Vision 2030: New Automotive Manufacturing Hub Announced

The Public Investment Fund has announced plans for a state-of-the-art automotive manufacturing hub within the NEOM development zone. The facility will focus on electric vehicle production and is expected to create 30,000 direct jobs. The complex will include assembly plants, battery manufacturing, and a dedicated R&D center for autonomous driving technologies. Several international OEMs have signed letters of intent to participate. This initiative aligns with Saudi Arabia's broader strategy to reduce oil dependency and build a knowledge-based industrial economy. The first phase is expected to be operational by 2029.