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Saudi EV brand “Ceer” buys land for its factory in King Abdullah Economic City

Emaar the Economic City signed a contract on Tuesday with CEER: The First Saudi Electric Vehicle Brand. The contract is to sell industrial land to establish a manufacturing facility.

 

Emaar stated in a statement on Tadawul Saudi Arabia, that the value of the contract is about SAR 359.04 million. It will be paid in installments over 15 years.

According to Bloomberg, construction work will begin at the site near a major commercial port on the Red Sea early next year.

According to Emaar, the agreement is part of its core business. It will begin disclosing revenues in the fourth quarter of 2022, in line with the terms of the contract and any relevant financial reporting rules.

The proceeds will be directed primarily toward developing project infrastructure, operational working capital, and fulfilling certain financial commitments.

The first models of sedans and SUVs are scheduled to be available by 2025.

The Public Investment Fund (PIF) has acquired a majority stake in Lucid Motors Inc. The fund is also backing the US electric car maker’s plans to build a manufacturing center in King Abdullah Economic City.

According to the Public Investment Fund, the CEER project will bring in more than $150 million in foreign direct investment and create up to 30,000 jobs.

It is expected to contribute $8 billion to Saudi Arabia’s GDP by 2034.

 

 

The Kingdom of Saudi Arabia seeks to achieve several goals by entering the electric car industry, including diversifying the economy as well as compatibility with the global plan to confront climate change, especially since the announcement of the launch of the first company coincides with the holding of the UN Climate Summit COP27 in Sharm El Sheikh, Egypt, according to Sky News Arabia.

 

‘CEER’ will contribute to achieving the Kingdom’s goals of reducing carbon emissions and preserving the environment to promote sustainable development, according to “SPA”.

“CEER” is a joint venture between the Saudi Public Investment Fund and Foxconn, which will develop an electric system for cars.

“CEER” will design, manufacture and sell electric cars equipped with advanced technology systems, such as self-driving, in the Kingdom and the Middle East, including sedans and SUVs.

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