Saudi Public Investment Fund (PIF) has launched the National Automotive and Mobility Investment Company (Tasaru Mobility Investments), an investment company focused on developing local supply chain capabilities for the automotive and mobility industry.
Tasaru Mobility Investments will lead strategic investments and partnerships with local and international private sector companies in Saudi Arabia.
It aims to support the sector's growth and achieve long-term returns by localizing manufacturing expertise and advanced technologies that will empower the electric car and autonomous mobility ecosystem in the Kingdom.
The new company will support the Kingdom's efforts to become a global leader in this vital sector by boosting local capabilities.
The establishment of Tasaru Mobility Investments is in line with the Fund's strategy to stimulate the capabilities of the automotive sector in the Kingdom, thus enhancing the Kingdom's global competitiveness and ultimately positioning it as a global leader in the industry.
The Fund's portfolio includes many specialized investments in the future mobility sector, including investment in Ceer company, the first Saudi national brand for manufacturing electric cars, in partnership with Foxconn.
On September 27, US-based Lucid Motors opened its first global factory to produce electric cars in King Abdullah Economic City (KAEC), with plans to reach its capacity of 155,000 vehicles annually.
Michael Mueller was appointed CEO of Tasaru Mobility Investment. He brings over 25 years of experience in the automotive industry, having previously held many senior management positions in several major companies, such as the Porsche AG and the Volkswagen Group in the Kingdom and Europe.
Tasaru Mobility Investment will launch its first investment through a joint project with Zamil Group Real Estate Company, Abdullah Ibrahim al-Khorayef Sons, and Dar al-Himma Projects Limited.
The project aims to develop a logistics center in King Abdullah Economic City (KAEC), serving the aftermarket parts industry.
Tasaru Mobility Investments will be a majority shareholder in the new venture, leveraging special economic zone advantages and playing a pivotal role in attracting global suppliers and enhancing trade.
The investment complements KAEC's ambition to become an automotive manufacturing and logistics hub.
Co-head of MENA Direct Investments at PIF and Chairman of Tasaru Mobility Investments Omar al-Madhi announced that Tasaru Mobility Investments aims to enhance the local supply chain and manufacturing capabilities.
Omar noted it would strengthen the end-to-end ecosystem for Saudi Arabia's electric vehicle and autonomous mobility industries.
"The company's establishment demonstrates PIF's commitments to diversify the economy, improve sustainability, and localize technology and sector-specific knowledge."
Tasaru will support research and development, increase the adoption of advanced technologies, and pursue sustainable opportunities in the sector.
By accelerating the transition to electric vehicles and future mobility solutions, the company will make an essential contribution towards Saudi Arabia's environmental objectives, including its net zero 2060 target and PIF's net zero 2050 target.
