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The Korea Herald
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THE INVESTOR
May 25, 2024

Deals

Hyundai Motor, Saudi Arabia join efforts for future mobility ecosystem

  • PUBLISHED :March 25, 2024 - 17:33
  • UPDATED :March 25, 2024 - 17:33
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Lee Dong-kun (right), vice president at Hyundai Motor Group, shakes hand with John Pagano, CEO of Red Sea Global, after signing a memorandum of understanding to cooperate in introducing future mobility solutions to Saudi Arabia's Red Sea luxury resorts development project, in Riyadh on Sunday. (Hyundai Motor Group)

Hyundai Motor Group said Monday that it has joined hands with Red Sea Global to implement eco-friendly future mobility to Saudi Arabia’s development project to open luxurious and pro-nature tourism resorts along the west coast of the Middle Eastern country.

According to the announcement, the representatives of the Korean automaker and the Saudi Arabian megaproject signed a memorandum of understanding in Riyadh on Sunday. Red Sea Global, which is entirely owned by the Public Investment Fund of Saudi Arabia, is in charge of the country's tourism development.

Under the memorandum, Hyundai Motor will cooperate with Red Sea Global to carry out pilot tests of electric vehicles and hydrogen fuel cell vehicles in the Ummahat Islands resort and the ultraluxury tourism destination of Amaala to contribute to the spread of green cars across Saudi Arabia.

The automaker also said it plans to introduce future mobility solutions such as advanced air mobility and autonomous driving to the Red Sea Project area in the mid- to long-term.

“With this MOU, we will explore various cooperation opportunities that can make the best of both parties,” said Lee Dong-kun, vice president at Hyundai Motor Group.

“Hyundai Motor Group will continue to push for partnerships to secure future growth engines and contribute to the global energy paradigm shift.”

Hyundai Motor announced the agreement of a joint venture with Saudi Arabia’s PIF to build a complete knocked down plant -- meaning parts are shipped there to be assembled -- in King Abdullah Economic City in October last year. The plant is expected to have an annual production capacity of 50,000 vehicles.

Red Sea Global is one of Saudi Arabia’s five megaprojects under the state-endorsed Vision 2030 to turn away from its oil-heavy economy and find long-term growth engines, including the future city development project Neom, entertainment complex Qiddiya, housing development Roshn and historic sites development Diriyah.

“Hyundai Motor Group is a world-class leader in sustainable, luxury mobility,” said Red Sea Global CEO John Pagano.

“Through Hyundai Motor Group's state-of-the-art technology and eco-friendly mobility solutions, we have moved a step closer to carbon neutrality while being able to exceed the customers’ expectations for style, comfort and environmental responsibility.”

By Kan Hyeong-woo (hwkan@heraldcorp.com)
The Korea Herald

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