抖阴短视频

PIF-backed Lucid to export Saudi-made EVs regionally, globally, official reveals

At the EV Auto Show in Riyadh, Ali Rizvi, director of Business Operations at Lucid Middle East, revealed that the company鈥攕upported by 抖阴短视频鈥檚 Public Investment Fund鈥攊s increasing its production efforts within the Kingdom. AN photo
At the EV Auto Show in Riyadh, Ali Rizvi, director of Business Operations at Lucid Middle East, revealed that the company鈥攕upported by 抖阴短视频鈥檚 Public Investment Fund鈥攊s increasing its production efforts within the Kingdom. AN photo
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Updated 17 September 2024

PIF-backed Lucid to export Saudi-made EVs regionally, globally, official reveals

PIF-backed Lucid to export Saudi-made EVs regionally, globally, official reveals
  • Initiative supports Kingdom鈥檚 ambition to convert 30% of Riyadh鈥檚 vehicles to electric by 2030
  • Goal is part of a larger strategy to reduce emissions in Riyadh by 50% by 2060

RIYADH: US electric carmaker Lucid Motors plans to export a significant share of its vehicles produced in 抖阴短视频 to both regional and global markets, according to a senior official.

At the EV Auto Show in Riyadh, Ali Rizvi, director of Business Operations at Lucid Middle East, revealed that the company鈥攕upported by 抖阴短视频鈥檚 Public Investment Fund鈥攊s increasing its production efforts within the Kingdom.

This initiative supports 抖阴短视频鈥檚 ambition to convert 30 percent of Riyadh鈥檚 vehicles to electric by 2030. This goal is part of a larger strategy to reduce emissions in the capital by 50 percent, contributing to the country鈥檚 broader aim of achieving carbon neutrality by 2060.

鈥淲e are producing vehicles in the Kingdom, (and) a large part of those will be exported within the region and to the rest of the world as well,鈥 Rizvi said.聽

At the same panel, Mohammed Abuazzah, chief public relations officer at Saudi EV brand Ceer, discussed the company鈥檚 strategy. 鈥淲e have a portfolio 鈥 a Saudi-inspired portfolio 鈥 that is innovative, inspirational, and can answer what the people of 抖阴短视频 and the Gulf Cooperation Council, and hopefully globally, expect from an EV,鈥 Abuazzah said.聽

He emphasized the importance of engaging with customers and expanding the company鈥檚 sales network in 抖阴短视频 and the GCC.聽

Ulf Schulte, chief operating officer at Electric Vehicle Infrastructure Co., announced plans to expand the company鈥檚 charging network. 鈥淪o, there are a lot of building blocks we are working on, and eventually now ramping up the number of sites. Our first site in Jeddah is going live today or tomorrow,鈥 Schulte said.聽聽

鈥淥ur focus this year is on Riyadh, Jeddah, and Dammam, but we鈥檙e working to build a Kingdom-wide network to enable a long-distance EV ecosystem,鈥 he added.聽

Andreas Flourou, group head of mobility at Red Sea Global, outlined the company鈥檚 commitment to sustainability. 鈥淲e鈥檙e opening new hotels every quarter at the moment, and mobility is one of the foundations of our ethos based around sustainability and protecting the environment,鈥 Flourou said.聽

鈥淲e鈥檙e opening a new hotel, Amaala, by the end of next year. This will mean hundreds of additional vehicles, guest vehicles, staff transportation, buses, sea planes, and marine vessels. We need an increase in chargers within our destinations,鈥 he added.聽聽

Gary Flom, CEO of National Transport Solutions Co., emphasized the role of EVs in transforming 抖阴短视频鈥檚 infrastructure.聽

鈥淭oday, we are witnessing a revolution, a revolution that is driving toward a future where electric vehicles are not merely an option but a cornerstone of our nation鈥檚 transportation infrastructure,鈥 Flom said.聽

鈥淭he rise of 抖阴短视频鈥檚 electric vehicle sector reflects a broader shift toward sustainability, innovation, and resilience. This transformation, catalyzed by the visionary leadership of His Royal Highness, Crown Prince Mohammed bin Salman, is positioning the Kingdom at the forefront of the global transition to clean energy,鈥 the CEO added.聽

