RIYADH — The Public Investment Fund (PIF) has introduced on Tuesday the National Automotive and Mobility Investment Company, known as "Tasaru Mobility Investments" (Tasaru), aimed at catalyzing the growth of Saudi Arabia's automotive and mobility industry. Tasaru Mobility Investments is set to be a key player in fostering the development of local supply chain capabilities within the sector. The investment company will strategically collaborate with both local and global private sector entities to drive growth and secure long-term returns. Tasaru's focus lies in localizing manufacturing expertise and incorporating cutting-edge technologies to expedite the evolution of Saudi Arabia's electric vehicle and autonomous mobility ecosystem. By enhancing local capabilities, the company aims to position Saudi Arabia as a global leader in this crucial industry. The establishment of Tasaru Mobility Investments aligns with PIF's overarching strategy to elevate Saudi Arabia's automotive capabilities, ensuring global competitiveness and ultimately establishing the country as a frontrunner in the sector. PIF's commitment to the future of mobility is evident through significant investments, such as the creation of Saudi Arabia's premier electric vehicle brand, Ceer, in collaboration with Foxconn, and investments in US-based Lucid Motors. Michael Müller, with over 25 years of experience in the automotive industry, has been appointed as the chief executive officer (CEO) of Tasaru Mobility Investments. His extensive background includes senior management roles at Porsche AG and Volkswagen Group, including leadership positions in Saudi Arabia and the role of CEO at Porsche in Central and Eastern Europe. The inaugural investment for Tasaru Mobility Investments is a strategic joint venture with Zamil Group Real Estate Company, Abdullah Ibrahim Alkhorayef Sons Company, and Dar Al-Himmah Projects Company Limited. The collaboration aims to establish an automotive logistics hub in King Abdullah Economic City (KAEC), dedicated to servicing the aftermarket parts industry. Tasaru Mobility Investments will be the majority shareholder, capitalizing on special economic zone advantages to attract global suppliers and bolster trade. This investment complements KAEC's ambition to evolve into a prominent automotive manufacturing and logistics hub. Omar Al-Madhi, co-head of MENA Direct Investments at PIF and Chairman of Tasaru Mobility Investments, expressed, "Through strategic investments and private sector partnerships, Tasaru Mobility Investments aims to strengthen the local supply chain and manufacturing capabilities, bolstering the end-to-end ecosystem for Saudi Arabia's electric vehicle and autonomous mobility industries. "The establishment of the company underscores PIF's dedication to diversify the economy, enhance sustainability, and localize technology and sector-specific knowledge." Tasaru Mobility Investments is committed to supporting research and development, fostering the adoption of advanced technologies, and pursuing sustainable opportunities within the sector. By accelerating the transition to electric vehicles and future mobility solutions, the company is set to play a pivotal role in contributing to Saudi Arabia's environmental objectives, including the net zero 2060 target, as well as PIF's own net zero 2050 target.
