With Agreement Signed, Hyundai and Red Sea Global Embark on Electric Vehicle and Aviation Projects in Saudi Luxury Resorts

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Under a memorandum of understanding signed in Riyadh on Sunday, the two companies agreed to work together to test Hyundai Motor Co.'s electric vehicles and hydrogen-powered cars in the resort complex on the Ummahat Islands and the ultra-luxury Amaala tourist resort on the northwest coast – two mega tourist projects under development by RSG.

South Korea’s top automaker Hyundai Motor Group said on Monday it has agreed with Saudi Arabia’s state-sponsored developer Red Sea Global (RSG) to cooperate in the Middle Eastern country’s push for electrification and other eco-friendly future mobility projects.

The five Giga Projects are Neom, the construction of a smart city; Qiddiya, the construction of an entertainment complex; Roshn, the development of a new housing facility; Diriyah, the development of historic sites; and RSG, the development of a luxury resort and tourism project.“This MOU will pave the way for our continued cooperation with RSG in various business sectors,” said Hyundai’s Lee.

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Article Details

Category: Economy

Markets: South KoreaJapanSaudi Arabia

Topics: Vehicles Projects Mobility City Hyundai Middle Arabia Saudi Motor Cars Electric

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-03-25 @ 17:01:43 (1 months ago)

News Timezone: GMT +8:00

News Source URL: kedglobal.com

Language: English

Article Length: 628 words

Reading Time: 4 minutes read

Sentences: 28 lines

Sentence Length: 23 words per sentence (average)

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Copyright Owner: © Korea Economic Daily

News ID: 20511074

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