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Saudi Arabia to Develop Investment in Autonomous Vehicle Industry

The signing ceremony of the memorandum of understanding (MoU) with Rigel Capital Management and Clevon (Asharq Al-Awsat)
The signing ceremony of the memorandum of understanding (MoU) with Rigel Capital Management and Clevon (Asharq Al-Awsat)
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Saudi Arabia to Develop Investment in Autonomous Vehicle Industry

The signing ceremony of the memorandum of understanding (MoU) with Rigel Capital Management and Clevon (Asharq Al-Awsat)
The signing ceremony of the memorandum of understanding (MoU) with Rigel Capital Management and Clevon (Asharq Al-Awsat)

The Saudi government is moving towards developing investment in the automotive industry and autonomous vehicle technology.

The Saudi Ministry of Investment signed Tuesday a memorandum of understanding (MoU) with Rigel Capital Management and Clevon, setting the stage for investment development in automotive manufacturing and autonomous vehicle technology.

The government has taken accelerated steps towards adopting modern transportation systems, the latest of which was the announcement of Saudi Crown Prince Mohammed bin Salman, who launched Ceer last November, the first Saudi electric vehicle brand.

Ceer, launched by the Public Investment Fund (PIF), will design, manufacture, and sell electric vehicles with advanced technical systems, such as the autonomous feature in the Kingdom and the Middle East region, including sedans and four-wheel drives.

Ceer is a joint venture between PIF and Foxconn, which will license component technology from BMW for use in the vehicle development process.

Foxconn will develop the electrical architecture of the vehicles, resulting in a portfolio of products that will lead to infotainment, connectivity, and autonomous driving technologies.

Each vehicle will be tested to the highest global automotive quality control and safety standards. Ceer cars are scheduled to be available in 2025.

Saudi Arabia, represented by the Ministry of Transport and Logistics Services, is completing the program for preparing legislative frameworks and policies for autonomous vehicles and electric cars to consolidate and sustain green logistics services and operations.

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UAE Says to Expand CEPAs in 2025

Al Zeyoudi said the agreements will strengthen rules-based international trade and enhance opportunities for trade in goods, services, and re-exporting. Asharq Al-Awsat
Al Zeyoudi said the agreements will strengthen rules-based international trade and enhance opportunities for trade in goods, services, and re-exporting. Asharq Al-Awsat
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UAE Says to Expand CEPAs in 2025

Al Zeyoudi said the agreements will strengthen rules-based international trade and enhance opportunities for trade in goods, services, and re-exporting. Asharq Al-Awsat
Al Zeyoudi said the agreements will strengthen rules-based international trade and enhance opportunities for trade in goods, services, and re-exporting. Asharq Al-Awsat

Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi has affirmed that the UAE will continue to increase its Comprehensive Economic Partnership Agreements (CEPAs) in 2025, targeting additional countries to maximize benefits for the UAE and its global trade partners.

Emirates News Agency (WAM) quoted Al Zeyoudi as saying that these agreements will strengthen rules-based international trade, drive sustainable development, increase investments, and enhance opportunities for trade in goods, services, and re-exporting.

In remarks to WAM, Al Zeyoudi explained that the UAE's CEPAs program is designed to expand the country's commercial and investment partnerships worldwide, positioning the UAE as a key gateway for non-oil goods and services and a global hub for business and investment.

He emphasized that these agreements reflect the UAE's vision, which recognizes the vital role of free trade based on clear rules in driving sustainable economic growth and inclusive development. The agreements' diversity and the UAE's ability to form valuable partnerships across five continents significantly increase opportunities for various sectors and open new markets.

Al Zeyoudi pointed out that the CEPAs have already had a positive effect on various areas of the UAE's foreign trade, particularly non-oil trade, re-export services, logistics, clean and renewable energy, technology, financial services, green industries, advanced materials, agriculture, and sustainable food systems.

He explained that CEPAs continue to have a tangible and direct impact on the country's foreign trade data, positively affecting various vital sectors, including the advanced technology sector.

Since the program's launch in September 2021 until early December 2024, the UAE has signed 24 CEPAs with countries and international blocs, covering approximately 2.5 billion people—about a quarter of the global population.

In the first half of 2024, UAE foreign trade reached a historic milestone, surpassing AED1.395 trillion, reflecting an 11.2% growth compared to the same period in 2023. The growth rates reached 28.8%, 54.7%, and 66%, compared to the same periods in 2022, 2021, and 2019, respectively.