PIF sets up automotive investment firm

Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has established a new company to manage its investments in the automotive and mobility sectors.

The National Automotive and Mobility Investment Company, also known as Tasaru Mobility Investments, will look to promote and implement partnerships with and strategic investments with both local and global private sector companies.

The new company will be headed up by Michael Muller, a former executive at Porsche and Volkswagen.

Tasaru’s maiden investment is a joint venture with a trio of local real estate firms to develop an automotive logistics hub in King Abdullah Economic City.

According to the PIF, the launch of the company is in line with the fund’s strategy to develop the country’s automotive sector as part of a broader plan to diversify Saudi Arabia’s oil-rich economy.

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