Latest news with #SAR6.6
Zawya
11-03-2025
- Business
- Zawya
Saudi to offer $3bln projects in Eastern province
Saudi Arabia is planning to offer 35 new investment projects worth around 11.05 billion Saudi riyals ($3 billion) in its Eastern Al-Ahsa province, a newspaper said on Tuesday. The new opportunities cover logistics, tourism, industry, and farming and they are part of ongoing plans to develop key sectors in the region, Alwatan said. The paper, citing a government report, said the logistics sector has the lions' share of the projects as it accounts for nearly 57 percent with a value of SAR6.6 billion ($1.7 billion). Projects in tourism are worth around SAR3.7 billion ($1 billion) and are intended to attract more tourists to the province and create new jobs for Saudis, the report said. (Writing by Nadim Kawach; Editing by Anoop Menon) (
Asharq Al-Awsat
14-02-2025
- Automotive
- Asharq Al-Awsat
Saudi ‘Ceer' to Unveil First Electric Car Models by End of 2025
Saudi electric vehicle maker Ceer, owned by the Public Investment Fund (PIF), plans to unveil its first two electric models—the Sedan and E-Class SUV—in late 2025. This is part of its effort to build a full vehicle manufacturing ecosystem in the Kingdom, support the sector's growth, and create job opportunities, aligning with Vision 2030. James DeLuca, CEO of Ceer, told Asharq Al-Awsat that production at its $1.3 billion Ceer Manufacturing Complex (CMC) is expected to start by 2026. The complex will be part of the King Salman Automotive Cluster, named by Crown Prince Mohammed bin Salman earlier this month. DeLuca highlighted that the King Salman Automotive Cluster is establishing a comprehensive industrial ecosystem for vehicle manufacturing, featuring advanced infrastructure and a supportive environment. This will significantly boost Ceer's ability to produce vehicles, attract further investments and partnerships, and accelerate the Kingdom's transformation into a global hub for sustainable vehicle production. Ceer aims to add $8 billion to Saudi Arabia's GDP by 2034 and boost non-oil GDP by $24 billion to $34.6 billion, according to DeLuca. The company also expects to attract $150 million in foreign investment and create 30,000 direct and indirect jobs. The company's investment totals SAR6.6 billion ($1.76 billion). DeLuca said Ceer plans to design, produce, and sell Sedan and SUV models in the E, D, and C categories. The CMC is central to the company's goal of building a local electric vehicle industry, allowing it to deliver products that meet local and regional demands. He also mentioned that Ceer is focusing on developing national talent by attracting global experts for knowledge transfer and job training. The company is also partnering with institutions to train Saudi talent. Ceer offers Saudi graduates hands-on training with global automotive experts, helping to prepare skilled professionals for the Kingdom's growing automotive sector. At PIF's Private Sector Forum 2025 in Riyadh, Ceer announced 11 agreements worth SAR 5.5 billion ($1.5 billion), 80% of which were with local private-sector companies. This supports Ceer's goal of localizing 45% of its supply chains and contributing to the Kingdom's Vision 2030.
