عربي English Türkçe اردو فارسى
Logo
Latest News
Business

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)
TT
20
TT

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.

Most Viewed

 
Business

Riyadh Hosts Saudi-Egyptian Industrial Forum

Officials are seen at the forum on Monday. (SPA)
Officials are seen at the forum on Monday. (SPA)
TT
20
TT

Riyadh Hosts Saudi-Egyptian Industrial Forum

Officials are seen at the forum on Monday. (SPA)
Officials are seen at the forum on Monday. (SPA)

The Saudi-Egyptian Industrial Forum kicked off in Riyadh on Monday under the patronage of Minister of Industry and Mineral Resources Bandar Alkhorayef. The forum aims to bolster strategic industrial cooperation and integration between the two countries.

Organized by the Federation of Saudi Chambers of Commerce in collaboration with the Federation of Egyptian Industries, the forum witnessed the participation of Deputy Minister for Industrial Affairs Eng. Khalil bin Salamah, Saudi Export Development Authority CEO Abdulrahman Althukair, and 300 prominent Saudi and Egyptian industry leaders and investors.

Bin Salamah underscored the significance of strengthening economic cooperation and industrial integration between Saudi Arabia and Egypt. He advocated for enhanced industrial partnerships within five priority sectors identified in the Kingdom's National Industrial Strategy: pharmaceuticals, automotive, building materials, textiles, and food industries.

He highlighted the evolving strategic integration between the two countries across initiatives like "Saudi Made,Future Factories," and "Made in Egypt," as well as in the broader goods and services sector. Bin Salamah urged Egyptian industrialists to capitalize on the industrial investment opportunities available in the Kingdom, citing its ambitious plans to establish 24,000 new factories over the next decade.

Federation of Saudi Chambers of Commerce Chairman Hassan Alhwaizy hailed the forum as a crucial milestone in Saudi-Egyptian industrial collaboration, emphasizing the strategic partnership underpinning their economic relations, particularly in the industrial sector.

Federation of Egyptian Industries Chairman Mohamed El-Sewedy stated that current global challenges are accelerating the need for industrial integration between the two countries, strengthening their partnership to tap into the African market's potential.

Saudi-Egyptian Business Council Chairman Bandar Al-Ameri highlighted the substantial growth in trade exchange between Saudi Arabia and Egypt in recent years, fueled by developing economic partnerships between their respective business communities. He emphasized that signing the agreement to protect and encourage mutual investments represents a strategic achievement serving their shared interests.