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Saudi ‘Ceer’ to Unveil First Electric Car Models by End of 2025

An engineer at Ceer (company website)
An engineer at Ceer (company website)
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Saudi ‘Ceer’ to Unveil First Electric Car Models by End of 2025

An engineer at Ceer (company website)
An engineer at Ceer (company website)

Saudi electric vehicle maker Ceer, owned by the Public Investment Fund (PIF), plans to unveil its first two electric models—the Sedan and E-Class SUV—in late 2025.

This is part of its effort to build a full vehicle manufacturing ecosystem in the Kingdom, support the sector's growth, and create job opportunities, aligning with Vision 2030.

James DeLuca, CEO of Ceer, told Asharq Al-Awsat that production at its $1.3 billion Ceer Manufacturing Complex (CMC) is expected to start by 2026.

The complex will be part of the King Salman Automotive Cluster, named by Crown Prince Mohammed bin Salman earlier this month.

DeLuca highlighted that the King Salman Automotive Cluster is establishing a comprehensive industrial ecosystem for vehicle manufacturing, featuring advanced infrastructure and a supportive environment.

This will significantly boost Ceer’s ability to produce vehicles, attract further investments and partnerships, and accelerate the Kingdom’s transformation into a global hub for sustainable vehicle production.

Ceer aims to add $8 billion to Saudi Arabia’s GDP by 2034 and boost non-oil GDP by $24 billion to $34.6 billion, according to DeLuca. The company also expects to attract $150 million in foreign investment and create 30,000 direct and indirect jobs.

The company’s investment totals SAR6.6 billion ($1.76 billion).

DeLuca said Ceer plans to design, produce, and sell Sedan and SUV models in the E, D, and C categories. The CMC is central to the company’s goal of building a local electric vehicle industry, allowing it to deliver products that meet local and regional demands.

He also mentioned that Ceer is focusing on developing national talent by attracting global experts for knowledge transfer and job training. The company is also partnering with institutions to train Saudi talent.

Ceer offers Saudi graduates hands-on training with global automotive experts, helping to prepare skilled professionals for the Kingdom’s growing automotive sector.

At PIF’s Private Sector Forum 2025 in Riyadh, Ceer announced 11 agreements worth SAR 5.5 billion ($1.5 billion), 80% of which were with local private-sector companies.

This supports Ceer’s goal of localizing 45% of its supply chains and contributing to the Kingdom’s Vision 2030.

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Business

IMF Says Constructive US-China Dialogue Good for World Economy

The US and Chinese flag at the Great Hall of the People prior to the state dinner of President Donald Trump and Chinese President Xi Jinping on Thursday May 14, 2026, in Beijing. (AP Photo/Mark Schiefelbein)
The US and Chinese flag at the Great Hall of the People prior to the state dinner of President Donald Trump and Chinese President Xi Jinping on Thursday May 14, 2026, in Beijing. (AP Photo/Mark Schiefelbein)
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IMF Says Constructive US-China Dialogue Good for World Economy

The US and Chinese flag at the Great Hall of the People prior to the state dinner of President Donald Trump and Chinese President Xi Jinping on Thursday May 14, 2026, in Beijing. (AP Photo/Mark Schiefelbein)
The US and Chinese flag at the Great Hall of the People prior to the state dinner of President Donald Trump and Chinese President Xi Jinping on Thursday May 14, 2026, in Beijing. (AP Photo/Mark Schiefelbein)

The International Monetary Fund said on Thursday that it welcomes the initial positive dialogue between US President Donald Trump and Chinese President Xi Jinping, adding that reducing tension and uncertainty between the world's ⁠two largest economies ⁠was good for the world.

"It's very important, of course, that the world's two largest economies are engaging ⁠at the highest level," IMF spokesperson Julie Kozack told a news briefing when asked about the Trump-Xi summit's initial outcomes in Beijing.

"We certainly welcome the fact that there's a constructive dialogue between ⁠the ⁠two countries. Anything that is going to help reduce trade tensions and reduce uncertainty is good for both of those large economies, and, of course, good for the global economy as well," Kozack added, according to Reuters.

Kozack also said that that the IMF was paying close attention to the energy shock caused by ⁠the conflict in the Middle East and its implications for ⁠fertilizer shipments.

History showed it took about six months for increases in fertilizer prices to translate into higher food prices, ⁠and ⁠in some cases reduced yields and food security issues, Kozack added.

Business

Iraq Reportedly Sought Financial Assistance from IMF as a Result of Iran War

FILE PHOTO: A view of the International Monetary Fund logo at its headquarters in Washington, D.C., US, November 24, 2024. REUTERS/Benoit Tessier/File Photo
FILE PHOTO: A view of the International Monetary Fund logo at its headquarters in Washington, D.C., US, November 24, 2024. REUTERS/Benoit Tessier/File Photo
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Iraq Reportedly Sought Financial Assistance from IMF as a Result of Iran War

FILE PHOTO: A view of the International Monetary Fund logo at its headquarters in Washington, D.C., US, November 24, 2024. REUTERS/Benoit Tessier/File Photo
FILE PHOTO: A view of the International Monetary Fund logo at its headquarters in Washington, D.C., US, November 24, 2024. REUTERS/Benoit Tessier/File Photo

Iraqi officials have approached the International Monetary Fund about securing financial assistance as a result of the conflict in the Middle East, a source close to the IMF said on Thursday.

