Electric Vehicle Infrastructure Company (EVIQ), a joint venture company between the Public Investment Fund (PIF) & Saudi Electricity Company (SEC) has signed a Memorandum of Understanding (MoU) with Riyadh Development Company in aims of enhancing the Kingdom’s charging infrastructure for electric vehicles. This agreement aligns with both parties’ efforts to enhance sustainable transportation infrastructure in the Kingdom, in line with the Saudi Vision 2030 and the Kingdom’s environmental sustainability goals.

The MoU, signed by Mohammed bin Bakr Qazzaz, CEO of EVIQ, and Jihad bin Abdulrahman Al-Qadi, CEO of Riyadh Development Company during the Private Sector Forum 2025, will develop charging station sites within Riyadh Development Company's properties, supporting Riyadh’s transformation into a smart and sustainable city while optimizing the company’s assets to enhance sustainable investment returns. The agreement also reflects the role of the Private Sector Forum, organized by the Public Investment Fund, in fostering effective partnerships between PIF-affiliated companies and Saudi’s private sector.

Commenting on the agreement, Mohammed bin Bakr Qazzaz, CEO of EVIQ, stated:"We are thrilled to collaborate with Riyadh Development Company to expand the network of charging stations in the Kingdom. Our goal is to deploy more than 5,000 fast chargers at strategic locations across the Kingdom by 2030, supporting our aspirations for a more sustainable transportation future and reinforcing EVIQ’s role in providing advanced infrastructure to facilitate the transition to electric vehicles."

"At the beginning of 2023, we launched our company’s strategy under the slogan 'Investing for Growth', committing to a broader sustainability approach, including environmental sustainability. This strategic partnership agreement aligns with our commitment to advancing sustainable infrastructure solutions for the city as a whole, with a particular focus on our real estate projects. The agreement enables us to further optimize the use of our assets while enhancing the experience of visitors and residents by offering more comprehensive solutions while preserving environmental gains, supporting the transition to electric mobility and strengthening Riyadh’s position as a sustainable urban hub."