- The Saudi Arabian Public Investment Fund (PIF) has introduced a new investment firm dedicated to enhancing the local supply chain capabilities within the automotive and mobility industry. Known as Tasaru Mobility Investments (TMI), this company will be responsible for fostering investments and forming partnerships with local and global private sector organizations, as per a statement from PIF.
- TMI's primary objective is to facilitate sector expansion and ensure sustained returns by localizing manufacturing expertise and advanced technologies, thereby accelerating the growth of Saudi Arabia's electric vehicle and autonomous mobility ecosystem. Through the enhancement of local capabilities, the company will actively contribute to the Kingdom's broader ambitions of achieving global leadership in this industry.
Why it matters
The fund also disclosed that the company's inaugural investment venture involves a collaborative effort with Zamil Group Real Estate Co., Abdullah Ibrahim Alkhorayef Sons Co., and Dar Al-Himmah Projects Co. Ltd. Their joint endeavor will focus on developing an automotive logistics hub in King Abdullah Economic City.