Initial conversations took place last month during the spring meetings of the IMF and World Bank in Washington, and discussions are ongoing about how much funding Iraq would need and how any loan would be structured, the source told Reuters.

IMF spokeswoman Julie Kozack said the IMF was working with the World Bank and the International Energy Administration to assess the impact of the war and its impact on member countries. She said the Fund was also engaged in active discussions with its members, many of whom were seeking policy advice.

She noted that IMF Managing Director Kristalina Georgieva had said the IMF could see demand from at least 12 ⁠countries for $20 ⁠billion to $50 billion, but declined to give any details on which countries had requested help.

No comment was immediately available from the Iraqi government or its embassy in Washington.

Iraq has the world's fifth largest petroleum reserves, and the economy is closely tied to oil exports.

Iraq's last financial deal with the IMF was a $3.8 billion standby arrangement that expired in July 2019, of which $1.49 billion was drawn, according to the IMF's website.

Iraq owes the global lender $2.39 billion, including some $891 million provided under a rapid financing instrument, the website shows.

Business

Oil Prices Dip after Iran Says Dozens of Vessels are Crossing Hormuz

(FILES) The price per litre of unleaded petrol and diesel is pictured in front a Shell petrol station in Wrotham Heath, south east England on May 7, 2026. British energy giant Shell announced on May 7, 2026 a 19-percent increase in net profits for the first quarter as the Middle East war sent oil and gas prices soaring in volatile trading. (Photo by Ben STANSALL / AFP)
(FILES) The price per litre of unleaded petrol and diesel is pictured in front a Shell petrol station in Wrotham Heath, south east England on May 7, 2026. British energy giant Shell announced on May 7, 2026 a 19-percent increase in net profits for the first quarter as the Middle East war sent oil and gas prices soaring in volatile trading. (Photo by Ben STANSALL / AFP)
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Oil Prices Dip after Iran Says Dozens of Vessels are Crossing Hormuz

(FILES) The price per litre of unleaded petrol and diesel is pictured in front a Shell petrol station in Wrotham Heath, south east England on May 7, 2026. British energy giant Shell announced on May 7, 2026 a 19-percent increase in net profits for the first quarter as the Middle East war sent oil and gas prices soaring in volatile trading. (Photo by Ben STANSALL / AFP)
(FILES) The price per litre of unleaded petrol and diesel is pictured in front a Shell petrol station in Wrotham Heath, south east England on May 7, 2026. British energy giant Shell announced on May 7, 2026 a 19-percent increase in net profits for the first quarter as the Middle East war sent oil and gas prices soaring in volatile trading. (Photo by Ben STANSALL / AFP)

Oil prices dipped on Thursday after Iran's state media said about 30 vessels had crossed the Strait of Hormuz in recent hours while the semi-official Fars news agency cited a source saying Iran had begun allowing transit for some Chinese vessels.

Meanwhile, the White House, speaking of US President Donald Trump's meeting with Chinese President Xi Jinping, said both leaders agreed the Strait of Hormuz must be open for the free flow of energy. Xi said the "rejuvenation of China" and "Make America Great Again" can go hand in hand.

Easing from an earlier high of $107.13 a barrel, Brent crude oil futures were down 60 cents, or 0.6%, to $105.03 a barrel at 1422 GMT. US West Texas Intermediate futures dropped 52 cents, or 0.5%, to $100.50.

Both contracts fell on Wednesday as investors worried about possible US interest rate hikes as higher fuel prices spur inflationary pressures. Brent crude futures lost more than $2 a barrel, while WTI futures dropped more than $1.

Xi expressed interest in purchasing more US oil to reduce China's dependence on the Strait of Hormuz, according to the White House. China, never a big buyer of US crude, has not imported any since May 2025 due to a 20% import tariff imposed during the trade war.

The Strait of Hormuz, a key energy gateway, has been largely shut since the Iran war broke out at the end of February.

Iran appears to have tightened its control over the strait, cutting deals with Iraq and Pakistan to ship oil and liquefied natural gas from the region.

Before the Fars report, a Chinese supertanker carrying 2 million barrels of Iraqi crude sailed through the strait on Wednesday after being stranded in the Gulf for more than two months.

A Panama-flagged crude oil tanker managed by Japanese refining group Eneos has also passed through the strait, ship-tracking data from LSEG showed on Thursday, the second instance of a Japan-linked oil ship making it through.

Global oil supply will fall short of total demand this year as inventories are drained at an unprecedented pace, the International Energy Agency said on Wednesday.

In the United States, crude inventories fell by 4.3 million barrels to 452.9 million barrels for the week ended May 8 on rising exports, the EIA said, although distillates stockpiles rose, in opposition to expectations of a draw.