Saudi Electricity Co. (SEC) and the country’s Public Investment Fund (PIF) launched a company to develop electric vehicle (EV) charging infrastructure in Saudi Arabia on Sunday, 8 October.

An official statement noted that the Electric Vehicle Infrastructure Co. (EVIC) would “establish its presence in more than 1,000 locations, installing over 5,000 fast chargers by 2030 in cities across Saudi Arabia.”

A 75% stake in EVIC will be owned by the sovereign wealth fund, with the remaining 25% held by the SEC.

Co-head of MENA direct investments at PIF Omar Al-Madhi said that “the company will spearhead the EV transition by deploying best-in-class, widely available EV charging infrastructure to drive the growth of the EV ecosystem. Through our partnership with SEC, we will be able to accelerate the creation of synergies across the EV supply chain, driving economic growth and diversification in line with Vision 2030, and positioning Saudi Arabia as a leader in the new electrified era of the automotive industry.”

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