He added that National Transportation Solutions Co. is proud to be a key player in the ongoing transformation, which began three years ago. 鈥淣TSC was born with a clear and ambitious mission to provide Saudi fleet operators with the same or better tools, data, and operational efficiencies long enjoyed by their colleagues in the US and Europe.鈥澛

Also present in a separate session at the event, Omaimah Bamasag, deputy of transport enablement at the Transportation General Authority, highlighted that the event showcases the collaboration between the public and private sectors in advancing new technology skills, aligning with the goals of Vision 2030 and the National Strategy.聽

Hosted at the Riyadh International Convention and Exhibition Center from Sept. 17 to 19, this three-day event highlights 抖阴短视频鈥檚 commitment to EVs and sustainable technology, in line with Vision 2030.聽

The exhibition is a key event for the Kingdom鈥檚 growing EV ecosystem, gathering automotive manufacturers, charging solution providers, policymakers, and consumers to discuss the future of mobility in the region.聽

Attendees will explore various EVs, charging solutions, and green technologies. The event will feature interactive seminars and panel discussions, offering opportunities to engage with industry experts and innovators.聽


抖阴短视频 raises $690m in sukuk issuances in August

抖阴短视频 raises $690m in sukuk issuances in August
Updated 17 September 2024

抖阴短视频 raises $690m in sukuk issuances in August

抖阴短视频 raises $690m in sukuk issuances in August
  • In August, the Kingdom issued sukuk worth SR6.01 billion
  • September issuance was divided into six tranches

RIYADH: 抖阴短视频鈥檚 National Debt Management Center has completed its riyal-denominated sukuk issuance for September at SR2.603 billion ($690 million). 

In August, the Kingdom issued sukuk worth SR6.01 billion, up from SR3.21 billion and SR4.4 billion in July and June, respectively.

The decline in sukuk issuances falls in line with a report released by American credit rating agency Fitch Ratings in August, which said that issuances are expected to slow down in the third quarter before picking up later in the year on the back of lower interest rates and oil prices. 

Sukuk, also known as Islamic bonds, are a Shariah-compliant debt product through which investors gain partial ownership of an issuer鈥檚 assets until maturity.

Establishing an unlimited riyal-denominated Islamic bond initiative under the NDMC is part of the Kingdom鈥檚 Sukuk Issuance Program, which started in 2017.

According to a statement released by NDMC, the September issuance was divided into six tranches. 

The first tranche was valued at SR255 million and is set to mature in 2027, while the second amounted to SR375 million, maturing in 2029.

The third tranche鈥檚 value stood at SR638 million, maturing in 2031, and the fourth was valued at SR1.02 billion, with a maturity date in 2034.

The fifth tranche had a size of SR202 million, maturing in 2036, followed by a sixth tranche valued at SR112 million due in 2039.

Earlier this month, another report released by global credit rating agency Moody鈥檚 said that the global sukuk market is poised for a strong performance in 2024, with issuance volumes expected to surpass those of 2023 despite a slowdown in the year鈥檚 second half.

According to the US-based firm, the issuance of Shariah-compliant bonds could reach between $200 billion and $210 billion this year, up from just under $200 billion in 2023.

The report said the growth is being fueled by robust sovereign issuance across the Gulf Cooperation Council and Southeast Asia, with 抖阴短视频 playing a leading role.


抖阴短视频鈥檚 EV auto show kicks off with major fleet decarbonization agreements

抖阴短视频鈥檚 EV auto show kicks off with major fleet decarbonization agreements
Updated 17 September 2024

抖阴短视频鈥檚 EV auto show kicks off with major fleet decarbonization agreements

抖阴短视频鈥檚 EV auto show kicks off with major fleet decarbonization agreements
  • J&T Express Middle East signed agreement with Saudi National Transportation Solutions Co. to embark on its fleet decarbonization journey
  • Rotana Waterfront has partnered with Electromin to enhance EV infrastructure in Jeddah

RIYADH: The first day of the Riyadh EV Auto Show saw significant progress in 抖阴短视频鈥檚 journey toward sustainable transport, with major fleet decarbonization agreements being signed. 

