Riyadh - Sharikat Mubasher: The Saudi Public Investment Fund (PIF) focuses on adopting future-proof technologies to boost the Saudi automotive sector, Muhammad AlShiha, Head of Automotive and Mobility Sector in MENA Investments Division at PIF, stated.
The fund shifted its focus to electric and hydrogen vehicles as it believes “the future of mobility is clean,” AlShiha said in an interview with the PIF.
Speaking about the PIF’s pivotal role in accelerating the future of the mobility industry in Saudi Arabia, the official shed light on Tasaru Mobility Investments which will be the fund’s automotive investment arm that invests locally and internationally.
AlShiha clarified that PIF’s local investments include establishing a batteries facility in addition to investing in the recycling of batteries and the car itself to promote a circular economy.
“We’re seeing the automotive industry in Saudi Arabia is shaping up, now we’re starting to move to phase two which is focusing on the suppliers or the parts that go into the vehicle,” AlShiha noted.
Regarding PIF’s partnership with the global tire manufacturer Pirelli, AlShiha affirmed that it contributes to the localization of the value chain and brings more value into the Kingdom as it uses a lot of local feedstock from the local petrochemical industry.
Moreover, he added that the partnership will bring a lot of research and development in the area of tires as well as years of manufacturing expertise to the Kingdom.
