Saudi Arabia’s first electric vehicle brand, Ceer has signed a land purchase agreement worth $95 million (359 million Saudi Riyals) with Emaar, the Economic City, for land at King Abdullah Economic City (KAEC) in order to establish a manufacturing facility for electric vehicles.
The company, which is a joint venture between the Public Investment Fund (PIF) and Hon Hai Precision Industry (Foxconn), will manufacture a portfolio of technologically advanced sedans and sports utility vehicles at the factory in KAEC.
The establishment of Ceer comes in line with the PIF strategy to focus on unlocking the capabilities of promising sectors in Saudi Arabia, including the automotive sector, as well as creating opportunities for the growth and diversification of Saudi Arabia’s economy.
The site, located in Industrial Valley (IV) in close proximity to King Abdullah Port in KAEC, will cover over 1 million square meters. Once complete, Ceer’s manufacturing facility will create thousands of direct and indirect high-skilled jobs, the majority of which will be filled by Saudi nationals.
Cyril Piaia CEO Emaar, The Economic City
“KAEC is aiming at integrating into Vision 2030 initiatives with the vision to be a global manufacturing center, and we are spearheading the creation of an electric vehicle automotive industry that will be both innovation-focused and have sustainability at its heart. We cannot wait to see the cars of the first Saudi electric vehicle brand coming out of Ceer’s factory at KAEC in a couple of years’ time, and we are proud to be able to contribute to a project that supports so many facets of Saudi Vision 2030. This agreement is in line with KAEC’s new strategy to welcome third-party anchor investors, developers, and operators to realize their projects and ambitions in the city and accelerate its development.”
According to the statement, Ceer vehicles are scheduled to be available from 2025 onwards. The factory will be state-of-the-art, featuring the latest technologies to ensure manufacturing efficiency whilst minimizing energy and water usage. Ceer will work towards making the factory a zero waste to landfill site.
“We have found a place that meets all our needs. KAEC offers us a great location with world-class logistics, effective access for our global and Saudi-based suppliers, and an ideal location to base and develop our future workforce. KAEC will become our manufacturing hub as we work towards creating the first electric vehicle brand for Saudi Arabia and the wider region and, in doing so, contribute in a meaningful way to Saudi Vision 2030,” noted Mr. James DeLuca, Chief Executive Officer of Ceer.
