Opening of first EV factory in Saudi Arabia enhances Vision 2030 success: Cabinet

Custodian of the Two Holy Mosques King Salman bin Abdulaziz

The Cabinet, chaired by King Salman, stated today, Oct. 3, that the launch of the Kingdom's first electric vehicle (EV) factory adds to Vision 2030's ongoing success in diversifying economic sources, attracting investments, boosting sustainability, and localizing modern technologies.

In addition, the Cabinet reviewed the initial reading of the state’s budget for the fiscal year 2024, including the estimates and targets that aim to support the comprehensive development process in the Kingdom.

This also includes the continued improvement in the quality of services provided to citizens and residents, as well as the enhancement of economic growth and economic diversification while maintaining financial sustainability.

The Cabinet also looked into the labor market indicators in the second quarter of 2023, where the unemployment rate among Saudis fell to 8.3% from 9.7% a year earlier, in light of the initiatives and programs of Vision 2030.