On December 29th of last year, Global Hub, a local Saudi Arabian company in coordination with Saudi authorities to develop the EV Free Zone ecosystem, signed a Memorandum of Agreement (MOA) with Middle East Investment in Riyadh, the capital of Saudi Arabia. This agreement represents a significant step forward in the development of the electric vehicle industry in Saudi Arabia.
Moreover, Bruce Jeong, who has been working as a Principal in the Blockchain business at Evolt Foundation since last month, is set to make a business MOA with LCM Energy Solutions, due to the Evolt Foundation’s electric vehicle software systems and technology. The first three video conferences saw a surge in the number of Korean large and medium-sized companies participating in the project. After the Ramadan period, a delegation representing Korean companies will visit Saudi Arabia for the second time to execute a second round of discussion and organize a workshop and conference concerning the EV Technology Smart Park Free Zone.
In February, a Saudi business delegation visited Korean electric vehicle parts companies. Following this visit, Korean participating companies traveled to Saudi Arabia on March 9th. The Korean delegation consulted with relevant government agencies, including the Saudi Arabian Investment Authority, the NIDC, the Ministry of Industry, and MISA. During this visit, a number of EV light commercial EV, battery, cell-related, and EV parts companies participated in the EV Free Zone, starting with LCM Energy Solutions, which was selected as the mother company of the Korean delegation.
Initially, Saudi Arabia’s EV Free Zone was planned to create an EV Free Zone in Neom City. However, it is currently being promoted as a national project due to the high proportion of electric vehicles in the Saudi government. Dr. Muhammad Qassab, the Global Hub CEO, stated, “The Kingdom of Saudi Arabia is the beating heart of the whole world, and Riyadh City will become the largest industrial city in the world. We will do our best to make this project a successful story in KSA and be inline with the Vision 2030 of His Royal Highness the Crown Prince Mohamad Bin Salman.”
LCM Energy Solutions, the Korean host company of this project, plans to visit Japan, China, India, the United States, and Norway sequentially to select companies participating in the Saudi Electric Vehicle Free Zone project after consulting with Saudi authorities and the local partner Global Hub. The development of the EV Free Zone ecosystem in Saudi Arabia is a promising development for the country’s economic growth and a significant step forward in the worldwide transition towards sustainable transportation.
