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Looking for a job? Thousands of vacancies as new car manufacturing plant set to rise in Saudi Arabia
The automotive sector in Saudi Arabia and the UAE are witnessing good employment opportunities
Thousands of jobs will come up over the next few years in Saudi Arabia in the automotive sector after South Korea’s Hyundai Motor and Saudi sovereign wealth fund (SWF) the Public Investment Fund (PIF) signed an agreement on Monday to establish a vehicle manufacturing plant in the kingdom.
The highly automated plant will manufacture 50,000 vehicles per year, including both internal combustion engine (ICE) and electric vehicles (EV). The plant groundbreaking is planned for 2024, and production is expected to begin in 2026.
“The new manufacturing plant will create thousands of jobs and allow for knowledge and expertise transfer,” the companies said in a statement after the signing agreement at the Saudi-Korean Business Forum.
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The automotive sector in Saudi Arabia and the UAE are witnessing good employment opportunities.
According to the latest study released by global recruitment firm Robert Walters, automotive was among the top five sectors hiring for sustainability-related jobs in the UAE, registering an increase of 61 per cent over the past 12 months.
In Saudi-Hyundai joint venture, PIF will hold a 70 per cent stake while the South Korean giant will control the remaining 30 per cent. Hyundai will provide technical and commercial assistance. The total investment for the project is estimated to exceed $500 million (Dh1.835 billion).
“Partnering with Hyundai is another significant milestone for PIF in successfully enabling and accelerating the growth of Saudi Arabia’s automotive ecosystem — one of our 13 priority sectors. Our investment in vehicle manufacturing with Hyundai is a pivotal milestone, aligning closely with our existing stakes in Lucid and Ceer Motors, and amplifying the breadth of Saudi Arabia's automotive and mobility value chain," said Yazeed Al-Humied, deputy governor and head of Mena Investments at PIF.
“We are excited about the potential of this venture to drive significant advancements in vehicle production, fostering a sustainable and eco-friendly automotive future in the region. Our joint efforts will create opportunities for innovation and environmental progress,” said Jaehoon Chang, president and CEO of Hyundai Motor Company.
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