RIYADH: Saudi Arabia’s first homegrown electric vehicle brand Ceer is expected to sign 16 agreements valued at SR3.7 billion ($990 million) at the PIF Private Sector Forum, said the company’s CEO. 

Speaking at the forum, James DeLuca said that 90 percent of these agreements are not memorandums of understanding, but are commercial contracts. 

Saudi Arabia is focused on creating a comprehensive EV ecosystem, and the government is aiming for 30 percent of vehicles in Riyadh to be electrified by 2030.

The official added that the company is expected to contribute over SR30 billion to Saudi Arabia’s gross domestic product as well as creating approximately 30,000 direct and indirect jobs by 2034. 

“The most important part is 90 percent of these agreements are not MoUs. They are in fact commercial contracts, because, we are moving from planning to execution,” said De Luca. 

He added: “Ceer will contribute over SR30 billion by 2034, SR79 billion to trade balance improvement, and we will create approximately 30,000 direct and indirect jobs fulfilling our mandate of putting local nationals to work in value-added positions.” 

Underscoring the progress of the company’s localization strategy, DeLuca said that the company is on track to reach 45 percent local content by 2034. 

“Our robust localization strategy aims to leverage local raw materials, attract advanced technology and foreign investment and localize the production of bulky and labor intensive components to reduce carbon dioxide emissions and to create jobs for Saudi nationals. With the execution of these plans, we are on track to reach 45 percent local content by 2034,” said DeLuca. 

DeLuca said that Ceer is the first automotive company which manages the entire process in car making — from designing and engineering to manufacturing, selling, and servicing a portfolio of battery electric vehicles.

“We will offer a portfolio of battery-electric sedans and SUVs in a variety of sizes for people in the region. I am absolutely confident that this will define electric mobility, not just in Saudi Arabia, but across the countries in the Gulf Cooperation Council region,” said DeLuca. 

He concluded: “I believe, together, we are about to ignite an industry, inspire a nation, and absolutely amaze the world.”