Riyadh – Mubasher: The Saudi Public Investment Fund (PIF) has launched the National Automotive and Mobility Investment Company (Tasaru Mobility Investments), according to a press release.
The investment firm will focus on developing local supply chain capabilities for the automotive and mobility industry in Saudi Arabia. It also aims to back the sector's growth and deliver long-term returns by leveraging manufacturing expertise and deploying the latest advanced technologies.
The launch aligns with PIF’s strategy to boost Saudi Arabia’s automotive capabilities in order to make the Kingdom a global leader in the sector.
Omar Al Madhi, Chairman of Tasaru Mobility Investments, said: “Through a combination of strategic investments and private sector partnerships, 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.”
Tasaru Mobility Investments will reinforce the adoption of enhanced technologies and pursue sustainable opportunities in the sector.
The new entity will accelerate the transition to electric vehicles and future mobility solutions. Hence, it will contribute to achieving Saudi Arabia’s environmental objectives, including its net zero 2060 target as well as PIF’s net zero 2050 target.
Earlier in October, PIF established Al Balad Development Company (BDC) to anchor the Gulf country’s economy and foster the real estate as well as tourism sectors.
