RIYADH: The CEO of Ceer, Saudi Arabia’s first local electric vehicle brand, said that the firm is set to sign 16 deals worth SR3.7 billion ($990 million) at the PIF Private Sector Forum. James DeLuca noted during the meeting that 90% of these agreements are not memoranda of understanding but rather business contracts.
The Saudi government wants to make 30% of the cars in Riyadh electric by 2030, and the country is working on building a complete EV ecosystem. The official also said that by 2034, the company is estimated to add more than SR30 billion to Saudi Arabia’s gross domestic product and create about 30,000 direct and indirect jobs.
The most important thing is that 90% of these agreements are not MoUs.” “They are commercial contracts, because we are going from planning to execution, De Luca said. He went on to say, “Ceer will add more than SR30 billion by 2034, SR79 billion to the trade balance, and we will create about 30,000 direct and indirect jobs, which is our goal of putting local nationals to work in value-added positions. DeLuca added that the company’s localisation policy is working and that by 2034, 45 percent of the company’s content will be local.
Also Read:
Saudi–Pakistan Meeting Highlights Joint Action Plan Against Drug Smuggling