The event brought together industry leaders to showcase their commitment to reducing carbon emissions and embracing green technology.

Dubai-based logistics services company J&T Express Middle East was among the first to make an announcement, signing an agreement with the Saudi National Transportation Solutions Company to embark on its fleet decarbonization journey. 

As a concrete step toward this goal, J&T Express is taking delivery of 10 electric vans to support their logistics needs. This transition to electric vehicles underscores the company鈥檚 dedication to sustainability and aligns with the Kingdom鈥檚 larger vision of environmental responsibility and reducing the carbon footprint in the logistics sector.

Saudi Bulk Transfer, a leading player in the transportation sector, has also committed to a multi-year decarbonization roadmap in partnership with NTSC and Jeddah-based smart mobility solutions provider Electromin. 

As part of this ambitious plan, SBT is initially taking delivery of four electric trucks, marking the beginning of a larger fleet transformation. This highlights the growing trend of electrification in the heavy transport sector.

Rotana Waterfront has partnered with Electromin to enhance EV infrastructure in Jeddah. This agreement encompasses the ownership, installation, operation, and maintenance of public EV chargers at the Jeddah Corniche Waterfront development.

The initiative signifies an important step in expanding the accessibility of electric vehicle charging stations in key urban areas, supporting the Kingdom鈥檚 push toward a more sustainable future.

These initiatives come at a time when 抖阴短视频 is making significant strides in promoting electric mobility, as highlighted by recent government policies and investment in EV infrastructure. 

The Kingdom is actively working to reduce its carbon emissions and achieve a more sustainable future. The push for electric vehicles is a key component of this strategy, with the Kingdom aiming to have 30 percent of all vehicles in Riyadh electric by 2030. 

This aligns with the broader goals of Vision 2030, which include reducing dependency on oil and promoting environmental sustainability.

The agreements signed by J&T Express Middle East, SBT, and Rotana Waterfront and Electromin, signal a growing momentum in the adoption of electric vehicles for commercial and public use. 

The shift toward electrification in logistics, transportation, and public infrastructure marks a significant step in the Kingdom鈥檚 ongoing efforts to reduce greenhouse gas emissions and promote sustainable practices.

As 抖阴短视频 continues to advance its electric mobility initiatives, the commitments made at the Riyadh EV Auto Show and partnerships, like the one between Rotana Waterfront and Electromin, represent crucial steps in achieving a sustainable and environmentally conscious future.


抖阴短视频鈥檚 PIF revolutionizing e-mobility sector with $39bn investments: PwC official

抖阴短视频鈥檚 PIF revolutionizing e-mobility sector with $39bn investments: PwC official
Updated 50 min 37 sec ago

抖阴短视频鈥檚 PIF revolutionizing e-mobility sector with $39bn investments: PwC official

抖阴短视频鈥檚 PIF revolutionizing e-mobility sector with $39bn investments: PwC official
  • PIF is significantly facilitating finance streams to create a healthy eclectic vehicle value chain, said official
  • Challenges in Kingdom鈥檚 e-mobility sector include availability of new vehicles and lack of charging infrastructure, he added

RIYADH: 抖阴短视频鈥檚 sovereign wealth fund is spearheading the growth of the e-mobility sector in the Kingdom with a planned $39 billion investment, according to an expert. 

Speaking to Arab News on the sidelines of the EV Auto Show in Riyadh on Sept. 17, Heiko Seitz, partner and global e-mobility leader at PwC, said the Public Investment Fund is significantly facilitating finance streams to create a healthy eclectic vehicle value chain. 

鈥淏etween now and 2030, the PIF ecosystem will invest a total of approximately $39 billion in the creation of an entire new industry. We will see half of that capital going to the creation of (an) EV manufacturing ecosystem, one quarter going into battery manufacturing and supply chain, and another quarter into parts and chips etc,鈥 said Seitz. 

