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PIF sets up unit to localise Saudi automotive sector

PIF has launched Tasaru Mobility Investments to accelerate EV development in Saudi Arabia Unsplash.com/Andrew Roberts
Abu Dhabi is developing a multi-modal cluster to accelerate the deployment of smart and autonomous vehicles across air, land and sea

Saudi Arabia’s Public Investment Fund (PIF) has launched the National Automotive and Mobility Investment Company (Tasaru Mobility Investments) to build local manufacturing and supply chain capabilities for the automotive and mobility industry in the kingdom.

The new company will be responsible for strategic investments and partnerships with both local and global private sector companies.

The intention is to deliver long-term returns by localising manufacturing expertise and using new technologies to accelerate the development of electric vehicles (EV) and autonomous mobility ecosystems. 

Michael Müller has been appointed as CEO of Tasaru Mobility Investments.  

The company’s first investment is a joint venture with Zamil Group Real Estate Company, Abdullah Ibrahim Alkhorayef Sons Company and Dar Al-Himmah Projects Company Limited to develop an automotive logistics hub in King Abdullah Economic City (KAEC) to serve the aftermarket parts industry. 

Tasaru Mobility will be a majority shareholder in the new joint venture.

Omar Al-Madhi, co-head of Mena direct investments at PIF and chairman of Tasaru Mobility Investments, said the company aims to enhance the local supply chain and manufacturing capabilities for EV and autonomous mobility industries through strategic investments and private sector partnerships.

PIF has already made significant investments in the future of mobility, including establishing the first national EV brand, Ceer, and investing in US-based Lucid Motors. 

Lucid last month opened its first international manufacturing plant in KAEC, capable of manufacturing up to 155,000 vehicles per year.

PIF owns 60.2 percent of Lucid, with its investments reaching $5.4 billion since 2018.

PIF and Saudi Electricity Company this week launched a new company to deliver EV fast-charging infrastructure in Saudi Arabia.

The Saudi sovereign fund will own 75 percent of the Electric Vehicle Infrastructure Company, while the kingdom’s utility provider will hold the remaining 25 percent stake.

The Saudi ministry of industry and mineral resources in June granted an industrial licence to Ceer, the first local automotive brand to produce EVs, to build its manufacturing facility in KAEC’s Industrial Valley.

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