Saudi Arabia’s Public Investment Fund launches EV infrastructure company

Saudi Arabia's Public Investment Fund (PIF) and Saudi Electricity Company (SEC) on Sunday, announced the launch of an electric vehicle infrastructure company.

The company aims to deliver EV fast charging infrastructure across Saudi Arabia, accelerate EV adoption, and develop local automotive ecosystem in the country. As part of the plan, it will establish its presence in 1,000 locations and install more than 5,000 fast chargers by 2030 in cities across Saudi Arabia and its connecting roads, in line with applicable regulations and standards.

"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," Omar Al-Madhi, Co-Head of MENA Direct Investments.

The company will also promote private sector participation in developing its network of charging stations and support the localization of R&D and manufacturing of technologically advanced materials to build domestic expertise and resilience.

The launch of the EV infra company is part of the broader plan to strengthen Saudi Arabia's automotive capabilities and position Saudi Arabia as a leader of the emerging electrified era of the auto industry.