SAGIA announces new JV in renewable energy sector

Hosted at SAGIA’s Riyadh headquarters, the signatories, Al-Rushaid Group and the French-based Optimum Tracker, solidified their new partnership at a signing ceremony witnessed by Ibrahim Al-Omar, governor of SAGIA, attending under Invest Saudi.
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Updated 30 December 2019

SAGIA announces new JV in renewable energy sector

The General Investment Authority (SAGIA) has announced the signing of a new joint venture agreement in the Kingdom’s emerging renewable energy sector.
Hosted at SAGIA’s Riyadh headquarters, the signatories, Al-Rushaid Group and the French-based Optimum Tracker, solidified their new partnership at a signing ceremony witnessed by Ibrahim Al-Omar, governor of SAGIA, attending under Invest Saudi.
The new legal entity created by the two companies will combine their expertise into a Saudi-registered company providing design and engineering services in the field of solar energy, with a focus on the manufacturing of mounting system structures for solar PV panels. Beginning the joint venture with an initial investment of SR200 million ($53.3 million), Al-Rushaid and Optimum Tracker will base their main operations in the Kingdom’s Eastern Province and target a gradual capacity to no less than 150 megawatts. The plant constructed under the deal plans to export at least 30 percent of its products to countries across the region and create 1,000 direct jobs.
SAGIA governor Al-Omar said: “We are very pleased to welcome Optimum Tracker to Saudi Arabia and facilitate their new partnership with leading Saudi innovator Al-Rushaid Group, as we build the future of the renewable energy sector in the Kingdom.”

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SR200m - is the initial investment in the new Saudi-registered company, which will provide design and engineering capabilities in the field of solar energy.

Sheikh Rasheed A. Al-Rushaid, vice chairman and president of Al-Rushaid Group, said: “We’re proud and extremely excited to be working side by side with a successful, rapidly growing company like Optimum Tracker, as we work toward localizing an important component of solar plants in Saudi Arabia in line with the Kingdom’s Vision 2030.”
Madyan Michotte De Welle, CEO and co-founder of Optimum Tracker, said: “Optimum Tracker is proud to sign a JV agreement with a company such as Al-Rushaid Group, which truly represents Saudi Arabia’s industrial potential, capacity and expertise. The agreement could not have happened without the support of SAGIA.”
The agreement builds on the positive momentum that Saudi Arabia has seen this year in terms of inward investment. According to Invest Saudi’s Fall 2019 Investment Highlights report, more than 250 overseas businesses were granted investor licenses in Q3 2019, marking a 30 percent increase compared to the same period last year.


Hyundai launches new i30 N in South Africa

Updated 19 February 2020

Hyundai launches new i30 N in South Africa

Hyundai Motors has increased its presence in South Africa by launching its first mass-produced high-performance car — i30 N — last week in Cape Town. 

The first model of the N brand, the i30 N is Hyundai’s first high-performance car, which has been developed with a key focus on its race-track capability and its ability to be a fun-to-drive everyday sports car. 

“Advanced technology and a high level of driver customization has been built into the i30 N, which means it can play the role of a comfort-oriented commuter as well as a race-track ready performance car,” the automaker said.

The i30 N has a 1,998 cc, four-cylinder turbocharged petrol engine, with its maximum power output of 202 kW reached at 6,000 r/minute, while maximum torque is achieved from 1,500 to 4 700 r/minute. 

The power is delivered to the front wheels of the i30 N through a six-speed manual gearbox and has five different drive modes: Eco, Normal, Sport, N and N Custom, which can be accessed through two dedicated buttons on the car’s steering wheel. 

The i30 N has a rev matching function built-in to adjust the engine revolutions when the driver shifts from a higher to a lower gear, thereby ensuring smooth gear shifting. The dual muffler exhaust sounds add to the pleasure of commanding a high-performance vehicle.

Speaking at the launch, Niall Lynch, CEO of Hyundai Automotive South, said: “The i30 N is one of the most exciting cars Hyundai has made in the recent years highlighting Hyundai’s talented designers and engineers who are always setting new standards.

“It is a high-performance car meant to deliver a fun driving experience and I have no doubt there’s a bright future in store for the Hyundai i30 N in South Africa. It has already been described as a ‘game changer’ with more than 20,000 units sold across Europe since we started trading in 2017.”

The i30 N has stylish 19-inch wheels with 235/35R19 Pirelli P-Zero high-performance tires and red brake callipers featuring the N-logo. Aggressive bumpers with larger air intakes and a red character line, an aerodynamic rear spoiler with a triangular brake light, and a dual muffler exhaust complete the sleek, sporty look.

The i30 N also features the electronically controlled suspension (ECS) and electronically controlled limited-slip differential, which ensures an exhilarating drive with cornering capabilities that befits the i30 N’s hot-hatch character.

Customers can choose from five color options — Polar White, Performance Blue, Micron Grey, Phantom Black and Engine Red.

Hyundai plans to launch the i30 N model in the Middle East toward the end of 2020.