In a significant move towards diversifying its economy and embracing clean energy initiatives, Saudi Arabia has set its sights on becoming a prominent global player in the manufacturing of electric vehicles (EVs) and related products, including electric batteries. This bold endeavor was unveiled by Minister of Industry and Mineral Resources, Bandar Al-Khorayef, during the inauguration of Lucid Motor’s first EV manufacturing plant in Saudi Arabia, situated in the King Abdullah Economic City (KAEC) within the Rabigh governorate.
“National Industrial Strategy: Paving the Way for a Sustainable Private Sector-Led Economy”
Minister Al-Khorayef emphasized that this milestone underscores the successful implementation of the National Industrial Strategy (NIS) and its unwavering commitment to establishing a dynamic, competitive, and sustainable industrial economy led by the private sector. The EV sector has been identified as one of the twelve strategic industrial sectors under the NIS, designed to catalyze industrial growth throughout the Kingdom.
He underlined that this initiative goes beyond just establishing another vehicle manufacturing facility; it represents a visionary bet on the future through technology and innovation. The ultimate goal is for Saudi Arabia to emerge as a global leader in the EV industry and its associated products.
“Lucid Motor’s EV Plant Inauguration: A Green Milestone in Saudi Arabia’s Investment Ecosystem”
The inauguration of Lucid Motor’s EV manufacturing plant also aligns with Saudi Arabia’s dedication to clean energy and green economic initiatives. Minister Al-Khorayef emphasized that this commitment signifies the Kingdom’s intent to foster a vibrant ecosystem for investment across various sectors.
Lucid Group’s decision to establish its manufacturing headquarters in Saudi Arabia for the Middle East region underscores the strategic importance of the Kingdom’s unique geographical location. This strategic choice positions Lucid Group to direct a significant portion, approximately 85%, of its production towards global export markets.
“Fostering Growth: Saudi Arabia’s Pursuit of Top-Tier Auto Industry Suppliers”
Minister Al-Khorayef further highlighted the opportunities presented by the automobile industry. The Ministry is actively collaborating to attract top-tier tier 1 and tier 2 suppliers, a crucial step in fortifying the industrial sector within Saudi Arabia.
As Saudi Arabia embarks on this transformative journey towards becoming a global hub for EV manufacturing, it signifies a shift towards a sustainable, technology-driven future while creating promising prospects for economic growth and development in the Kingdom.
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