PIF mulls auto industry projects, to start implementation by 2022: Al-Rumayyan

PIF governor Yasir Al-Rumayyan

The Public Investment Fund (PIF) is considering more than one project in the auto industry in Saudi Arabia, according to governor Yasir Al-Rumayyan.

“There are several projects under study, and we will start implementation this year or maximum by 2022,” Al-Rumayyan said in the periodic government communication press briefing.

The sovereign wealth fund is also eyeing investments in the electrical appliances field, as the business sectors’ development represents a key portfolio of the fund’s business activities.

“Over the previous period, more than one company was established in these business fields, including helicopter, recycling and entertainment firms,” Al-Rumayyan indicated.

The governor recently announced that PIF owns a 67% stake ($1.3 billion in investments) in Lucid Motors, adding that it is in talks with Lucid to build an electric vehicle factory in the Kingdom, Argaam reported