{"id":44184,"date":"2023-10-10T10:23:37","date_gmt":"2023-10-10T07:23:37","guid":{"rendered":"https:\/\/saudishopper.com.sa\/en\/?p=44184"},"modified":"2026-03-28T04:11:42","modified_gmt":"2026-03-28T01:11:42","slug":"pif-establishes-tasaru-mobility-investments-to-enable-the-development-of-saudi-arabias-automotive-and-mobility-ecosystem","status":"publish","type":"post","link":"https:\/\/saudishopper.com.sa\/en\/pif-establishes-tasaru-mobility-investments-to-enable-the-development-of-saudi-arabias-automotive-and-mobility-ecosystem\/","title":{"rendered":"PIF Establishes \u201cTasaru Mobility Investments\u201d to Enable the Development of Saudi Arabia\u2019s Automotive and Mobility Ecosystem"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Riyadh, KSA &#8211; 10 October 2023<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Tasaru Mobility Investments will drive strategic investments and partnerships with local and global private sector companies to localize manufacturing expertise and cutting-edge technologies&nbsp;<\/li>\n\n\n\n<li>The company\u2019s first investment is a joint venture with the Saudi private sector to develop an automotive logistics hub in King Abdullah Economic City<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>RIYADH, 10 October 2023 \u2013<\/strong>&nbsp;The Public Investment Fund (PIF) today announced the launch of the National Automotive and Mobility Investment Company (\u201cTasaru Mobility Investments\u201d or the \u201cCompany\u201d), an investment company focused on developing local supply chain capabilities for the automotive and mobility industry in Saudi Arabia.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tasaru Mobility Investments will drive strategic investments and partnerships with both local and global private sector companies. It aims to support sector growth and deliver long-term returns through the localization of manufacturing expertise and the latest cutting-edge technologies that will accelerate the development of Saudi Arabia\u2019s electric vehicle and autonomous mobility ecosystem. By boosting local capabilities, the Company will support Saudi Arabia\u2019s wider efforts to become a global leader in this vital industry.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The launch of Tasaru Mobility Investments is in line with PIF\u2019s strategy to expand Saudi Arabia\u2019s automotive capabilities to make the country competitive on the world stage, and ultimately position it as a global leader in the sector. PIF has made significant investments in the future of mobility, including establishing Saudi Arabia\u2019s first national electric vehicle brand, Ceer, in partnership with Foxconn, as well as investing in US-based Lucid Motors. On September 27, Lucid announced that its first international manufacturing plant \u2013 also situated in KAEC \u2013 had opened with plans to eventually produce up to 155,000 vehicles per year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Michael M\u00fcller has been appointed as the Chief Executive Officer (CEO) of Tasaru Mobility Investments. He brings more than 25 years of experience in the automotive industry, having previously held senior management positions at Porsche AG and Volkswagen Group, including heading up both brands in Saudi Arabia, and CEO of Porsche in Central and Eastern Europe.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Company\u2019s first investment is a joint venture with Zamil Group Real Estate Company, Abdullah Ibrahim Alkhorayef Sons Company and Dar Al-Himmah Projects Company Limited to develop an automotive logistics hub in King Abdullah Economic City (KAEC), which will serve the aftermarket parts industry. Tasaru Mobility Investments will be a majority shareholder in the new venture, leveraging special economic zone advantages and playing a pivotal role in attracting global suppliers and enhancing trade. The investment complements KAEC\u2019s ambition to become an automotive manufacturing and logistics hub.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Omar Al-Madhi, Co-Head of MENA Direct Investments at PIF and Chairman of Tasaru Mobility Investments, said:<\/strong>&nbsp;\u201cThrough 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\u2019s electric vehicle and autonomous mobility industries. The establishment of the company demonstrates PIF\u2019s commitments to diversify the economy, improve sustainability and localize technology and sector-specific knowledge.\u201d&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tasaru Mobility Investments will support research and development, increase the adoption of advanced technologies, and pursue sustainable opportunities in the sector. By accelerating the transition to electric vehicles and future mobility solutions, the company will make an important contribution towards Saudi Arabia\u2019s environmental objectives, including its net zero 2060 target, as well as PIF\u2019s own net zero 2050 target.&nbsp;\u200b<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Riyadh, KSA &#8211; 10 October 2023 RIYADH, 10 October 2023 \u2013&nbsp;The Public Investment Fund (PIF) today announced the launch of the National Automotive and Mobility Investment Company (\u201cTasaru Mobility Investments\u201d or the \u201cCompany\u201d), an investment company focused on developing local supply chain capabilities for the automotive and mobility industry in Saudi Arabia.&nbsp; Tasaru Mobility Investments [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":44185,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_yoast_wpseo_meta-robots-noindex":"1","_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","_pr_autopilot_social_copy":"","_yoast_wpseo_opengraph_title":"","_yoast_wpseo_opengraph_description":"","_yoast_wpseo_opengraph_image":"","_yoast_wpseo_opengraph_image_id":0,"_yoast_wpseo_twitter_title":"","_yoast_wpseo_twitter_description":"","_yoast_wpseo_twitter_image":"","_yoast_wpseo_twitter_image_id":0,"_yoast_wpseo_primary_category":26,"_extra_hide_author_box":"","_extra_featured_post":"","_partner_post_id":0,"footnotes":""},"categories":[26,24],"tags":[],"class_list":["post-44184","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-automotive","category-economy","et-has-post-format-content","et_post_format-et-post-format-standard"],"yoast_head":"<!-- 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