RIYADH: Saudi Arabia’s first homegrown electric vehicle brand Ceer is expected to sign 16 agreements valued at SR3.7 billion ($990 million) at the PIF Private Sector Forum, said the company’s CEO.
Speaking at the forum, James DeLuca said that 90 percent of these agreements are not memorandums of understanding, but are commercial contracts.
Saudi Arabia is focused on creating a comprehensive EV ecosystem, and the government is aiming for 30 percent of vehicles in Riyadh to be electrified by 2030.
The official added that the company is expected to contribute over SR30 billion to Saudi Arabia’s gross domestic product as well as creating approximately 30,000 direct and indirect jobs by 2034.
“The most important part is 90 percent of these agreements are not MoUs. They are in fact commercial contracts, because, we are moving from planning to execution,” said De Luca.
