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RIYADH: Saudi Arabia’s Public Investment Fund on Sunday signed an agreement with Hyundai Motor Co. to establish an automated vehicle manufacturing plant worth over $500 million in the Kingdom.
The wealth fund will hold a 70 percent stake in the joint venture with the Korean automaker holding the remaining shares, said a PIF statement.
Hyundai will also act as a strategic technology partner to support the development of the plant, by providing technical and commercial assistance.
The joint venture announced at the Saudi-Korean…