10 Oct 23

Saudi Arabia boosting EV adoption with new EV infra company

To push the use of electric vehicles (EVs) in Saudi Arabia, the country’s Public Investment Fund (PIF) and Saudi Electricity Company (SEC) have come together to create the newly formed Electric Vehicle Infrastructure Company (EVIC).

Besides fostering the adoption of EVs and developing Saudi Arabia’s automotive ecosystem, EVIC seeks to deploy more than 5,000 fast-chargers in 1,000+ locations (within cities and along major roads) throughout the kingdom by 2030. 

The company, 75% owned by PIF and 25% owned by SEC, seeks to position the country as a global leader in EVs, all while driving non-oil GDP growth and creating new employment opportunities. It also seeks to encourage private sector participation in the expansion of its charging network.

According to Omar Al-Madhi, co-head of MENA Direct Investments at PIF, the deployment of widely available EV charging infrastructure is a key driver for the growth of the kingdom’s EV ecosystem, reported Saudi Gazette.

EVIC is committed to enhancing Saudi Arbia’s position as a sustainable energy leader, adds SEC CEO Khalid Bin Hamad Al-Goon, the report said.

Neighboring United Arab Emirates

Meanwhile, the UAE announced its own sustainable energy plans last week (2-4 Oct) during the 20th edition of Automechanika Dubai, the largest international trade show for the automotive aftermarket industry in the Middle East.

Keynote speaker Somayyah Alyammahi, Head of Productivity Projects and Demand Management Section at the UAE Ministry of Energy and Infrastructure (MoEI), pointed out the main goals of the country’s 2023 National Electric Vehicles Policy.

The Emirates seek to reduce energy consumption by 40% and carbon emissions by 404 kilotons by 2050 and to increase the share of its EVs to 50% of total vehicles by 2050. 

During talks in Dubai, Eng. Somayyah Alyammahi also revealed that the MoEI is working to establish fast charging stations on the common border between Saudi Arabia and Oman to facilitate the movement of EVs between neighbouring countries.

photo: Riyadh, Saudi Arabia (shutterstock_1022539873)

Authored by: Daniel Bland