The Public Investment Fund (PIF) and Pirelli Tyre S.P.A (Pirelli), a leading global tire manufacturer, have announced today the signing of a joint venture (JV) agreement to build a tire manufacturing facility in Saudi Arabia. PIF will hold a 75% stake in the new JV with Pirelli holding the remaining 25% and acting as a strategic technology partner to support the development of the project by providing technical and commercial assistance.
The plant is expected to start production in 2026. The JV will manufacture high-quality tires for passenger vehicles, under the Pirelli brand, and will also manufacture and market tires under a new local brand targeting the domestic and regional market. The total investment in the JV is around $550 million. For Pirelli, the project will have a neutral impact on the company’s deleveraging targets to 2025.
Saudi Arabia is set to become a global automotive manufacturing hub by 2030. PIF has established a world-class automobile sector in Saudi Arabia by driving transformation and boosting manufacturing capabilities, infrastructure and supply chains in Saudi Arabia and beyond. Among its major investments in the sector, PIF and Hyundai Motor Company recently announced a landmark $500 million JV to establish a state-of-the-art automotive manufacturing plant in Saudi Arabia. And the launch of Tasaru, the National Automotive and Mobility Investment Company, which is dedicated to localizing automotive supply chains and manufacturing capabilities.
PIF has also made other significant investments in the future of mobility, including establishing Ceer, Saudi Arabia’s first national electric vehicle brand, as well as investing in Lucid Motors, which recently officially opened its first international manufacturing plant in Saudi Arabia.
As a leading global tire manufacturer, Pirelli will offer technical support and expertise to design, develop and operate the plant. Through this JV, PIF and Pirelli are committed to creating a national and regional champion that localizes manufacturing capabilities for an important segment in the automotive industry, while enabling upstream and downstream activities across the value chain.
The plant is expected to generate an annual production capacity of 3.5 million units, bringing additional economic benefits and complemented by a commitment to environmental sustainability. The JV will also serve as an important anchor to attract further investment to Saudi Arabia.
In line with its local-for-local strategy, Pirelli, through the JV, will become the first tier 1 tire maker to directly source production in Saudi Arabia.
Yazeed A. Al-Humied, Deputy Governor and Head of MENA Investments at PIF, said: “Through this Joint Venture with Pirelli, PIF is building production capabilities in the automotive and mobility value chain and enhance opportunities for private sector contribution. This collaboration marks another pivotal milestone in our journey to diversify the economy, enhance sustainability and localize manufacturing capabilities in Saudi Arabia”.
Marco Tronchetti Provera, Executive Vice Chairman of Pirelli, said: “Accessing local production in Saudi Arabia, one of the most promising markets today, in line with our positioning in High Value and electric, represents a great opportunity for Pirelli. Capturing it alongside a partner like PIF with its plans to enable the automotive sector.”
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Bridgestone, a global leader in tyres and sustainable mobility solutions, reiterated its steadfast commitment to empowering women in the world of motorsports through partnerships and event organisation across the Middle East and Africa (MEA) region. This significant step underscores the company’s bold vision to drive positive change by fostering diversity, equity, and inclusion (DE&I).
Under the umbrella of its corporate strategy, the ‘E8 Commitment,’ Bridgestone partnered with well-known motorsports events, such as Rally Jameel and Rallye Aïcha des Gazelles, as well as hosted the adrenaline-pumping ‘Desert Divas’ event, to foster gender equality in sports by providing women with equal opportunities across all disciplines. Through these initiatives, Bridgestone sought to celebrate the strength, unwavering determination, and the undeniable power of female excellence in sports. All of these events provided an ideal platform for the company to assert that gender biases have no place in the world of motorsports.
The wait is over. Today, on the occasion of the 2024 Milan Design Week, the prestigious Antera brand makes its comeback on the global scene with a new collection of light alloy wheels for the automotive industry. The collection will be inaugurated by the brand’s ambassador Roberto Baggio, the footballing legend who, thanks to his successful career and winning mindset, is the perfect embodiment of the Italian brand’s spirit of 'No Compromise'.
The choice of the famous Number 10 of the Italian national team, a radiant example of sporting excellence, perseverance, and generosity, contributes to reinforcing the slogan at the center of the Antera’s new campaign: “Where instinct meets genius, the myth becomes legend”. Indeed, Roberto Baggio, the winner of the 1993 Ballon d’Or and a playmaker with refined technique and unique style, has proven that the most important goals, as regards both sport and everyday life, are achieved through commitment and quality which does not take shortcuts, but rather prizes dedication, courage, and vision. These are the same ingredients of the ‘No Compromise’ philosophy which G.M.P. Group, a company specialized in the global design and production of alloy wheels, intends to employ to bring the historic Panther brand back to its former glory.
Marco Mancin, Head of G.M.P. Group, states: “Originally, the founder Marco Muzzarelli’s vision guided the Antera brand via the principle of ‘No Compromise’, creating a place where dreams and reality could come together and desire be turned into creation. This led to prestigious and invaluable products which reached across space and time to achieve the most authentic expression of excellence. Today, with the same winning mindset and an important five-year plan, we are writing a new page in Antera’s history that will bring the brand back to the Mt. Olympus of light alloy-wheel producers.”
Marco Finazzi, Chief Commercial Officer: “We have always been innovators and visionaries in our field, and we aim to restore luster to the Brand through the development of innovation, identification, and a process of concrete internationalization. One thing that will never change is our loyalty to the fundamental values which forged the brand’s world-renowned identity, and the determination to pursue our business vision whatever the challenges that emerge along the way. And we are sure other companies of the group will want to share a common path towards growth and development in their fields, always relying on the philosophy of ‘No Compromise’. With this frame of mind, we want to challenge the status quo in order to offer unconventional products that are able to anticipate the needs of an exclusive clientele.
Bridgestone EMEA, a global leader in tires and sustainable mobility solutions, showcased the promising future of fleets in the Middle East during its participation in the Truck and Fleet Conference. The event, which was held recently, brought together industry leaders, providing insights into sustainable practices, digital transformations, and the evolving landscape of urban mobility.
The Middle East, by leveraging its robust infrastructure, is set to leverage global focuses on sustainability and digitalisation. At the event, Bridgestone EMEA underlined the region’s potential and commitment to advancing the future of fleet management.
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