Saudi Authority signs deals with SIR for Vehicles

The Local Content and Government Procurement Authority has signed two agreements with Sir National Cars aimed at localizing the electric vehicle industry in Saudi Arabia. The goal is to strengthen local content, transfer knowledge, and support the production of the first Saudi-designed and manufactured electric car within the Kingdom. It is anticipated that this will contribute an economic impact of approximately 9.2 billion riyals to the gross domestic product over ten years and create more than 2,600 jobs. Additionally, the company aims to provide 30,000 jobs and achieve a local content rate of up to 45% by 2034. These agreements seek to develop strategic industries and enhance national industrial capabilities through technology transfer and stimulate investment in the electric vehicle sector within the Kingdom, in line with Saudi Arabia's Vision 2030.

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