Saudi Arabia’s PIF and SEC Power Up EV Revolution with New Infrastructure Company

Saudi Arabia’s Public Investment Fund (PIF) and Saudi Electricity Company (SEC) have jointly launched the Electric Vehicle Infrastructure Company, with PIF holding a 75% stake and SEC owning the remaining 25%.

The company’s goal is to establish top-notch electric vehicle (EV) fast-charging infrastructure in Saudi Arabia, deploying over 5,000 fast chargers in more than 1,000 locations by 2030. This initiative aims to boost the local automotive ecosystem and hasten the adoption of EVs, aligning with regulations and standards.

The Electric Vehicle Infrastructure Company plans to collaborate with EV companies to meet future demand for charging stations and foster private sector involvement in station development. Additionally, it aims to support the local research and development, as well as manufacturing of advanced materials, contributing to domestic expertise and resilience.

Omar Al Madhi, Co-Head of MENA Direct Investments at PIF, expressed that the company will lead the EV transition by deploying widespread and high-quality charging infrastructure. Through the partnership with SEC, they aim to create synergies across the EV supply chain, driving economic growth and diversification in line with Vision 2030, positioning Saudi Arabia as a leader in the electrified automotive industry.

Khalid Bin Hamad Al Gnoon, CEO at SEC, highlighted the company’s commitment to enhancing Saudi Arabia’s position as a sustainable energy leader, aligning with the nation’s efforts to promote advanced energy solutions and increase the value added by the energy sector.

The launch of the Electric Vehicle Infrastructure Company aligns with PIF’s strategy to expand Saudi Arabia’s automotive capabilities, fostering global competitiveness and positioning the country as a leader. This initiative supports Saudi Arabia’s economic diversification goals, driving growth in non-oil GDP and creating new employment opportunities.

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