Saudi Arabia’s Public Investment Fund (PIF) and Italy’s Pirelli Tyre (Pirelli) will build a $550 million tire manufacturing facility in Saudi Arabia. 

The Saudi sovereign fund will hold a 75 percent stake in the new JV, with Pirelli holding the remaining 25 percent.

The Italian company will offer technical support and expertise to design, develop and operate the plant.  

The facility is expected to have an annual production capacity of 3.5 million units starting in 2026.

(Writing by P Deol; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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