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ECONOMY
Oil and non-oil sectors flex their muscles to keep the country humming, boosting business confidence and earning a ratings agency’s thumbs up.
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February 2026
LABOUR MARKET
Since introducing reforms that have boosted female labour force participation, the country has seen a surge in non-oil economic activities.
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A recent industry forum underscores the growing global interest in the kingdom’s mineral wealth as a shift to clean energy sparks demand for critical minerals.
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The country appears to be on track to meet its ambitious target of supplying almost 50% of its electricity through renewable natural resources by 2030.
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Improving inter-city links will not only boost passenger mobility and tourism flows, but also support the logistics sector and strengthen local supply chains.
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IN THIS EDITION
CEER Saudi Arabia, the kingdom’s first domestic electric vehicle (EV) brand and original equipment manufacturer (OEM), continues to accelerate the growth of the country’s EV ecosystem.
In February, CEER announced the signing of 16 new commercial agreements worth more than SAR 3.7 billion, building on the SAR 5.5 billion of deals it secured at last year’s Public Investment Fund (PIF) Forum. These contracts support the company’s localisation strategy, which aims to source 45% of vehicle materials and components domestically by 2034 and strengthen the country’s automotive supply chain.
This is part of an ambition to allocate USD 40 billion for EV infrastructure and manufacturing, bringing the industry’s value to USD 4.8 billion by 2030.
The new CEER agreements cover a wide range of components and capabilities, such as EV coolants and brake fluids, moving the sector toward an integrated industrial base. CEER has also signed additional agreements to bring expanded polypropylene production, HVAC systems, and other components into the kingdom.
The company is also building out human capital and manufacturing capacity. In late 2025, it partnered with the National Automotive and Vehicles Academy (NAVA) to launch an EV manufacturing technology diploma programme, training Saudi talent for a growing national automotive workforce. CEER’s manufacturing complex in King Abdullah Economic City (KAEC) is also under development, with production of its first sedan and SUV scheduled for the fourth quarter of 2026. In January this year, it partnered with Dürr, a global leader in mechanical and plant engineering, to supply and install one of the world’s most advanced paint shops at its manufacturing complex.
Saudi Arabia saw its EV sales jump nearly tenfold in just one year, crossing 11,000 units, reflecting rising demand for EVs among consumers, according to the Roland Berger EV Charging Index.
Major international players are also taking part in the growing sector. The Public Investment Fund holds a significant stake in Lucid Motors, which has set up assembly operations in the kingdom, while global brands like Tesla have established dealerships, highlighting Saudi Arabia’s growing EV adoption.
