PIF-backed Lucid to export Saudi-made EVs regionally, globally, official reveals

At the EV Auto Show in Riyadh, Ali Rizvi, director of Business Operations at Lucid Middle East, revealed that the company—supported by Saudi Arabia’s Public Investment Fund—is increasing its production efforts within the Kingdom. AN photo
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Updated 17 September 2024
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PIF-backed Lucid to export Saudi-made EVs regionally, globally, official reveals

  • Initiative supports Kingdom’s ambition to convert 30% of Riyadh’s vehicles to electric by 2030
  • Goal is part of a larger strategy to reduce emissions in Riyadh by 50% by 2060

RIYADH: US electric carmaker Lucid Motors plans to export a significant share of its vehicles produced in Saudi Arabia to both regional and global markets, according to a senior official.

At the EV Auto Show in Riyadh, Ali Rizvi, director of Business Operations at Lucid Middle East, revealed that the company—supported by Saudi Arabia’s Public Investment Fund—is increasing its production efforts within the Kingdom.

This initiative supports Saudi Arabia’s ambition to convert 30 percent of Riyadh’s vehicles to electric by 2030. This goal is part of a larger strategy to reduce emissions in the capital by 50 percent, contributing to the country’s broader aim of achieving carbon neutrality by 2060.

“We are producing vehicles in the Kingdom, (and) a large part of those will be exported within the region and to the rest of the world as well,” Rizvi said. 

At the same panel, Mohammed Abuazzah, chief public relations officer at Saudi EV brand Ceer, discussed the company’s strategy. “We have a portfolio — a Saudi-inspired portfolio — that is innovative, inspirational, and can answer what the people of Saudi Arabia and the Gulf Cooperation Council, and hopefully globally, expect from an EV,” Abuazzah said. 

He emphasized the importance of engaging with customers and expanding the company’s sales network in Saudi Arabia and the GCC. 

Ulf Schulte, chief operating officer at Electric Vehicle Infrastructure Co., announced plans to expand the company’s charging network. “So, there are a lot of building blocks we are working on, and eventually now ramping up the number of sites. Our first site in Jeddah is going live today or tomorrow,” Schulte said.  

“Our focus this year is on Riyadh, Jeddah, and Dammam, but we’re working to build a Kingdom-wide network to enable a long-distance EV ecosystem,” he added. 

Andreas Flourou, group head of mobility at Red Sea Global, outlined the company’s commitment to sustainability. “We’re opening new hotels every quarter at the moment, and mobility is one of the foundations of our ethos based around sustainability and protecting the environment,” Flourou said. 

“We’re opening a new hotel, Amaala, by the end of next year. This will mean hundreds of additional vehicles, guest vehicles, staff transportation, buses, sea planes, and marine vessels. We need an increase in chargers within our destinations,” he added.  

Gary Flom, CEO of National Transport Solutions Co., emphasized the role of EVs in transforming Saudi Arabia’s infrastructure. 

“Today, we are witnessing a revolution, a revolution that is driving toward a future where electric vehicles are not merely an option but a cornerstone of our nation’s transportation infrastructure,” Flom said. 

“The rise of Saudi Arabia’s electric vehicle sector reflects a broader shift toward sustainability, innovation, and resilience. This transformation, catalyzed by the visionary leadership of His Royal Highness, Crown Prince Mohammed bin Salman, is positioning the Kingdom at the forefront of the global transition to clean energy,” the CEO added. 

He added that National Transportation Solutions Co. is proud to be a key player in the ongoing transformation, which began three years ago. “NTSC was born with a clear and ambitious mission to provide Saudi fleet operators with the same or better tools, data, and operational efficiencies long enjoyed by their colleagues in the US and Europe.” 

Also present in a separate session at the event, Omaimah Bamasag, deputy of transport enablement at the Transportation General Authority, highlighted that the event showcases the collaboration between the public and private sectors in advancing new technology skills, aligning with the goals of Vision 2030 and the National Strategy. 

Hosted at the Riyadh International Convention and Exhibition Center from Sept. 17 to 19, this three-day event highlights Saudi Arabia’s commitment to EVs and sustainable technology, in line with Vision 2030. 

The exhibition is a key event for the Kingdom’s growing EV ecosystem, gathering automotive manufacturers, charging solution providers, policymakers, and consumers to discuss the future of mobility in the region. 

Attendees will explore various EVs, charging solutions, and green technologies. The event will feature interactive seminars and panel discussions, offering opportunities to engage with industry experts and innovators. 


Closing Bell: Saudi main index rises to close at 11,251 

Updated 12 February 2026
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Closing Bell: Saudi main index rises to close at 11,251 

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 84.27 points, or 0.75 percent, to close at 11,251.81. 

The total trading turnover of the benchmark index was SR5.38 billion ($1.43 billion), as 188 of the stocks advanced and 67 retreated.    

Similarly, the Kingdom’s parallel market Nomu gained 157.22 points, or 0.67 percent, to close at 23,643.74. This comes as 44 of the stocks advanced while 32 retreated.    

The MSCI Tadawul Index gained 10.88 points, or 0.72 percent, to close at 1,517.43.     

The best-performing stock of the day was Saudi Kayan Petrochemical Co., whose share price surged 9.96 percent to SR5.30.   

Other top performers included Ataa Educational Co., whose share price rose 9.94 percent to SR57.50, as well as Rabigh Refining and Petrochemical Co., whose share price surged 5.74 percent to SR7.55. 

Saudia Dairy and Foodstuff Co. recorded the most significant drop, falling 5.93 percent to SR220.50. 

Abdullah Saad Mohammed Abo Moati for Bookstores Co. also saw its stock prices fall 2.77 percent to SR43.56. 

Zahrat Al Waha for Trading Co. also saw its stock prices decline 2.30 percent to SR2.55. 

On the announcement front, Multi Business Group Co. reported its annual financial results for the year ended Dec. 31. According to a Tadawul statement, the firm recorded a net profit of SR352,172 during the year, down 98 percent from the previous year. 

The company attributed the decline primarily to a 2 percent drop in building contracting revenues and a 73 percent decrease in gross profit.  

Multi Business Group Co. ended the session at SR9.90, down 1 percent. 

Hamad Mohammed Bin Saedan Real Estate Co. announced the signing of a memorandum of understanding with Saudi Awwal Bank to enhance collaboration in financing solutions, advance real estate development projects, and expand access to customer financing programs. 

Hamad Mohammed Bin Saedan Real Estate Co. ended the session at SR6.67, up 1.21 percent.