KAEC investments at SAR 20B, set to rise in coming years: Official

16/12/2024 Argaam
Majed Matbouli, Head of Industrial Valley Special Economic Zone, KAEC

Majed Matbouli, Head of Industrial Valley & Special Economic Zone, KAEC

Investments in King Abdullah Economic City (KAEC) currently stand at SAR 20 billion and are set to rise to SAR 25 billion in the next two years, said Majed Matbouli, Head of Industrial Valley & Special Economic Zone, KAEC.

 

The figure is expected to increase in the coming years with the entry of the car industry, he told Asharq Business TV, on the sidelines of the Supply Chains and Logistics Conference 2024.

 

He also pointed out that Saudi Arabia aims to build a modern automotive hub that serves the Middle East, Asia, Europe and Africa, as a contract was signed with Lucid Group after the first phase was inaugurated. This is in addition to Ceer, Saudi Arabia's first electric vehicle (EV) brand.

 

Matbouli expected the opening of the second phase of Lucid’s plant and Ceer’s operational activity to begin in 2026.

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