Saudi Arabia steps up regional moves to mitigate the effects of climate change

by MMC
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The Saudi Public Investment Fund (PIF) has launched the National Automotive and Mobility Investment Company (Tasaru Mobility Investments), an investment company focused on developing local supply chain capabilities for the automotive and transportation industry. mobility.

Tasaru Mobility Investments will lead investments and strategic partnerships with local and international private sector companies in Saudi Arabia.

It aims to support the sector’s growth and achieve long-term returns by localizing manufacturing expertise and advanced technologies that will strengthen the electric car and autonomous mobility ecosystem in the Kingdom.

The new company will support the Kingdom’s efforts to become a global leader in this vital sector by strengthening local capabilities.

The establishment of Tasaru Mobility Investments is part of the Fund’s strategy to boost the capabilities of the Kingdom’s automotive sector, thereby strengthening the Kingdom’s global competitiveness and ultimately positioning it as a global industry leader.

The Fund’s portfolio includes numerous specialist investments in the future mobility sector, including an investment in Ceer, the first Saudi national electric car manufacturing brand, in partnership with Foxconn.

On September 27, the American company Lucid Motors opened its first global electric car production plant in the King Abdullah Economic City (KAEC), with the intention of reaching its capacity of 155,000 vehicles per year.

Michael Mueller has been appointed CEO of Tasaru Mobility Investment. He brings over 25 years of experience in the automotive industry, having previously held numerous management positions in several major companies, such as Porsche AG and the Volkswagen Group in the Kingdom and Europe.

Tasaru Mobility Investment will launch its first investment in a joint project with Zamil Group Real Estate Company, Abdullah Ibrahim al-Khorayef Sons and Dar al-Himma Projects Limited.

The project aims to develop a logistics center in the King Abdullah Economic City (KAEC), serving the spare parts industry.

Tasaru Mobility Investments will be a majority shareholder in the new company, leveraging the benefits of special economic zones and playing a central role in attracting global suppliers and strengthening trade.

This investment complements KAEC’s ambition to become an automotive manufacturing and logistics center.

Omar al-Madhi, Co-Head of MENA Direct Investments at PIF and Chairman of Tasaru Mobility Investments, announced that Tasaru Mobility Investments aims to improve the local supply chain and manufacturing capabilities.

Omar highlighted that this would strengthen the end-to-end ecosystem for the Saudi electric vehicle and autonomous mobility sectors.

“The establishment of the company demonstrates PIF’s commitments to diversifying the economy, improving sustainability and localizing sector-specific technology and knowledge.

Tasaru will support research and development, increase the adoption of advanced technologies and seek sustainable opportunities in the sector.

By accelerating the transition to electric vehicles and future mobility solutions, the company will make a critical contribution to Saudi Arabia’s environmental goals, including its net zero emissions target for 2060 and the PIF’s net zero emissions target for 2050 .

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