• The Group and RSG seek opportunities to deploy eco-friendly and innovative mobility solutions in luxury resorts in Saudi Arabia
• Agreement calls for short-term validation and rollout of eco-friendly vehicles, and mid- to long-term exploration of autonomous vehicles and Advanced Air Mobility (AAM)
• The Group’s comprehensive business portfolio, ranging from individual mobility solutions to extensive charging infrastructure, contributes to accelerating the Kingdom’s Vision 2030 strategy to achieve net-zero society
SEOUL, March 25, 2024 – Hyundai Motor Group (the Group) and Red Sea Global (RSG) have agreed to collaborate on deploying eco-friendly mobility solutions in RSG’s luxury resorts in Saudi Arabia while exploring opportunities to implement innovative future mobility solutions.
The Group and RSG signed a Memorandum of Understanding (MoU), with Dongkun Lee, Head of Future Growth Strategy Sub-Division under Global Strategy Office (GSO) at Hyundai Motor Group, and John Pagano, Group CEO of RSG, attending the ceremony at RSG Headquarters in Riyadh on March 24.
“This partnership signifies our shared commitment to a sustainable and innovative mobility future for humanity,” said Dongkun Lee. “We will accelerate the validations and explore more long-term goals to build a greener and smarter ecosystem in the region.”
“Hyundai Motor Group is a world leader in sustainable and luxury mobility. By working together and integrating its cutting-edge technology and eco-friendly mobility solutions into our destinations, we have the opportunity to continue setting new benchmarks in carbon-neutral operations while exceeding our guests’ expectations for style, comfort, and environmental responsibility,” said John Pagano.
Under the MoU, the Group and RSG will jointly explore potential opportunities in various fields. In the short term, both parties will focus on validating and deploying the Group’s eco-friendly mobility solutions, such as battery electric and hydrogen fuel cell vehicles. In the mid to long term, they will explore future mobility solutions, such as autonomous vehicles, Advanced Air Mobility (AAM) and maritime vessels.
The Group’s comprehensive eco-friendly business portfolio, ranging from individual mobility solutions to extensive charging infrastructure, provides a wide range of opportunities. Based on this, the partnership is expected to boost the Kingdom's Vision 2030 strategy to achieve a net-zero emission society by 2060, accelerating the country’s transition to a green economy.
Last year The Red Sea welcomed its first guests, and the Red Sea International Airport has been receiving a regular schedule of domestic flights since September 2023 – international flights are set to commence imminently. Two of the destination’s hotels are open, with three more on track to open this year.
A second destination, Thuwal Private Retreat, will also open this year. AMAALA remains on track to welcome first guests in 2025, when the first resorts complete as part of Triple Bay phase one, along with Corallium and the iconic Yacht Club.
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About Hyundai Motor Group
Hyundai Motor Group is a global enterprise that has created a value chain based on mobility, steel, and construction, as well as logistics, finance, IT, and service. With about 250,000 employees worldwide, the Group’s mobility brands include Hyundai, Kia, and Genesis. Armed with creative thinking, cooperative communication and the will to take on any challenges, we strive to create a better future for all.
More information about Hyundai Motor Group can be found at: http://www.hyundaimotorgroup.com or Newsroom: Media Hub by Hyundai, Kia Global Media Center (kianewscenter.com), Genesis Newsroom.
About Red Sea Global
Red Sea Global (RSG - www.redseaglobal.com) is a closed joint-stock company wholly owned by the Public Investment Fund (PIF) of Saudi Arabia.
It is a vertically integrated real estate developer with a diverse portfolio across tourism, residential, experiences, infrastructure, transport, healthcare, and services. This includes the luxury regenerative tourism destinations The Red Sea, which began welcoming guests in 2023, and AMAALA, which remains on track to welcome first guests in 2025.
Disclaimer: Hyundai Motor Group believes the information contained herein to be accurate at the time of release. However, the company may upload new or updated information if required and assumes that it is not liable for the accuracy of any information interpreted and used by the reader.
Contact:
Daehyun Shin
Global PR Strategy & Planning / Hyundai Motor Group
daehyun.shin@hyundai.com
