Tasaru Mobility Investments is a Saudi investment company specializing in developing local capabilities for the supply chains of the automotive and mobility sector in the Kingdom of Saudi Arabia. It was launched by the Public Investment Fund (PIF) on October 10, 2023.
Objectives of Tasaru Mobility Investments
"Tasaru Mobility Investments" aims to support the growth of the automotive and mobility sector in the Kingdom and achieve long-term returns by localizing manufacturing expertise and advanced technologies. These efforts will enable the ecosystem of electric and autonomous vehicles in the Kingdom.
The company contributes to strengthening the Kingdom's efforts to become one of the world's leading countries in this sector by enhancing local capabilities. It also leads strategic investments and partnerships with private sector companies locally and internationally.
First investment of Tasaru Mobility Investments
The first investment of Tasaru Mobility Investments is through a joint venture with several companies, aiming to develop a logistics center in King Abdullah Economic City. The center provides services specific to the complementary parts industries for automotive sector products.
Tasaru Mobility Investments is the largest shareholder in the joint venture, which aligns with the objectives of King Abdullah Economic City to become a hub for manufacturing and logistics services specific to the automotive sector. This project will benefit from the advantages of the special economic zone in King Abdullah Economic City and will effectively contribute to strengthening commercial opportunities and attracting global suppliers.
Role of Tasaru in the automotive and mobility sector
Tasaru Mobility Investments enhances the adoption of advanced technology in the automotive and mobility sector and supports research and development. It makes a qualitative contribution to supporting environmental goals, including achieving net-zero emissions for the Kingdom by 2060 and for the PIF by 2050, accelerating the shift towards electric vehicles and future mobility solutions.
The establishment of "Tasaru Mobility Investments" aligns with the PIF's strategy in stimulating the capabilities of the automotive sector in the Kingdom, enhancing the Kingdom's global competitiveness, and supporting its attainment of a leading international position. The fund's portfolio includes many specialized investments in the future mobility sector, including investment in "Ceer," the first Saudi brand for manufacturing electric vehicles, in addition to investing in "Lucid" electric cars, which opened its first global factory for producing electric vehicles in King Abdullah Economic City on September 27, 2023.
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