He added: 鈥淲e see that there is a national effort to build an industry from scratch. It is quite spectacular and fascinating to see how a country is able, in such a short time, to partner up with leading companies globally, and bring the best of the world to the Kingdom, and therefore starting their own success journey from scratch.鈥 

During the talk, Seitz also highlighted some of the main challenges 抖阴短视频 is facing in the e-mobility sector, which include the availability of new vehicles and the lack of charging infrastructure. 

鈥淎pproximately 30 percent of all the cars being offered for sale currently in Europe are battery electric. Here in the Middle East, it鈥檚 only approximately 7 percent, so there are lots of vehicle models that could be sold here, but they鈥檙e not yet. And that obviously limits the choice for the customer,鈥 said Seitz.

The PwC official added that the issues surrounding charging infrastructure will be resolved soon, as companies including Electric Vehicle Infrastructure Co., also known as EVIQ, are ramping up charging stations in the Kingdom. 

In May, EV maker Lucid, backed by the PIF, signed a memorandum of understanding with EVIQ to facilitate the activation of high-speed public charging infrastructure in 抖阴短视频. 

鈥淲e see that there are lots of announcements of big companies like EVIQ starting to build the ecosystem, and I鈥檓 quite optimistic that we鈥檙e going to have a very bright future for electric mobility in the region,鈥 added Seitz. 

The PwC official further highlighted that the costs of electric vehicles are coming down globally, and it is slowly becoming as affordable as an internal combustion engine vehicle. 

鈥淚n 抖阴短视频, we see that it is almost actually equally affordable to drive an EV as a commercial fleet operator than it is to drive the equivalent combustion engine vehicle. For the end customer, it is still a little bit more expensive because fleet customers always get better discounts,鈥 he said. 

He added that the prices of EVs in 抖阴短视频 will come down further, with the entry of new car brands into the Kingdom. 

鈥淲hat we see now is that with more vehicle brands coming to the Kingdom to compete, there is going to be a price war, just like we have seen this price war unfold in Europe,鈥 said Seitz. 

He added: 鈥淚鈥檓 very confident that over the next years, possibly, already over the next months, prices will come down significantly, just like we鈥檝e seen in Europe, where it鈥檚 already 15 percent cheaper without subsidies to drive a battery electric vehicle compared to the combustion engine car.鈥 

Citing a recent survey conducted by PwC, Seitz said that 40 percent of the Saudi population is interested in buying an electric vehicle in the next three to four years. 

鈥淲ith more models coming to the market and with Lucid and Seer, (and) other local Saudi brands bringing the east to the market, I don鈥檛 see anything that should stop the customer from going all-electric,鈥 he said. 

The PwC official also lauded 抖阴短视频鈥檚 efforts in promoting green techniques in mobility, despite being an oil-rich nation.

He said: 鈥淭wenty-four percent of global carbon dioxide emissions come from the transport sector. So if we鈥檙e serious about making our future greener and cleaner, we have to decarbonize mobility now.鈥

Seitz praised 抖阴短视频 for its 鈥渇abulous, green electricity agenda,鈥 adding: 鈥淲e expect that by 2035, the entire mobility transport, the entire mobility energy demand and much more will be fully fueled by green energy based on solar power. So, here the Kingdom actually shows that you don鈥檛 only electrify, you can also decarbonize mobility in an oil-rich country.鈥 


Experts call for enhanced incentives to boost EV adoption at Saudi auto show

Experts call for enhanced incentives to boost EV adoption at Saudi auto show
Updated 59 min 3 sec ago

Experts call for enhanced incentives to boost EV adoption at Saudi auto show

Experts call for enhanced incentives to boost EV adoption at Saudi auto show
  • EV Auto Show in Riyadh underscores 抖阴短视频鈥檚 Vision 2030, highlighting its commitment to electric vehicles and sustainable technology

RIYADH: The Saudi government holds the key to developing the necessary infrastructure for electric vehicles, a top official said on the first day of the EV Auto Show underway in Riyadh.

Speaking at a panel discussion titled 鈥淐harging Ahead: Building the Backbone of 抖阴短视频鈥檚 EV Revolution,鈥 Mansour Al-Makahlas, head of the eMobility division at Solutions Valley, a part of Saudi Electric Co., outlined the essential steps needed to advance the market.

