The Public Investment Fund (PIF) of Saudi Arabia and Saudi Electricity Company (SEC) have jointly announced the establishment of the Electric Vehicle Infrastructure Company. PIF will have a 75% ownership stake in the company, with SEC holding the remaining 25%.
This company’s primary objective is to provide high-quality electric vehicle (EV) fast-charging infrastructure throughout Saudi Arabia, fostering the local automotive industry and expediting the adoption of EVs.
Ambitious EV Infrastructure Expansion in Saudi Arabia by 2030
Their plans include establishing a presence in over 1,000 locations and installing more than 5,000 fast chargers by 2030 in Saudi cities and connecting roads, all in compliance with relevant regulations.
Furthermore, the company aims to bolster Saudi Arabia’s automotive sector by collaborating with EV companies and supplying the necessary charging stations to meet future demand, according to WAM.
It also seeks to encourage private sector involvement in expanding the charging network and supporting local research and development, as well as the production of advanced materials, with the ultimate goal of cultivating domestic expertise and resilience.
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.”
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 establishment of the Electric Vehicle Infrastructure Company aligns with PIF’s strategy to enhance Saudi Arabia’s automotive capabilities, with the aim of boosting the country’s global competitiveness and establishing a leadership role.
The initiative will also contribute to Saudi Arabia’s ongoing efforts to diversify its economy, fostering growth in non-oil GDP and generating fresh employment opportunities.
