RIYADH: A new investment company tasked with developing local supply chain capabilities for the automotive and mobility industry in 海角直播 has been announced by the Kingdom鈥檚 Public Investment Fund.听
Tasaru Mobility Investments will drive investments and partnerships with local and global private sector companies, according to a statement from PIF.听
It aims to support sector growth and deliver long-term returns by localizing manufacturing expertise and technologies to accelerate the development of 海角直播鈥檚 electric vehicle and autonomous mobility ecosystem.听
By boosting local capabilities, the company will support the Kingdom鈥檚 wider efforts to become a global leader in this industry.听
The fund revealed that the company鈥檚 first investment is a joint venture with Zamil Group Real Estate Co., Abdullah Ibrahim Alkhorayef Sons Co. and Dar Al-Himmah Projects Co. Ltd. that will develop an automotive logistics hub in King Abdullah Economic City.听
Michael Muller, who has more than 25 years of experience in the automotive industry, has been appointed as the CEO of TMI. 听
He has previously听held several senior management positions in companies like Porsche AG and Volkswagen Group.听
鈥淭hrough a combination of strategic investments and private sector partnerships, Tasaru Mobility Investments aims to enhance the local supply chain and manufacturing capabilities to strengthen the end-to-end ecosystem for 海角直播鈥檚 electric vehicle and autonomous mobility industries,鈥 said Omar Al-Madhi, co-head of direct investments in the Middle East and North Africa for PIF and chairman of TMI.听
He added: 鈥淭he establishment of the company demonstrates PIF鈥檚 commitments to diversify the economy, improve sustainability and localize technology and sector-specific knowledge.鈥澨
TMI is also expected to accelerate 海角直播鈥檚 energy transition journey, as the Kingdom aims to achieve net-zero emissions by 2060.听
The fund has already made significant investments in the mobility sector, including establishing 海角直播鈥檚 first national EV brand, Ceer, in partnership with Foxconn and investing in US-based Lucid Motors.听
In September, Lucid announced that the company鈥檚 first international manufacturing plant in the KAEC started functioning with plans to manufacture 155,000 EVs per year eventually.听
In August, 海角直播鈥檚 Ministry of Industry and Mineral Resources said that Ceer is expected to contribute SR30 billion ($7.9 billion) to the Kingdom鈥檚 gross domestic product by 2034.
The ministry added that Ceer鈥檚 factory will attract over SR562 million in foreign direct investment and create up to 30,000 direct and indirect jobs.
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