Riyadh - Sharikat Mubasher: The Saudi sovereign wealth fund, Public Investment Fund (PIF), established the National Automotive and Mobility Investment Company (Tasaru Mobility Investments) to develop local supply chain capabilities for the automotive and mobility industry in Saudi Arabia.

The new company will bolster strategic investments and partnerships between local and global private sector companies, SPA stated.

Tasaru aims to deliver long-term returns through the localization of manufacturing expertise and the latest cutting-edge technologies that will boost the development of the EVs and autonomous mobility ecosystem in the Kingdom.

Omar Al-Madhi, the Co-head of MENA Direct Investments at PIF and the Chairman of Tasaru, said: “Tasaru Mobility Investments aims to enhance the local supply chain and manufacturing capabilities to strengthen the end-to-end ecosystem for Saudi Arabia’s electric vehicle and autonomous mobility industries.”

“The establishment of the company demonstrates PIF’s commitment to diversify the economy, improve sustainability and localize technology and sector-specific knowledge,” Al-Madhi added.

Moreover, Tasaru Mobility Investments will support research and development, increase the adoption of advanced technologies, and pursue sustainable opportunities in the sector.