Skip to content Skip to Search
Skip navigation

PIF sets up unit to localise Saudi automotive sector

By Pramod Kumar
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.

Latest articles

The new technology can help with tracking projects as contractors often have no idea how many workers are on site at one time and workers are frequently unsupervised

Saudi startup’s smart helmets upping safety on building sites

When Hassan AlBalawi first proposed a smart helmet that would track all employee movements on building sites, construction companies could not see the point.  “We were focusing on this problem of how to get technology into the construction field, measuring the drowsiness of construction workers. But it turned out the construction companies didn’t know or care,” […]

Aircraft, Airliner, Airplane

Kuwait Airways 2023 revenue soars 16% to $1bn

Increased passenger volume and flight operations increased revenues at Kuwait Airways by 16 percent in 2023. The topline reached KD335 million ($1.1 billion) last year, as the number of flights soared 26 percent year on year to 32,839, the state-run Kuwait News Agency reported, citing chairman Abdulmohsen Alfagaan. No details were shared on profit or […]

A Mitsubishi H3 rocket on the launchpad in Japan. The UAE will use the model in its asteroid belt mission

UAE and Mitsubishi sign agreement for asteroid belt mission

The UAE has signed an agreement with Mitsubishi Heavy Industries to provide services for its 2028 mission to the asteroid belt.  The Emirates Mission to the Asteroid Belt – the first multiple-asteroid tour and landing mission to the main belt that lies between Mars and Jupiter – will launch the Mohammed Bin Rashid Explorer spacecraft […]

Outdoors, Ground, Nature

IMF gives Jordan access to $131m as reforms continue

The International Monetary Fund (IMF) will grant Jordan access to $131 million as the country’s economic reform programme remains strong despite it facing a challenging external environment. The release of the funds remains subject to approval by the IMF’s management and executive board. “Jordan continues to show resilience and maintain macro-economic stability, despite the headwinds […]