DUBAI (Reuters)-The Kuwait Port Authority (KPA) said in a statement on Sunday that it had approved a proposal to build the first city in the Middle East to serve electric car manufacturers.
The statement did not specify where the project called EV City will be located.
Yousef al-Abdullah al-Sabah, general manager of KPA, stated that the design and construction bidding process will take place in the 2011/22 fiscal year.
KPA noted that electric car manufacturers do not use local distributors or dealers, but sell their vehicles directly to consumers, adding that it is common for ports to provide manufacturers with certain infrastructure.
“KPA is able to provide all port and logistics services to the largest global company manufacturing electric vehicles,” Sabah said, adding that the project is in line with Kuwait’s 2035 economic diversification plan.
The public investment fund of the sovereign wealth fund of neighboring Saudi Arabia made huge gains after investing more than US$1 billion in electric car manufacturer Lucid in 2018.
Lucid Group merged with the blank check company Churchill Capital Corp IV in February and went public last month. The transaction brought the combined company’s pro forma equity value to $24 billion. PIF owns 62.7% of Lucid’s shares.
Converged Media Fusion Media or anyone related to Fusion Media shall not be liable for any loss or damage caused by reliance on the data, quotations, charts, and buy/sell signals contained in this website. Please fully understand the risks and costs associated with financial market transactions. This is one of the most risky forms of investment.