Al-Makahlas stressed the importance of expanding charging infrastructure to encourage participation from chief product officers.

鈥淚n order to attract users to come to Saudi (Arabia) or to buy this vehicle, they need to release the incentive. They need to build more charging stations; they need to support the CPO to get into this market.鈥

He continued:, 鈥淭here must be an incentive from the government, such as the case in Europe and the US. CPOs know that the return on investment is long-term. It鈥檚 not short-term. So an incentive must be there.鈥

During the same discussion, Alhareth Al-Hisan, founder and CEO of iCharge, noted that 抖阴短视频 has a strong foundation for EV adoption globally. 鈥淚t has the grid capacity, it has the political will, and it has the ability for the customer to spend on the expensive electric vehicle.鈥

Al-Hisan pointed out that planning is a primary concern in the regional EV industry and suggested that 抖阴短视频 could benefit from Europe鈥檚 approach to infrastructure development. 鈥淲hen the infrastructure for electric vehicles started in Europe, it was heavily planned and very detailed where to place them, how to place them,鈥 he said.

Wolfgang Ademmer, chief marketing officer at the sustainable mobility firm Alpitronic, also encouraged 抖阴短视频 to follow Europe鈥檚 lead. 鈥淭here鈥檚 a learning from Europe for other markets. I鈥檓 always a big fan of shortcutting learning curves, and we can do this in 抖阴短视频.鈥

Ademmer emphasized the need for a comprehensive plan to support industry participants and ensure their success in the EV sector. 鈥淐oming up with a clear plan, giving confidence to all market players, including those inherently starting the business right now. Encourage them to stay and invest with the right guidelines, and then also convince, subsequently, the users, the car drivers, to use and to drive EVs.鈥

Li Bo, vice president of Huawei Digital Power Strategy and Marketing for the Middle East and Central Asia, and director of Huawei EV Charging Business for the same region, predicted a rise in the vehicle-to-EV charging ratio.

Li noted that renewable energy development is advancing in 抖阴短视频 and expects that new regulations will lead to a greater focus on renewable sources and storage solutions for EV charging stations.

Toward the end of the panel discussion, Al-Makahlas predicted significant growth in the EV market. 鈥淪o, I believe that the market will double by next year. You will be shocked by next year; I can guarantee you.鈥

The EV Auto Show in Riyadh underscores 抖阴短视频鈥檚 Vision 2030, highlighting its commitment to electric vehicles and sustainable technology. The exhibition serves as a key event for the Kingdom鈥檚 burgeoning EV ecosystem, attracting 10,000 attendees from 50 countries, including industry leaders, automotive manufacturers, charging solution providers, and policymakers, to discuss the future of mobility in the region.


Industry leaders forecast a bright future for electric vehicles in 抖阴短视频

Industry leaders forecast a bright future for electric vehicles in 抖阴短视频
Updated 17 September 2024

Industry leaders forecast a bright future for electric vehicles in 抖阴短视频

Industry leaders forecast a bright future for electric vehicles in 抖阴短视频
  • Event expected to reshape Kingdom鈥檚 mobility landscape as it aligns with Vision 2030
  • It has drawn key stakeholders to share insights on transformation of regional EV market

RIYADH: The EV Auto Show, held at the Riyadh International Convention and Exhibition Center, has gathered industry experts to discuss the future of electric vehicles in 抖阴短视频 and the broader Middle East. 

This year鈥檚 event, running from Sept. 17 to 19, is expected to reshape the Kingdom鈥檚 mobility landscape as it aligns with Saudi Vision 2030, a plan aimed at diversifying the economy and promoting sustainability.

The three-day gathering has drawn key stakeholders, including automakers, charging solution providers, and policymakers, all keen to share insights on the transformation of the regional EV market. 

Battery electric vehicles gaining traction in the Kingdom

Heiko Seitz, partner and global e-mobility leader at PwC, was one of several panelists at the event who highlighted the favorable conditions for EV adoption. 

鈥淚n 抖阴短视频, the Middle East, we have more favorable temperatures for battery electricity than we do up there in the Nordics in Europe,鈥 said Seitz. 

