The Saudi Public Investment Fund (PIF) announced today the launch of the National Company for investment in the automotive and mobility sector, "Taseer mobility investments" or "the company", an investment company specializing in the development of local capabilities for the automotive and mobility supply chains in the kingdom.
The company aims to support the growth of the sector and achieve long-term returns through the localization of manufacturing expertise and advanced technologies that will contribute to the empowerment of the electric and self-driving car sector in the kingdom. The company will contribute to supporting the kingdom's efforts to become a global leader in this vital sector by strengthening local capacities.
The establishment of "acceleration for mobility investments" is in line with PIF's strategy to stimulate the capabilities of the automotive sector in the kingdom, in a way that enhances the kingdom's global competitiveness and supports its reaching a leading position internationally. The fund's portfolio includes many specialized investments in the future mobility sector, including investing in "Seer" company, the first Saudi brand for the electric car industry, in partnership with Foxconn Foxconn, as well as investing in the "Lucid" electric car company, based in the United States, which opened on September 27 its first global factory for the production of electric cars in King Abdullah Economic City, with plans to reach its production capacity to 155,000 cars per year.
Michael Muller has been appointed CEO of "acceleration mobility investments", and Muller has more than 25 years of experience in the automotive industry, having previously held several senior management positions in a number of major companies such as Porsche Group and Volkswagen Group in the Kingdom and Central and Eastern Europe.
Tasareel mobility investments is scheduled to launch its first investment through a joint venture with" Zamil real estate group company"," Abdullah Ibrahim al khorayef Sons Company"and"Dar Al Hamma Projects Company Limited". The project aims to develop a logistics center in King Abdullah Economic City that provides services for the automotive sector's complementary parts industries.
"Tasreel mobility investments" will be the largest shareholder in the new joint venture, which will benefit from the advantages of the Special Economic Zone of KAEC, will contribute dynamically to attracting global suppliers and enhancing business opportunities, and the project is in line with the objectives of KAEC to be a manufacturing and logistics hub for the automotive sector.
Omar al-Mady, director of the Middle East and North Africa direct investment department at the public investment fund (PIF) and chairman of tasarah mobility investments, said on this occasion: the company aims to improve the capabilities of local supply chains and national manufacturing capabilities through a combination of investment strategies and partnerships with the private sector to improve the integration of the system for the electric and self-driving car industries in the kingdom. By establishing an acceleration of mobility investments, PIF reaffirms its commitment to economic diversification, sustainability, localization of technology and specialized expertise in the sector."
The "acceleration of mobility investments" will support research and development, promote the adoption of advanced technology in this sector, focusing on sustainable opportunities in it. The company will also make a qualitative contribution to supporting environmental goals, including achieving net zero emissions for the kingdom by 2060 and for the Public Investment Fund, by 2050, by accelerating the transition towards the use of electric vehicles and Future Mobility Solutions.