Saudi Electricity Company completed the acquisition of a 25% stake in PIF-backed Electric Vehicle Infrastructure Company for $68m.

Saudi Electricity Company, an electric power distribution company, completed the acquisition of a 25% stake in PIF-backed Electric Vehicle Infrastructure Company for $68m. “The Electric Vehicle Infrastructure Company will spearhead the EV transition by deploying best-in-class, widely available EV charging infrastructure to drive the growth of the EV ecosystem,” Omar Al-Madhi, PIF Co-Head of MENA Direct Investments.