Riyadh, Saudi Arabia –Ministry of Energy has announced the formation of a groundbreaking joint venture between Saleh Suleiman Alrajhi & Sons and Foxconn Interconnect Technology (FIT), a highly esteemed global manufacturer to support the Kingdom's Vision 2030. The partnership aims to produce Saudi-made electric vehicle (EV) charging stations, strengthening Saudi Arabia’s leadership in renewable energy and technological innovation.

This partnership is endorsed by Prince Abdulaziz bin Salman Al-Saud, Minister of Energy; Mr. Bandar Alkhorayef, Minister of Industry and Mineral Resources; and Mr. Hamad Al Sheikh, a government minister, reflecting strong support from the Saudi authorities.

On behalf of Saleh Suleiman Alrajhi & Sons, Next Charger, the company’s subsidiary, has accumulated highly respected experience in the local charging pile industry. The collaboration with major European brands and local distributors has contributed extensive practices which will be leveraged in the joint venture, providing valuable insights and proven strategies for success.

The signing ceremony is inaugurated by HH Prince Fahad bin Nawaf Al Saud who emphasized his shared vision under the leadership of HRH the crown prince Mohammad Bin Salman. “We are committed to creating a sustainable and diverse future for the Kingdom,” Prince Fahad declared. By sharing his perspective as a forward-thinking entrepreneur and prestigious market leader, Prince Fahad envisions the joint venture as pivotal in driving the growth of electric mobility across Saudi Arabia.

FIT, a subsidiary of Foxconn Technology Group, has comprehensive charging solutions evidencing its excellent design capability for power modules and top-notch manufacturing capability. “By reducing the Kingdom’s reliance on imports and fostering domestic expertise, we can boost job creation and enhance the country’s technological self-sufficiency. Partnering with FIT is a strategic step toward local manufacturing,” Said Saleh Suleiman Abdulaziz AlRajhi, Chairman of Saleh Suleiman Alrajhi & Sons.

FIT has already achieved significant milestones, including the certification of its AC charger by the Saudi Standards, Metrology and Quality Organization (SASO). Their award-winning design team, recipient of the 2024 IF Design Award and Red Dot Award, will bring unparalleled customization options to the joint venture, tailoring charger designs to meet market preferences. Louie Yeh, Head of FIT’s charging pile business, commented: “Our joint venture will prioritize the development of high-quality charging stations designed for optimal performance in Saudi Arabia’s unique environmental conditions. Given the intense sunlight, our products underwent UV testing to ensure durability.”

The signing ceremony also underscored the partnership’s broader impact, extending beyond technological innovation to focus on talent development for the Kingdom’s future. Mr. Andreas Cangellaris, Founding President of NEOM University, was in attendance, reuniting with Sidney Lu, Chairman & CEO of FIT. Both men share a strong connection to the University of Illinois Urbana-Champaign (UIUC), where Lu’s contributions led to the renaming of the Mechanical Engineering Building in his honor, and where Mr. Cangellaris previously served as Provost before joining NEOM.

This joint venture not only represents a critical step forward for the Kingdom’s renewable energy sector but also underscores a commitment to shaping the next generation of skilled professionals. "Through this partnership, we aim to drive innovation in EV charging solutions while cultivating local talent, aligning with Vision 2030’s goals of creating a sustainable, diversified economy," the companies jointly stated.

About Saleh Suleiman Alrajhi & Sons

Saleh Suleiman Alrajhi & Sons, established in 2011, is a prominent and well-established family business in Saudi Arabia. Their business dates back to 1957 when the world’s first Islamic bank was established. Over the years, the family has played a significant role in the country’s economic reforms and initiatives.

With a diverse portfolio spanning healthcare, construction, steel and manufacturing, and technology, Alrajhi is driving growth through strategic partnerships with global industry leaders, embracing innovative practices, and incorporating a range of perspectives to boost its competitiveness on the international stage. The company also invests in promising future technologies that align with Vision 2030.

About Foxconn Interconnect Technology (FIT Hon Teng)

Foxconn Interconnect Technology (HKEX: 6088) was listed on the Hong Kong Stock Exchange in 2017 and is the largest consumer electronics connector manufacturer in Greater China. While connectors remain its core business, the company has strategically expanded in recent years into 5G AIoT, electric vehicles, and acoustic electronic components, while also entering the consumer brand sector. For more information, please visit the company’s website at www.fit-foxconn.com