A new electric vehicle brand created through a joint venture between Saudi Arabia’s Public Investment Fund and manufacturer Foxconn has signed an agreement to purchase a site where its future EVs will be manufactured.

The company, dubbed Ceer, was announced in early November and has secured a 1 million square-meter plot of land in the King Abdullah Economic Center (KAEC). The deal is worth approximately $96 million and current plans call for construction at the plant to start in early 2023.

Foxconn says the factory will create thousands of direct and indirect high-skilled jobs when it is complete, the majority of which will be filled by Saudi nationals. The factory will manufacture a host of sedans and SUVs , the first of which is expected to hit the market in 2025.

“We have found a place that meets all our needs,” Ceer chief executive James DeLuca said. “KAEC offers us a great location with world-class logistics, effective access for our global and Saudi-based suppliers, and an ideal location to base and develop our future workforce. KAEC will become our manufacturing hub as we work towards creating the first electric vehicle brand for Saudi Arabia and the wider region and, in doing so, contribute in a meaningful way to Saudi Vision 2030.”

Read: Saudi Arabia Joins With Foxconn To Create Its Own EV Brand

DeLuca has over four decades of experience in the automotive sector and was appointed as Ceer’s CEO just two weeks ago. He had previously served as the CEO of VinFast.

Ceer is expected to generate more than $150 million on foreign direct investment and is projected to contribute $8 billion to Saudi Arabia’s gross domestic product by 2034.

“We are delighted to welcome Ceer to KAEC and to help make history by building the first automotive manufacturing hub in Saudi Arabia and the wider region,” said Cyril Piaia, the chief executive of the development company behind KAEC. “KAEC is aiming at integrating into Vision 2030 initiatives with the vision to be a global manufacturing center, and we are spearheading the creation of an electric vehicle automotive industry that will be both innovation-focused and have sustainability at its heart. We cannot wait to see the cars of the first Saudi electric vehicle brand coming out of Ceer’s factory at KAEC in a couple of years’ time, and we are proud to be able to contribute to a project that supports so many facets of Saudi Vision 2030.”

Note: Foxconn’s unrelated EVs being built with Yulon Motor Company pictured.