The Kuwait Sea Ports Authority (KPA) has approved a proposal to build the first city in the Middle East to serve electric vehicle manufacturers, the ministry said in a statement on Sunday.

The statement does not specify where the project called EV City will be located.

The tender process for the design and construction will take place during the 2021/22 fiscal year, said KPA CEO Yousef Al-Abdullah Al-Sabah.

KPA also noted that electric car manufacturers do not use local distributors or dealers, but sell their cars directly to consumers, adding that ports usually provide manufacturers with certain infrastructure.

KPA can provide all port and logistics services to the world's largest electric vehicle companies” " Sabah said, adding that the project was in line with Kuwait's economic diversification plan until 2035.

The public investment fund, the sovereign wealth fund of Saudi Arabia (PIF), has made huge strides after investing more than $ 1 billion in the electric car manufacturer Lucid in 2018.

Lucid Group signed up last month after merging with the company , Churchill Capital Corp IV, in February in a deal that gave the combined company an equity value of $ 24 billion. PIF owns 62.7 percent.

Source of information:

Arabnews.com