He underscored that these climate advantages and technological advancements are key factors driving the region鈥檚 shift to electric mobility.

Seitz elaborated on the market dynamics, saying: 鈥淲e have more or less approached cost parity, which basically means, in simple terms, it is now almost equally affordable to drive an EV with the comparable car models compared to an internal combustion car in Saudi. In the UAE, the car prices are slightly lower, so they have already passed the tipping point.鈥

Seitz expected prices to drop further as more models and brands enter the market, leading to greater EV adoption across the Middle East.

He predicted a dramatic shift in the composition of the global car market over the next decade, saying: 鈥淪even years from now, the mix in the world available will be that 30 percent of all vehicles will be battery electric. So lots of change there, and that will change the cost profile in the Kingdom and the Middle East in general.鈥

A greener future powered by renewables

Renewable energy is also playing a critical role in the Kingdom鈥檚 EV strategy. 鈥淭here is more and more renewable energy, especially solar energy, coming into the mix here in 抖阴短视频,鈥 said Seitz. 

He expressed optimism that the country鈥檚 efforts to integrate solar power would advance the greening of its mobility sector. 鈥淭his is one of the countries in the Middle East where it鈥檚 safe to say mobility will not only be electrified, it will also be green in the future,鈥 he added.

An industry expert speaks at the event in Riyadh on Tuesday. AN Photo

Seitz also shared impressive forecasts for EV sales in 抖阴短视频, predicting that by 2030, 64 percent of all new cars sold in the Kingdom will be fully battery electric, driven by local and international brands eager to compete in the region鈥檚 rapidly growing market.

Challenges and opportunities in EV manufacturing

The panel discussion also highlighted EV production progress within 抖阴短视频. Oswaldo Dorantes, manager of automotive at the National Industrial Development Center, emphasized the growing presence of manufacturers in the Kingdom. 

鈥淲e already have some manufacturers in Saudi making multiple manufacturing schemes like CKD (completely knocked down) and SKD (semi-knocked down) commercial vehicles and commercial trucks for medium and heavy-duty purposes,鈥 Dorantes said. 

He highlighted various government and private sector initiatives to develop local talent and support the broader EV ecosystem, underlining that programs like the National Automotive and Vehicle Academy or Nava are playing a key role in this strategy.

However, scale remains a critical challenge in attracting suppliers. 鈥淲hen we look at the development of the ecosystem, the first priority is going to be scale. How can we justify bringing in one supplier if we don鈥檛 have enough scale?鈥 Dorantes asked. 

He emphasized the importance of government support in overcoming this barrier, adding: 鈥淚t doesn鈥檛 matter if you can bring the most reliable technology if you鈥檙e not competitive enough. 

鈥淭his is something we look at from multiple perspectives, and that鈥檚 why the government needs to support it in the beginning.鈥

Advancements in battery technology

On the technical side, Julia Palle, vice president of sustainability at Formula E, spoke about the durability and efficiency of EV powertrains. 

A panel discussion on the unique advantages of EV technology. AN Photo

鈥淭he technology of the batteries and the powertrain in an electric vehicle is basically one of the most durable systems that you have,鈥 Palle said, adding that EVs transform 85 percent of their energy into movement, compared to traditional cars, which only convert up to 25 percent.

Palle鈥檚 insights aligned with those of Klaus Wawra, managing director at Hofer Powertrain, who discussed the technology crossover between EVs and hybrids. 

鈥淲ith a hybrid vehicle, you will still need an electric motor, you need an inverter, an onboard charger, and a direct current fast charging converter. So, more or less, all the technologies you have to cover inside the EV, you can then scale dedicatedly to this hybrid application,鈥 Wawra explained.

Consumer demand on the rise

The need for electric and hybrid vehicles is steadily increasing in 抖阴短视频. Hasan Nergiz, managing director at Al-Futtaim Electric Mobility Co., shared data indicating the growing popularity of hybrids in the market.

鈥淩ight now, if I look at our last month鈥檚 order take, around 75 percent of Saudi customers are opting into hybrids,鈥 Nergiz said. This statistic reflects the broader trend toward sustainable mobility solutions in the Kingdom.