RIYADH: Saudi Basic Industries Corp. has signed a memorandum of understanding with Public Investment Fund-backed electric vehicle manufacturer Ceer to explore collaboration on advanced materials and innovative solutions for the design, development and production of EVs.
The agreement will assess opportunities to integrate SABIC’s advanced materials and specialty solutions into Ceer’s vehicles while evaluating potential commercial partnerships and establishing a framework for future collaboration, according to a statement.
The partnership comes as Saudi Arabia accelerates efforts to establish a domestic EV industry under Vision 2030. Ceer, launched by PIF and Foxconn in 2022, is expected to contribute SR30 billion ($7.9 billion) to the Kingdom’s gross domestic product by 2034 and create up to 30,000 direct and indirect jobs, according to official figures.
The deal also supports Ceer’s efforts to expand its domestic supplier network as it prepares to manufacture electric vehicles in the Kingdom. Earlier this year, the company signed 16 agreements worth more than SR3.7 billion, targeting 45 percent Saudi localization by 2034 and strengthening the Kingdom’s automotive supply chain.
Shared commitment to Vision 2030
