“KSA has also made several high-profile investments through its sovereign wealth fund, the Public Investment Fund (“PIF”). In 2023, PIF and Saudi Electricity Company established a 75%/25% owned joint venture, the Electric Vehicle Infrastructure Company (“EVIQ”). EVIQ intends to install 5,000+ fast chargers by 2030 in over 1,000 locations across KSA. It also aims to promote private sector participation in the development of this network and support the localisation of research, development, and manufacturing of technologically advanced materials.” The Future of EV Charging: Spotlight on the UAE and Saudi Arabia, [Watson, Farley & Williams]