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The Public Investment Fund (PIF) and Hyundai Motor Company (Hyundai) announced the signing of a joint venture agreement to establish a highly automated vehicle manufacturing plant worth over $500 million in Saudi Arabia, reported the Saudi Press Agency on Sunday.
PIF will hold a 70% stake in the new joint venture with Hyundai holding the remaining 30%. Hyundai will also act as a strategic technology partner to support the development of the new manufacturing plant, by providing technical and commercial assistance.
The joint venture…