Public Investment Fund and Saudi Electricity Company have jointly announced the establishment of the Electric Vehicle Infrastructure Company

The Public Investment Fund (PIF) and the Saudi Electricity Company (SEC) have announced the formation of the Electric Vehicle Infrastructure Company, a significant effort aimed at accelerating the adoption of electric cars (EVs) in Saudi Arabia. The collaboration will see PIF own 75% of the newly established firm, with SEC owning the other 25%.

The Electric Vehicle Infrastructure Company's objective is to offer cutting-edge EV fast-charging infrastructure across the Kingdom, therefore promoting the growth of the local automotive ecosystem and accelerating the adoption of electric vehicles. By 2030, the business intends to have a strong presence in over 1,000 places and deploy over 5,000 fast chargers.

These charging stations will be strategically located in cities and along important highways, in accordance with applicable legislation and standards. The company's ultimate purpose is to play a critical role in improving Saudi Arabia's automotive environment. It seeks to deliver the key charging infrastructure required to address the rising demand for electric vehicles through joint efforts with EV firms.

Furthermore, the firm intends to promote private sector engagement in the growth of its charging network, as well as to contribute to the localization of R&D and the manufacture of technologically innovative materials, therefore developing domestic competence and resilience.

PIF's co-head of MENA Direct Investments, Omar Al-Madhi, emphasised the Electric Vehicle Infrastructure Company's strategic relevance in accelerating the EV transition. He emphasised the implementation of widely available EV charging infrastructure as a crucial driver of the EV ecosystem's growth. The collaboration with SEC is viewed as a tool to expedite synergies across the EV supply chain, hence contributing to economic growth and diversification in line with Vision 2030.

SEC CEO Khalid Bin Hamad Al-Gnoon emphasised the company's commitment to advancing Saudi Arabia's status as a sustainable energy leader. This project is consistent with the Kingdom's overall initiatives to promote sophisticated energy solutions and boost the energy sector's value. The establishment of the Electric Vehicle Infrastructure Company is part of PIF's larger goal to strengthen Saudi Arabia's automotive capabilities and position the nation as a worldwide leader in the electrified age of the automotive industry.

The project is intended to considerably contribute to Saudi Arabia's economic diversification ambitions, propelling non-oil GDP growth and providing new job possibilities.