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Friday, May 24, 2024

Saudi Arabia Launches Electric Vehicle Infrastructure Company

Saudi Arabia Public Investment Fund (PIF) and Saudi Electricity Company (SEC), have jointly announced the establishment of  Electric Vehicle Infrastructure Company.

It says, it is a major initiative aimed at catapulting the growth of electric vehicles (EVs) in the Kingdom of Saudi Arabia.

The partnership will see PIF holding a 75% stake in the newly formed company, while SEC will retain the remaining 25%.

The Electric Vehicle Infrastructure Company is on a mission to provide state-of-the-art EV fast-charging infrastructure across the Kingdom, fostering the development of the local automotive ecosystem and expediting the adoption of electric vehicles.

The company plans to establish a robust presence in over 1,000 locations, deploying more than 5,000 fast chargers by 2030.

These charging stations, it says, will be strategically placed in cities and along major roads, adhering to applicable regulations and standards.

The overarching goal of the company is to play a pivotal role in enhancing Saudi Arabia’s automotive ecosystem. Through collaborative efforts with EV companies, it aims to supply the essential charging infrastructure needed to meet the growing demand for electric vehicles.

Additionally, the company seeks to encourage private sector participation in the expansion of its charging network and contribute to the localization of research and development, as well as the manufacturing of technologically advanced materials, fostering domestic expertise and resilience.

Omar Al-Madhi, co-head of MENA Direct Investments at PIF, expressed the strategic importance of the Electric Vehicle Infrastructure Company in propelling the EV transition.

He highlighted the deployment of widely available EV charging infrastructure as a key driver for the growth of the EV ecosystem.

The partnership with SEC is seen as a means to accelerate synergies across the EV supply chain, contributing to economic growth and diversification in alignment with Vision 2030.

Khalid Bin Hamad Al-Gnoon, chief executive officer at SEC, emphasized the company’s commitment to enhancing Saudi Arabia’s position as a sustainable energy leader.

This initiative aligns with the Kingdom’s broader efforts to promote advanced energy solutions and increase the value added by the energy sector.

The launch of the Electric Vehicle Infrastructure Company is a strategic move in line with PIF’s broader strategy to enhance Saudi Arabia’s automotive capabilities, positioning the country as a global leader in the electrified era of the automotive industry.

The initiative is expected to contribute significantly to Saudi Arabia’s economic diversification goals, driving non-oil GDP growth, and creating new employment opportunities.

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