New Company Paves Way for Kingdom in EV Field
Saudi Public Investment Fund announced on Sunday establishing a new Electric Vehicle (EV) Infrastructure company in cooperation with Saudi Electricity Company (SEC).
Saudi Public Investment will hold 75% of company stakes, unlike the electricity company which will hold 25% of stakes.
Company Objectives
The company aims to develop a high-quality infrastructure to support electric cars’ swift shipping services in the Kingdom of Saudi Arabia, improving electric car system locally and accelerating its use.
The company’s services will reach more than 1000 places across the Kingdom, all while installing more than 5000 fast chargers for electric batteries by 2030.
These batteries will be distributed all over the Kingdom and on the main roads that connect the Gulf country.
Through cooperating with electric car companies and providing necessary charging spots to meet future demand, the company can improve the growth of the Kingdom’s vehicle sector.
“Electric Vehicle Infrastructure Company will contribute to the wide use of EV by establishing high-quality infrastructure on a larger scale,” stated the Co-Head of Direct Investments for the MENA Investments Division Omar Al-Madhi.
“Through our partnership with SEC, we will be able to accelerate the creation of synergies across the EV supply chain, driving economic growth and diversification in line with Vision 2030, and positioning Saudi Arabia as a leader in the new electrified era of the automotive industry.”
He added, “Partnership with the Saudi Electricity Company will contribute to making use of different aspects of integration on all various levels of the supply chain of EV fast chargers. It will promote growth and economic diversification in line with Vision 2030 and establish the Kingdom’s pioneering position in the electric car sector .”
“Saudi Electricity Company, as part of energy system, is working on setting and implementing effective plans and strategies with a view to promote the Kingdom’s leadership in sustainable development,” said CEO of Saudi Electricity Company.
EV Industry
Given that the whole world is attempting to provide eco-friendly alternatives for our everyday tools, the EV has been gaining more interest.
Al-Madhi said that the new company will “spearhead the EV transition.”
Being keen on playing a pioneering role in the Middle East to promote sustainability and eco-friendly projects, Saudi Arabia is aspiring to have its own local EV market. In 2022, Saudi Arabia introduced the first Arab-made electric vehicle brand, Ceer.
The brand will be making the cars from A to Z, starting from designing till selling them. The vehicles will be available by 2025. In addition to its environmental impact, the company will contribute $8 billion to the economy by 2034.
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