Saudi Investment Minister: EV likely to be 30% in kingdom

Saudi Investment Minister Eng. Khalid Al-Falih, said that the Kingdom is stick to its plan and has been advanced in different sectors in line with Vision 2030, including the GDP which has surpassed $1 trillion and targeting $1.6 trillion and $1.8 trillion, that is, the Kingdom’s economy will be one of the largest 15 economies over the world.

An electric vehicle (EV) assembly plant to be built in Saudi Arabia is likely to be one of three in the kingdom, Investment Minister Khalid Al-Falih said on the sidelines of the World Economic Forum, in Davos.

EV maker Lucid Motors, which is more than 60% owned by Saudi Arabia’s sovereign wealth fund (the PIF), plans to build its first overseas production factory in the Kingdom later this year.

Falih commented: “We launched the national investment strategy by which we provided all chances and inputs towards a diversified economy.”

He said also that Saudi Arabia targets attracting $175 billion foreign investment annually from $20 billion currently.

He stressed that foreign investment is the main incentive of all investments, and the Kingdom’s economic rise will enhance competitiveness in the region.

Moreover, Falih added that Saudi Arabia is the world’s largest investor in green hydrogen.