How PIF is accelerating the future of mobility now
Public Investment Fund (PIF)
The Public Investment Fund is Saudi Arabia's sovereign wealth fund.
From launching Saudi Arabia’s first national electric vehicle brand, Ceer, to its support of the country’s National Automotive & Vehicles Academy (NAVA), PIF is investing across the entire automotive and mobility ecosystem – building a “future-proof” domestic sector from the ground up.
It is an industry with strong potential to create highly skilled jobs, boost non-oil GDP, and address gaps in regional capabilities. Investments by PIF are also set to create vast opportunities for the private sector and advances in research and development.
“PIF is focusing on future-proof technologies,” said Muhammad AlShiha, Head of Automotive & Mobility Sector, MENA Investments Division, at PIF. For the automotive sector, this means concentrating on electric and hydrogen vehicles “to ensure a more sustainable future,” he noted.
PIF’s investments are also driving economic growth and diversification, in line with Vision 2030. The Fund invested in U.S. electric vehicle company Lucid – which in September opened Saudi Arabia’s first-ever car manufacturing facility – and launched Ceer, which in March awarded a contract for its own EV complex.
“This complex will be a benchmark for industrial excellence within the region and globally. It will feature the best technologies, equipment, and people, supported by partnerships with global industry leaders such as Dürr, Schuler, Siemens, ABB, and many more,” said Jim DeLuca, CEO, Ceer.
The foundations of the automotive industry in Saudi Arabia have been firmly laid, and the country is now moving into the stage of growing its suppliers industry, notes AlShiha.
Examples of this next phase include PIF’s joint venture with Pirelli to manufacture high-quality tires, and a JV with Hyundai Motor Company to establish a state-of-the-art automotive manufacturing plant in Saudi Arabia.
Along with such partnerships with global brands, PIF also formed a JV with Saudi Electricity Company to launch the Electric Vehicle Infrastructure Company (EVIQ), which will deliver fast-charging infrastructure across Saudi Arabia. This investment aims to further unlock the local automotive ecosystem and accelerate the adoption of EVs.
This focus is further supported by PIF-owned TASARU Mobility Investments, which is driving strategic investments and partnerships with both local and global private sector companies. Its aim is to boost Saudi Arabia’s electric vehicle and autonomous mobility ecosystem.
AlShiha cited the establishment of a battery-manufacturing facility, and investments in the recycling of cars when they reach their end of life, as examples of how PIF is supporting the global circular economy and a more sustainable tomorrow. It will be a future built by a highly skilled workforce, something supported by the recent launch of the NAVA, which was seeded by PIF and will help prepare the talent required for an advanced ecosystem.
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“PIF has been our founding sponsor in terms of financial contributions, and PIF is also supporting NAVA in connecting us with all the partners within the automotive ecosystem as well as with other private sector entities around the Kingdom,” said Jawad Khan, Managing Director, NAVA and Advisor, National Development Division, PIF.
By driving the application of contemporary technologies and providing attractive job prospects, PIF is building Saudi Arabia’s potential as a global manufacturing hub – and a leader in the automotive industry’s new electrified era.
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6moPIF’s strategic investments are revolutionizing Saudi Arabia's automotive and mobility sectors. Their focus on electric and hydrogen vehicles aligns with global sustainability trends. As a Visionary Global Tech Exec, I commend PIF's holistic approach, from partnerships with Lucid and Hyundai to initiatives like EVIQ and NAVA. These efforts will drive economic growth, job creation, and technological advancement, positioning Saudi Arabia as a leader in the new era of electrified mobility. Exciting times ahead!