Saudi Arabia is carmaker Lucid’s No.2 market for pre-orders, says CEO

Saudi Arabia is carmaker Lucid’s No.2 market for pre-orders, says CEO
Lucid is currently valued at over $43 billion, with the PIF holding a nearly 63 percent stake. (Supplied)
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Updated 29 October 2021

Saudi Arabia is carmaker Lucid’s No.2 market for pre-orders, says CEO

Saudi Arabia is carmaker Lucid’s No.2 market for pre-orders, says CEO

RIYADH: Saudi Arabia is the second-biggest market for luxury electric car manufacturer Lucid Group in terms of pre-orders, CEO Peter Rawlinson said on Thursday.
“It’s really my dream (to) help catalyze the genesis of an EV (electric vehicle) industry here in the kingdom,” he said at the Future Investment Initiative conference in Riyadh, adding sustainable transport would benefit everyone.
Rawlinson, who did not give a figure for pre-orders, said he was heading back to California to hand car keys to the company’s first customers, and looked forward to doing the same in Saudi Arabia next year.
Lucid, aiming to rival to Tesla, has started production of its Lucid Air luxury electric sedans, equipped with a number of sensors including 14 cameras and one lidar.
Rawlinson said Lucid’s first factory, built last year in nine months, was constructed in a area that could potentially have the capacity for up to 90,000 vehicles, up from 30,000 now.
He said his dream was to bring the cost down and sell a version of the Lucid Air Pure model for $70,000, versus its first car, a $169,000 special edition of its flagship sedan.
The company says on its website it plans to deliver 520 customer-configured Lucid Air Dream Editions, followed by deliveries of Lucid Air Grand Touring versions. Touring and Pure models are expected to be delivered to customers during 2022.
Lucid’s listing in July was a huge dividend for Saudi Arabia’s Public Investment Fund (PIF), which invested more than $1 billion in the company in 2018 for a substantial stake and invested more in February.
Lucid is currently valued at over $43 billion, with the PIF holding a nearly 63 percent stake.


Crypto Moves — Bitcoin & Ethereum rise; Portugal plans to implement crypto taxes

Crypto Moves — Bitcoin & Ethereum rise; Portugal plans to implement crypto taxes
Updated 10 sec ago

Crypto Moves — Bitcoin & Ethereum rise; Portugal plans to implement crypto taxes

Crypto Moves — Bitcoin & Ethereum rise; Portugal plans to implement crypto taxes

RIYADH: Bitcoin, the leading cryptocurrency internationally, traded higher on Sunday, rising by 0.36 percent to $29,364 as of 9:00 a.m. Riyadh time.

Ether, the second most traded cryptocurrency, was priced at $1,972.15 up by 0.35 percent, according to data from Coindesk.

Portugal to tax crypto 

The Portuguese finance minister said on Thursday the government is preparing to fill the legal gap that prevents the taxation of virtual assets, AFP reported. Investors are attracted to cryptocurrencies because of the lack of taxation.

During a meeting of foreign journalists in Lisbon, Fernando Medina said, “The government intends to legislate on this matter, we are not going to maintain this vacuum.” 

According to a 2016 ruling by the tax administration that remains in effect, Portugal is currently one of the few countries in Europe that do not tax crypto transactions because they do not qualify as foreign currencies or financial assets, the AFP report added.

Neither purchasers nor sellers of crypto assets are subject to the value added tax or capital gains taxes, and only business activity paid for with crypto assets is taxed.

The government plans to introduce “as soon as possible” a new legal framework that would balance fair taxation with international competitiveness, Medina said.

(With inputs from AFP)


MENA’s first animal vaccine facility in Saudi aimed at reducing cattle diseases to start in 2024

MENA’s first animal vaccine facility in Saudi aimed at reducing cattle diseases to start in 2024
Updated 16 min 32 sec ago

MENA’s first animal vaccine facility in Saudi aimed at reducing cattle diseases to start in 2024

MENA’s first animal vaccine facility in Saudi aimed at reducing cattle diseases to start in 2024

RIYADH: The Middle East North Africa region’s first animal vaccine facility aimed at reducing foot and mouth diseases, located in Saudi Arabia, is expected to be operational by 2024, according to one of the project’s owners.

The new plant, which is a joint venture between Argentina’s Biogenesis Bago and Saudi partners, is currently under construction in the eastern part of the Kingdom with a cost of $80 million.

The facility is capable of producing 200 million doses of vaccines a year at full capacity, covering the entire regional demand, said Esteban Turic, CEO of Biogenesis Bago in an exclusive interview with Arab News.
 
Biogenesis and its Saudi partner MAS are building the facility in Dammam industrial zone and it will eventually supply roughly three times more than the current demand of doses in Saudi Arabia, and 20 times more than in Jordan and Iraq, he added.

