Saudi Arabia is projected to build three electric vehicle factories in the near future. This was revealed by Saudi Arabian Investment Minister Khalid Al-Falih at the 2022 World Economic Forum in Davos, Switzerland on Wednesday (25/5/2022).
The first electric vehicle factory refers to the Lucid electric vehicle plant set up in the King Abdullah Economic City (KAEC) near the main Red Sea trading port.
Al-Falih said the Kingdom of Saudi Arabia is trying to attract US$175 billion in foreign investment annually, up from the current US$20 billion investment.
“We attracted foreign direct investments worth $20 billion, which is four times than what it was when the Kingdom’s Vision 2030 was launched, as everything is growing, and most of the investments I talked about are in new sectors such as technology and tourism. We are the world’s largest investor in green hydrogen,” said Al-Falih
Apart from the Lucid plant in Saudi Arabia, Al-Falih did not provide details about other potential factories.