Ceer, a joint venture between Saudi wealth fund PIF (Public Investment Fund) and Taiwanese group Foxconn, has secured the licence from Saudi government to build its manufacturing facility in King Abdullah Economic City  over one million sq m area

 

The  Ministry of Industry and Mineral Resources has granted licence to Ceer, the first Saudi electric vehicle brand, to build its manufacturing facility within the King Abdullah Economic City (KAEC).

 

Ceer, a joint venture between Saudi wealth fund PIF (Public Investment Fund) and Taiwanese business group Foxconn, was launched last November under the aegis of His Royal Highness, Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister.

 

As per the agreement, Ceer will set up the plant for manufacturing Saudi Arabia's first electric vehicle brand on a one million sq m area at KAEC's Industrial Valley.

 

The factory will be state-of-the-art, featuring the latest technologies to ensure manufacturing efficiency while minimizing energy and water usage.

 

Ceer is the first Saudi automotive brand to produce electric vehicles in Saudi Arabia; it will design, manufacture and sell a range of vehicles for consumers in the kingdom as well as the Mena region, including sedans and SUVs. 

 

The Saudi brand’s vehicles will be tested to the highest global automotive quality control and safety standards before it starts rolling out of the plant by 2025. 

 

Ceer is expected to attract over SR562 million ($150 million) worth of foreign direct investment and create up to 30,000 direct and indirect jobs. It is projected to directly contribute SR30 billion ($8 billion) to Saudi Arabia’s GDP by 2034.

 

Saudi Ministry of Industry and Mineral Resources Spokesperson Jarrah bin Mohammed Al Jarrah has emphasized the strategic significance of the automotive industry in the kingdom’s overall industrial strategy. 

 

"With the global light vehicles market expected to double in the next decade, the automotive sector presents a compelling regional opportunity," he stated, adding that the automotive manufacturing industry will serve as a catalyst for other priority sectors, such as minerals and chemicals.-TradeArabia News Service