bee. They are small but smart creatures. If you move your hand quickly to hit the bees, this is an aggressive action and bees will defend themselves. They can sense the adrenalin in our body. But if we are calm, they are move away.”
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The biog
Favourite book: Men are from Mars Women are from Venus
Favourite travel destination: Ooty, a hill station in South India
Hobbies: Cooking. Biryani, pepper crab are her signature dishes
Favourite place in UAE: Marjan Island
