Saudi Arabia, Pirelli form tire manufacturing JV for $550 million investment
PIF and Pirelli form JV to localize manufacturing, attract investment and promote sustainability in Saudi Arabia
The Public Investment Fund (PIF) of Saudi Arabia has entered into a joint venture (JV) agreement with Pirelli Tyre S.P.A (Pirelli), a leading global tire manufacturer, to build a tire manufacturing facility in Saudi Arabia. Under the agreement, PIF will hold a 75% stake in the new JV, while Pirelli will hold the remaining 25% and act as a strategic technology partner.
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