Ceer and Emaar, the Economic City, have agreed to a land acquisition deal for 359 million Saudi Riyals, as reported by Automotive World.
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.
Ceer’s Chief Executive Officer, James DeLuca
The first electric vehicle manufacturer in the country is positioning its offerings to reach the market by 2025.
The agreement
The deal pertains to the King Abdullah Economic City (“KAEC”) 1 million square meters property where Ceer’s EV factory will be located. Specifically, it will be erected in KAEC’s Industrial Valley (IV), adjacent to King Abdullah Port.
The facility will be equipped with the most advanced technologies to assure manufacturing effectiveness while reducing energy and water consumption. Furthermore, Ceer will aim to eliminate waste from the factory’s landfill.
This project will produce thousands of direct and indirect high-skilled employment, mostly for Saudi citizens.
As per the report, the development will start at the beginning of 2023.
About Ceer
Hon Hai Precision Industry Co. (“Foxconn”) and the Public Investment Fund (“PIF”) jointly developed the electric vehicle brand. Notably, a variety of innovative sports utility vehicles and sedans will be produced by Ceer.
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.
Emaar, The Economic City CEO Cyril Piaia
The launch of Ceer is consistent with Saudi Arabia’s PIF plan to enhance the country’s prospective industries. That said, it is expected to promote the adoption of electric vehicles in the country.
