• PIF to reveal complementary auto projects soon, says top official

    Riyadh, Saudi Arabia -- The Public Investment Fund will soon announce complementary projects for the automobile industry, mainly batteries, said Muhammad AlShiha, Head of Automotive and Mobility Sector at PIF. The fund has entered into the second phase of the automobile industry, AlShiha told Asharq News, explaining that the current...

  • PIF and Hyundai to set up JV vehicle-manufacturing plant in Saudi Arabia

    Riyadh, Saudi Arabia--The Public Investment Fund (PIF) and Hyundai Motor Company (Hyundai) have signed a joint-venture agreement to establish an automated vehicle manufacturing plant in Saudi Arabia. PIF will hold a 70% stake in the new joint venture with Hyundai holding the remaining 30%. Hyundai will also act as a...

  • Hyundai, Aramco sign $5bn contract

    Hyundai will build a petrochemicals complex in the kingdom.

  • Hyundai targets two million EV sales by 2030

    SEOUL, SOUTH KOREA - Hyundai Motor said on Tuesday it aims to sell two million electric vehicles a year by 2030, raising its target from the 1.87 million it set last year as the market for clean-energy vehicles continues to soar. It also announced plans to invest a total of 109.4 trillion...

  • Iraq inaugurates oil refinery in Karbala to curtail imports

    The minister said the refinery, built by South Korean firm Hyundai, can produce nine million liters of fuel a day -- over half of Iraq's daily imports of 15 million liters. The refinery has the capacity to produce 200 megawatts of electricity and "60 megawatts will be allocated to the...

  • Creative Zone expands into Qatar

    The CZ is one of the top firms in the United Arab Emirates.

  • Hyundai speeds up auto roll-out

    Hyundai is stepping up the pace of developing hydrogen technology and plans to offer engines powered by the fuel on all its vehicles from 2028, the manufacturer said on Tuesday.