Thndr Claps » Saudi Claps » Automotive 🚗 » EV dream ever so close 🚗
The ClapEmaar EC (4220) signed a contract to sell industrial land to Ceer, the first Saudi manufacturer of EVs, to establish a factory in KSA.
WhatEmaar EC estimates the value of the contract at around SAR 359.04 million, to be paid in installments over 15 years.
So WhatAccording to Emaar EC, the deal is in line with the company’s strategy as revenues will be included starting from Q4 2022, while the Ceer project will bring in more than $150 million in FDI.
In addition, the deal is expected to provide up to 30,000 job opportunities, according to the PIF.
Now WhatCeer intends to manufacture a variety of sedans and SUVs with advanced technology and expects actual production to begin in 2025.
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