Kuwait plans region’s first city for electric carmakers

    04 Sep 2021

    Kuwait Ports Authority (KPA) has approved a proposal to build the Middle East’s first city to serve electric vehicle manufacturers, the authority said in a statement in August.

    The statement does not make clear where the project, called EV City, will be located.

    The design and construction tendering process will be during the 2011/22 fiscal year, said KPA General Manager Yousef Al-Abdullah Al-Sabah.

    KPA noted that electric carmakers do not use local distributors or dealers and sell their vehicles directly to consumers, adding that it was common for ports to provide specific infrastructure to manufacturers.

    “KPA is able to provide all port and logistics services to the biggest global companies manufacturing electric cars,” Sabah said, adding that the project was in line with Kuwait’s Vision 2035 economic diversification plan.

    The Public Investment Fund, the sovereign wealth fund of Saudi Arabia, has made tremendous gains after investing more than $1 billion in electric carmaker Lucid in 2018.

    Lucid Group was listed last month after a merger with a blank check company, Churchill Capital Corp IV, in February in a deal that gave the combined company a pro-forma equity value of $24 billion. PIF owns 62.7% of Lucid.

    How to recycle old batteries from the electric car, and why is this a problem? Check here!

    Leave a Reply

    Your email address will not be published. Required fields are marked *