The joint venture between Saudi’s Public Investment Fund and Foxconn is expected to attract over $150 million
Saudi Arabia’s Crown Prince Mohammad bin Salman bin Abdulaziz has announced the launch of Saudi electric vehicle brand Ceer, according to a press note released by the Kingdom’s Public Investment Fund (PIF). This is a joint venture (JV) between PIF and Foxconn.
Ceer will design, manufacture and sell a range of vehicles, including sedans and sports utility vehicles, for consumers in the Kingdom of Saudi Arabia and the MENA region. The JV is expected to attract over $150 million of foreign direct investment and create up to 30,000 direct and indirect jobs. The venture is also projected to directly contribute $8 billion to Saudi Arabia’s GDP by 2034.
The launch comes in line with PIF’s strategy to focus on unlocking the capabilities of promising sectors locally, which can promote the diversification of the economy and help achieve the objectives of Vision 2030. The company will also contribute to Saudi Arabia’s efforts towards carbon emission reduction and driving sustainability to address the impact of climate change.
Crown Prince Mohammed bin Salman said, “Saudi Arabia is not just building a new automotive brand, we are igniting a new industry and an ecosystem that attracts international and local investments, creates job opportunities for local talent, enables the private sector, and contributes to increasing Saudi Arabia’s GDP over the next decade, as part of PIF’s strategy to drive the economic growth in line with Vision 2030,” as per reported by YourStory.
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