Riyadh - Sharikat Mubasher: CEER, Saudi Arabia’s pioneering electric vehicle (EV) brand, signed 16 agreements worth over SAR 3.7 billion during the fourth edition of the Public Investment Fund Private Sector Forum (PSF), building on the SAR 5.5 billion agreements announced at PSF 2025.
The agreements reflect CEER’s commitment to fueling the local automotive industry in Saudi Arabia and reinforce the company’s localization strategy, which targets sourcing 45% of vehicle materials and components from Saudi companies by 2034, the EV manufacturer stated in a press release yesterday.
These strategic partnerships ensure that essential components, ranging from advanced chemical compounds to heavy steel body shop equipment, will be produced or sourced within the Kingdom, supporting a sustainable and high-tech industrial base in Saudi Arabia.
The agreements included commercial contracts with Abdul Latif Jameel (ALJ) for windshield washer fluid, EV coolants, and forklift supply; Zamil Trade & Services and Zamil Plastics for brake fluids and aerodynamic access covers; FPI for front-end modules; NSSPC for PP resin and polymer compounds; MK Tron to manufacture D-segment small stampings; Sika for chemical components, including cavity baffles and structural adhesives; XYG for automotive glazing solutions; Mino to deliver and install steel body shop infrastructure; and FEV and AVL to offer specialized engineering services.
James DeLuca, CEO of CEER, said: “These agreements represent a major step in building a comprehensive automotive ecosystem in the Kingdom. By using local materials and resources, attracting advanced technology and foreign investment, and localizing the production of heavy and labor-intensive components, we aim to reduce CO2 emissions and create meaningful job opportunities for Saudi nationals.”
CEER is expected to contribute more than SAR 30 billion to the national gross domestic product (GDP) by 2034, improve the trade balance by SAR 79 billion, and create approximately 30,000 direct and indirect jobs.
The PIF Private Sector Forum 2026 takes place in Riyadh on 9 and 10 February, connecting PIF portfolio companies, government, investors, and industry leaders to unlock partnerships and shape the next wave of private sector growth. It offers a premier platform to explore new opportunities and collaborate with partners, driving Saudi Arabia’s economic future.
