The new brand, Ceer, will license component technology from BMW, and design and manufacture vehicles in Saudi Arabia for consumers in the Middle East and North Africa region, according to an announcement by the Saudi Public Investment Fund on Thursday. The plan is to roll out the first Ceer vehicles in 2025.

“We are igniting a new industry and an ecosystem that attracts international and local investments, creates job opportunities for local talent, enables the private sector, and contributes to increasing Saudi Arabia’s GDP over the next decade,” the crown prince said.

The announcement follows a planned expansion by Hon Hai Precision Industry, better known as Foxconn, of its own EV business into Thailand, the US and Taiwan after the company revealed two vehicle prototypes in October.

Foxconn, the world’s largest contract electronics manufacturer that assembles the iPhone and MacBook, has been building a complete EV supply chain – from batteries to chips – as it too seeks to diversify revenue. It will be responsible for developing the core electrical component of Ceer vehicles.

“We will leverage Foxconn’s technological expertise to support Ceer’s vision of creating a range of iconic electric vehicles. We want to make electric vehicles mainstream, and that is what Ceer is going to achieve in Saudi Arabia and the wider region,” said Foxconn chairman Young Liu.

The Saudi sovereign fund said Ceer is expected to attract more than US$150 million in foreign direct investment, create up to 30,000 jobs and generate US$8 billion for Saudi Arabia’s GDP by 2034.

The project is aligned with Saudi Arabia’s Vision 2030 economic strategy to reduce the country’s dependence on oil and diversify the economy.