Ceer, the new PIF-backed electric car, “is the first Saudi automotive brand to produce electric vehicles in Saudi Arabia, and will design, manufacture and sell a range of vehicles for consumers in Saudi Arabia and the MENA (Middle East and North Africa) region, including sedans and sports utility vehicles.”

-Saudi Arabia’s PIF in a statement. PIF said its cars would be available in 2025, adding Ceer would draw more than $150 million in foreign direct investment. [Reuters]