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Saudi Arabia's wealth fund launches electric vehicle infrastructure company

The company aims to deliver best-in-class electric vehicle fast-charging infrastructure across the country

Published: Sun 8 Oct 2023, 10:18 PM

Updated: Sun 8 Oct 2023, 10:19 PM

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A DC fast charging station. — AP file photo for illustrative purpose

A DC fast charging station. — AP file photo for illustrative purpose

The Public Investment Fund (PIF) of Saudi Arabia and Saudi Electricity Company (SEC) announced the launch of the Electric Vehicle Infrastructure Company on Sunday. The fund will own a 75 per cent stake in the company, while SEC will hold the remaining 25 per cent stake.

The company aims to deliver best-in-class electric vehicle (EV) fast-charging infrastructure across Saudi Arabia, further unlocking the local automotive ecosystem and accelerating the adoption of EVs. It plans to establish a presence in more than 1,000 locations, installing over 5,000 fast chargers by 2030 in cities across Saudi Arabia and on the roads that connect them, in line with applicable regulations and standards.

The company also seeks to enhance Saudi Arabia's automotive ecosystem, through collaboration with EV companies, by supplying the necessary charging stations to meet future demand. It also aims to promote private sector participation in the development of its network of charging stations and support the localisation of R&D and manufacturing of technologically advanced materials, ultimately building domestic expertise and resilience.

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Omar Al Madhi, Co-Head of MENA Direct Investments at PIF, said: "The Electric Vehicle Infrastructure Company will spearhead the EV transition by deploying best-in-class, widely available EV charging infrastructure to drive the growth of the EV ecosystem. Through our partnership with SEC, we will be able to accelerate the creation of synergies across the EV supply chain, driving economic growth and diversification in line with Vision 2030, and positioning Saudi Arabia as a leader in the new electrified era of the automotive industry."

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Khalid Bin Hamad Al Gnoon, Chief Executive Officer at SEC, said: "SEC, as part of the nation's wider energy ecosystem, develops and implements strategies that aim to enhance Saudi Arabia's position as a sustainable energy leader, in line with the Kingdom's efforts to promote advanced energy solutions and increase the value added by the energy sector."

The launch of the Electric Vehicle Infrastructure Company is in line with PIF's strategy to expand Saudi Arabia's automotive capabilities to promote the country's competitiveness on the world stage, and ultimately position it as a global leader. It will aim to further Saudi Arabia's economic diversification efforts, driving non-oil GDP growth and creating new jobs.



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