This new facility has a crucial significance, as the region is home to over one billion heads of cattle, goats, sheep and camelids. As foot and mouth diseases are very common in these animals, the new facility will significantly reduce the import of vaccines and crucially have vaccines in close proximity to react quickly if necessary.

Talking about selecting Saudi Arabia as the place for developing this facility, Turic said, “Saudi Arabia has one of the biggest domestic markets which demands the biggest volume of this vaccine. Secondly, because it’s in the middle of the GCC countries, and through the 2030 vision, the country provides a lot of incentives for the private sector.”

The vaccine plant which is expected to begin production by the second half of 2024 will start producing 50 million doses in the first year, and will reach the maximum production capacity within two years, added Turic.

Turic also revealed that the facility will create 300 direct jobs in Saudi Arabia, to include biochemists, biologists, and engineers. The indirect jobs will be in excess of 300, he added. 

He also made it clear that most of these direct and indirect jobs will be among Saudi Arabian nationals.


Egypt In-Focus: Ministry begins implementing digital transformation; EIB eyeing role in seawater desalination plan

Egypt In-Focus: Ministry begins implementing digital transformation; EIB eyeing role in seawater desalination plan
Updated 44 min 48 sec ago

Egypt In-Focus: Ministry begins implementing digital transformation; EIB eyeing role in seawater desalination plan

Egypt In-Focus: Ministry begins implementing digital transformation; EIB eyeing role in seawater desalination plan

RIYADH: Egypt’s Ministry of Public Enterprise Sector has announced that it has completed digital transformation projects in 15 companies. Digital transformation of 56 firms is currently underway, it added. In another development, healthcare startup Doxx has raised a significant amount in a seed funding round. Meanwhile, the European Investment Bank has expressed interest in taking part in the North African county’s seawater desalination plan. 

·      The Ministry of Public Enterprise Sector has announced that it has completed the digital transformation project for a total of 15 companies out of the 71 companies, local newspaper Youm 7 reported. According to sources, the ministry will continue implementation of the digital transformation project, also known as the Enterprise Resource and Planning and Management program, in the remaining firms. 

·      Egypt-based digital platform healthcare startup Doxx has secured $1.5 million in a seed round led by Egyptian healthcare-focused venture capital firm Elevate, local newspaper Daily News Egypt reported. The investment falls in line with Elevate’s goal of facilitating access to quality healthcare in the country.

·      The private sector is a key driver of economic relations between the US and Egypt, local newspaper Youm 7 quoted the head of the Egyptian-American Business Council, Omar Muhanna, as saying. Moreover, the partnership between both countries will result in the creation of various direct as well as indirect job opportunities in Egypt, Muhanna said.

·      The European Investment Bank is contemplating contributing to Egypt’s scheme to desalinate seawater in terms of financing, local newspaper Egypt Today reported, citing water expert at EIB Walid Salem. 

·      Egyptian banks’ net foreign assets are anticipated to recover post devaluation of the Egyptian pound, credit rating agency Fitch Ratings reported. This is mainly attributed to the increase in foreign investors’ confidence amid a more lenient exchange rate system as well as a new IMF program. 

 


Saudi ministry launches e-service to obtain license for petroleum trading

Saudi ministry launches e-service to obtain license for petroleum trading
Updated 50 min 16 sec ago

Saudi ministry launches e-service to obtain license for petroleum trading

Saudi ministry launches e-service to obtain license for petroleum trading

RIYADH: Saudi Arabia’s Ministry of Energy has launched an electronic service that enables license issuance for import and export activities of petroleum products, it said in a statement. 

The ministry explained that obtaining licenses and permits is a prerequisite for practicing petroleum trading activities. 

The new decree adds that the ministry shall set the necessary procedures to regulate all aspects of commercial activity related to trade in petroleum products.


ADNOC announces three new oil discoveries

ADNOC announces three new oil discoveries
Updated 22 May 2022

ADNOC announces three new oil discoveries

ADNOC announces three new oil discoveries
  • In the third discovery, around 50 million barrels of light and sweet Murban-quality crude were found in the Al Dhafra Petroleum Concession

May 19 (Reuters) - Abu Dhabi National Oil Company on Thursday announced three oil discoveries including one at Bu Hasa, Abu Dhabi’s biggest onshore field, with a crude oil production capacity of 650,000 barrels per day, the company said on Thursday.

The discovery in Bu Hasa includes 500 million barrels of oil from an exploration well in the field, the company said in a statement, adding that the discovery offers "substantial additional premium-grade Murban oil resources".

ADNOC said the second oil find was in Abu Dhabi’s Onshore Block 3, operated by Occidental (OXY.N), and around 100 million barrels of oil in place were discovered.

In the third discovery, around 50 million barrels of light and sweet Murban-quality crude were found in the Al Dhafra Petroleum Concession, ADNOC said.