Saudi Arabia will build three factories to make electric cars soon to achieve the environmental and economic goals of Saudi Vision 2030.
Eng. Khalid Al-Falih, the Minister of Investment, said that Saudi Arabia would build three electric car facilities soon. The country also wants EV battery companies, suppliers, and more to open businesses in Saudi Arabia.
On Wednesday, during the World Economic Forum, the minister announced that Saudi Arabia had taken the first steps to start a plant to build 150,000 electric cars in the Kingdom within two years.
Lucid Motor Investment in Kingdom of Saudi Arabia
U.S. Automaker Lucid Motors, currently owned 60% by Saudi Arabia’s Sovereign Wealth Fund, announced its 100,000 EV fleet deal with the Kingdom. It will build a factory located at King Abdullah Economic City (KAEC) in the western coastal city of Rabigh.
The electric vehicle giant will also receive $3.4 billion incentives on its new plant and plans to produce 150,000 cars a year at its first international plant at KAEC.
Foreign Investments target Revised
Al-Falih stated that the Kingdom aims to attract $175 billion in yearly foreign investments, higher than the current $20 billion.
Al-Falih stated: “We attracted foreign direct investments worth $20 billion, which is four times than what it was when the Kingdom’s Vision 2030 was launched, as everything is growing, and most of the investments I talked about are in new sectors such as technology and tourism. We are the world’s largest investor in green hydrogen.”
“Foreign direct investment is a major catalyst for overall investments and contributes to attracting technology, expertise and partners, and its percentage was less than 1% of GDP, and we are on our way to 5.7% and we reached 2.3% of GDP.”
The minister noted that the growth of the Kingdom’s economy improved the region’s competitiveness. He stated that the Kingdom is pushing toward its goal and has made progress in various indicators associated with the Kingdom’s Vision 2030.
Al-Falih did not give any details regarding the other potential plants.
