Logo of King Abdullah Economic City
Investments in King Abdullah Economic City (KAEC) currently stand at SAR 20 billion and are set to rise to SAR 25 billion in the coming two years, said Majed Matbouli, Head of Industrial Valley Special Economic Zone, KAEC. 
In a statement to Asharq Busines TV, on the sidelines of the Supply Chains and Logistics Conference 2024, the official added that with the entry of cars industry, this figure is expected to increase in the coming years.
He also pointed out that Saudi Arabia aims to build a modern car industry capital that serves the Middle East, Asia, Europe and Africa, as a contract was signed with Lucid Group and the first phase of the company’s plant was inaugurated. This is in addition to Ceer, Saudi Arabia’s first electric vehicle brand.
Matbouli expected the opening of the second phase of Lucid’s plant and Ceer’s operational activity to begin in 2026.
Logo of King Abdullah Economic City
Investments in King Abdullah Economic City (KAEC) currently stand at SAR 20 billion and are set to rise to SAR 25 billion in the coming two years, said Majed Matbouli, Head of Industrial Valley Special Economic Zone, KAEC.
In a statement to Asharq Busines TV, on the sidelines of the Supply Chains and Logistics Conference 2024, the official added that with the entry of cars industry, this figure is expected to increase in the coming years.
He also pointed out that Saudi Arabia aims to build a modern car industry capital that serves the Middle East, Asia, Europe and Africa, as a contract was signed with Lucid Group and the first phase of the company’s plant was inaugurated. This is in addition to Ceer, Saudi Arabia’s first electric vehicle brand.
Matbouli expected the opening of the second phase of Lucid’s plant and Ceer’s operational activity to begin in 2026.
