Saudi Arabia's Emaar, The Economic City has sold an industrial land plot worth $95.6 million (SAR 359 million) to Ceer, the Gulf state's first electric vehicle brand, to build a manufacturing facility at King Abdallah Economic City (KAEC), according to a statement released Tuesday. Construction at the site — located in Industrial Valley (IV) and close to King Abdullah Port — will begin in early 2023, added the statement. Ceer's manufacturing facility will span over 1 million square meters and is set to create 30,000 direct and indirect highly-skilled jobs, the majority of which will be filled by Saudi nationals.
The company, a joint venture between Public Investment Fund (PIF) and Hon Hai Precision Industry Co. (Foxconn), will manufacture a portfolio of technologically advanced sedans and sports utility vehicles at the factory in KAEC. Vehicles are scheduled to be available from 2025 onwards, noted the statement.
The first Saudi electric vehicle brand will work towards making the factory a zero waste to the landfill site, it said, contributing to Saudi Arabia’s efforts towards carbon emissions reduction and driving sustainability to address the impact of climate change.
"KAEC offers us a great location with world-class logistics, effective access for our global and Saudi-based suppliers, and an ideal location to base and develop our future workforce," Ceer CEO James DeLuca said in the statement.
The firm hopes to attract more than $150 million of foreign direct investment and directly contribute $8 billion to Saudi Arabia's gross domestic product (GDP) by 2034, a statement said earlier this month.
