PIF sets up Tasaru mobility investments

Saudi Arabia’s Public Investment Fund (PIF) launched today, Oct. 10, the National Automotive and Mobility Investment Co. (Tasaru Mobility Investments) specialized in developing local supply chain capabilities for the automotive and mobility industry in the Kingdom.

According to a statement by the fund, the new mobility investments company 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’s electric vehicle and autonomous mobility ecosystem.

By boosting local capabilities, the company will support Saudi Arabia’s wider efforts to become a global leader in this vital industry, the statement added.

The step comes in line with its strategy to expand Saudi Arabia’s automotive capabilities to boost its global competitiveness, and ultimately position it as a global leader in the sector, the Kingdom Sovereign wealth fund noted.

PIF has made significant investments in the future of mobility, including establishing Saudi Arabia’s first national electric vehicle brand, Ceer, in partnership with Foxconn, as well as investing in US-based Lucid Motors.

On Sept. 27, Lucid announced that its first international manufacturing plant – also situated in KAEC – had opened with plans to eventually produce up to 155,000 vehicles per year.

The fund appointed Michael Müller as Tasaru Mobility Investments CEO, bringing 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.

The company’s first investment is a joint venture with Zamil Group Real Estate Co., Abdullah Ibrahim Alkhorayef Sons Co. and Dar Al-Himmah Projects Co. Ltd. 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’s ambition to become an automotive manufacturing and logistics hub.

Omar Al-Madhi, Co-Head of MENA Direct Investments at PIF and 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. The establishment of the company demonstrates PIF’s commitments to diversify the economy, improve sustainability and localize technology and sector-specific knowledge.”

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’s environmental objectives, including its net zero 2060 target, as well as PIF’s own net zero 2050 target.

Source : Argaam