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Saudi Ministry signs-off on EV manufacture

28th July 2023

     

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The Saudi Ministry of Industry and Mineral Resources has granted an industrial licence to Saudi Arabia’s first electric vehicle (EV) manufacturing brand Ceer, with its vehicles expected to be released in 2025.

Industry and Mineral Resources Ministry spokesperson Jarrah bin Mohammed Al-Jarrah says the licence is a key step to building Ceer’s manufacturing facility to exceed one-million square metres in Saudi Arabia’s King Abdullah Economic City’s Industrial Valley.

The vehicle brand was launched last November under the patronage of Crown Prince and Saudi Arabia Prime Minister Mohammed bin Salman bin Abdulaziz Al Saud in a joint venture between the Public Investment Fund and Taiwanese electronics company Foxconn.

The vehicle company will design and manufacture all its vehicles at a “state-of-the-art” facility, featuring the latest technologies to ensure manufacturing efficiency while minimising energy and water usage. It will sell a range of vehicles including sedans and sports-utility vehicles for consumers in Saudi Arabia and the Middle East and North Africa region.

Al-Jarrah says Ceer is projected to directly contribute SR30-billion to Saudi Arabia’s gross domestic product by the year 2034 and to attract over SR562-million in foreign direct investment. The project is expected to create up to 30 000 direct and indirect jobs.

He emphasises that the global light vehicles market, namely vehicles designed to carry loads or a small number of passengers, is expected to double in the next decade and, therefore, the automotive sector presents a compelling regional opportunity.

Further he notes that the automotive manufacturing industry will serve as a catalyst for other priority sectors such as minerals and chemicals. The development aligns with the Kingdom's diversification goals and will enhance its ability to export to neighbouring markets, contributing to the growth of the nonoil economy, which indicates the strategic significance of the automotive industry within the context of the Kingdom’s national industrial strategy.

“In addition to direct economic benefits, the development of a national automotive sector will also indirectly benefit the economy and the local industry in several ways, through knowledge transfer, industry localisation, the development of local content, and the creation of high-quality job opportunities for Saudi citizens,” concludes Al-Jarrah.

Edited by Nadine James
Features Deputy Editor

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