MEED: Companies Submit Bidding to Establish Pirelli Tire Factory in the Kingdom

MEED magazine revealed that bids have been submitted to establish a $550 million Pirelli tire factory owned by the Public Investment Fund.

According to the magazine, the planned factory will produce 3.5 million tires annually. The Public Investment Fund and Pirelli Tire Company had signed a joint venture agreement to establish a tire factory in the Kingdom in 2023.

According to previous news reports, the fund’s share of the new joint venture will be 75%, while Pirelli will own 25%. It will also serve as a strategic technical partner in the project’s development, providing technical and commercial expertise.

Reports expect the factory to begin production in 2026, and its products will include the manufacture of high-quality tires.