[ad_1]
Of the awareness e of Middle Eastern investments in the renewables sector we had already talked about in this article, with particular reference to green investments ofSaudi Arabia, which has decided to create its own electric car brand.
Ceer, the newborn brand, is a joint venture between the Public Investment Fund (PIF), the Saudi sovereign wealth fund, and the Apple iPhone contract maker Foxconnwhich will license components from BMW and should bring the first cars (including luxury sedans and SUVs) to the Middle East and North African (MENA) market in the 2025.
The Saudi oil industry has recorded record profits during this year’s energy crisisand much of this wealth has flowed into the PIF, which has raised $ 2 trillion in funding since its inception in 1971, largely from the initial public offering of the national oil company Aramco.
The fund currently invests and finances companies operating in sectors other than oil, including those engaged in the production of electric vehicles. According to plan Saudi Vision 2030strongly desired by the Saudi government to break away from oil, the PIF will become the largest sovereign fund in the world.
Saudi Arabia is also in the sights of Lucid (company in which the PIF has invested significantly); the electric vehicle manufacturer stands planning a factory in Saudi Arabia, whose vehicle production will start in 2025. For its part, the Middle Eastern country plans to buy up to 100,000 electric vehicles from Lucidwith initial deliveries scheduled for the second quarter of 2023.
.
[ad_2]
Source link
