Saudi Arabia agrees to buy up to 100,000 Electric Vehicles from Lucid

Saudi Arabia agrees to buy up to 100,000 Electric Vehicles from Lucid
This agreement is a significant move that supports the key objectives of Vision 2030. (Shutterstock)
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Updated 27 April 2022

Saudi Arabia agrees to buy up to 100,000 Electric Vehicles from Lucid

Saudi Arabia agrees to buy up to 100,000 Electric Vehicles from Lucid

RIYADH: The Government of Saudi Arabia announced that it has signed an agreement with Lucid Motors to purchase a minimum of 50,000 electric vehicles and up to 100,000 electric vehicles over a ten-year period in an effort to diversify its fleet to be more environmentally friendly.  

“This agreement is a significant move that supports the key objectives of Vision 2030 including diversifying and transforming the economy, society and lives of the people of Saudi Arabia, building new sectors fit for the future and creating skilled jobs for future generations. It also comes in alignment with the Saudi Green Initiative and the Middle East Green Initiative,” the Saudi ministry of finance said in a statement. 


Read More: Riyadh to see its 30% EVs target possible with Kingdom's 1st Lucid plant


The Saudi sovereign wealth fund, also known as the PIF, owns a considerable stake in Lucid, which has been selected, according to the ministry of finance, “as they are building a factory to assemble these vehicles within the Kingdom, which will transition over time to full production.”

Saudi Arabia is setting up its first electric vehicle manufacturing plant in the country with Lucid as the government plans to ensure 30 percent of all vehicles in the capital city Riyadh run on electricity by 2030.

The plant — ithe first for Lucid outside the US in Saudi Arabia —  will have a capacity to produce up to 150,000 electric vehicles every year.

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The ministry of finance said in the statement that this plant will support “the government’s local content drive, diversify the economy, provide thousands of highly skilled job opportunities and provide economic benefit to the Kingdom in line with Vision 2030.” 

It will also help Saudi Arabia realize its ambition to be a major regional and global manufacturing base for the next generation of electric vehicles, the statement added.

“Saudi Arabia is placing this order now, as demand for electric vehicles is high, many other governments are considering taking orders. This also provides Saudi Arabia with the opportunity to work with Lucid on the development of new models and vehicles to suit the government’s vehicular needs.”

 
 

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DP World, India’s NIIF expand partnership with $300m investment in Hindustan Ports

DP World, India’s NIIF expand partnership with $300m investment in Hindustan Ports
Updated 25 sec ago

DP World, India’s NIIF expand partnership with $300m investment in Hindustan Ports

DP World, India’s NIIF expand partnership with $300m investment in Hindustan Ports

DUBAI: India’s National Investment and Infrastructure Fund has broadened its existing partnership with UAE’s DP World by investing around $300 million to acquire around 22.5 percent in Hindustan Ports Private Ltd., a wholly owned subsidiary of DP World, according to a statement. 

“With this transaction, which is also the Master Fund’s single largest investment, NIIF’s investment under this partnership will reach around $500 million,” the companies said in a statement. 

The statement added that the transaction is subjected to customary completion conditions, and is expected to close by the first quarter of 2023.

The latest investment from the NIIF Master Fund extends the already existing DP World and NIIF partnership, which was formed in 2018 through the creation of Hindustan Infralog Private Ltd. 

HPPL is one of India’s leading container terminal platforms. It operates five container terminals managing more than five million twenty-foot equivalent units, also known as TEU, of capacity, representing a national market share of over 20 percent. 

“The broadening of our partnership with NIIF to include our flagship India ports platform is a natural extension of our existing relationship and aligns both parties to focus on delivering end-to-end supply chain solutions,” said Sultan Ahmed bin Sulayem, group chairman and CEO of DP World. 


Italian oilfield engineering firm Saipem gets Middle East contracts worth $1.25bn

Italian oilfield engineering firm Saipem gets Middle East contracts worth $1.25bn
Updated 30 min 46 sec ago

Italian oilfield engineering firm Saipem gets Middle East contracts worth $1.25bn

Italian oilfield engineering firm Saipem gets Middle East contracts worth $1.25bn

RIYADH: Italian multinational oilfield services company Saipem has been awarded onshore and offshore contracts worth $1.25 billion in the Middle East, the firm said in a statement.

According to the statement, the first group of contracts is associated with the extension of onshore drilling contracts in the Middle East for an overall amount of approximately $600 million.

This group is related to the ten-year extension of existing contracts regarding four land rigs located in the Middle East. 

It includes the deployment of land rigs for exploration and production activities in various oil and gas fields that are already under operation.

Apart from these existing contracts, Sapiem was also awarded four new contracts in the Middle East with a combined value of $650 million.

The scope of these includes engineering, procurement, construction and installation of several offshore jackets, decks, subsea pipelines, subsea composite cables, umbilicals, fiber optic cables and brownfield modifications.


Amazon Payment Services offers 0% transaction fees to new businesses

Amazon Payment Services offers 0% transaction fees to new businesses
Updated 53 min 15 sec ago

Amazon Payment Services offers 0% transaction fees to new businesses

Amazon Payment Services offers 0% transaction fees to new businesses

DUBAI: To mark the two-day DIFC Fintech Week, Amazon Payment Services offered new businesses signing up for the service zero percent transaction fees up to 200,000 dirhams ($54,451).

According to a statement, the offer also included expedited onboarding of new clients with assistance from in-house account managers.

APS also hosted the “Startup Pitch Competition” during the event, which saw entrepreneurs and innovators present their business ideas to their executive panel. 

The winning team was given the chance to explore potential business opportunities with the company’s team, the statement added.

APS executives engaged in discussions with fintech leaders, innovators, enterprises, investors, and policymakers throughout the event. 

There was a focus on how digital currencies can be safely and effectively integrated into payment options available in the region to increase efficiency and give customers and businesses more options.

During the Tech Talk session, Mohamad Imtiyaz, APS’ head of business development, outlined how innovation in payment services will lead to digital payments. 

Srinath Hariharan, head of the company’s product management, spoke on a panel about the 'Buy now, pay later' option and its implications for businesses and consumers.

APS’ latest initiative is Amazon Fintech Lab, a center for digital innovation located within Dubai’s financial district. It will engage with, and foster, the fintech, online retail, and wider business communities across the Middle East and North Africa.


UAE agritech Pure Harvest secures $180.5m from global investors to fuel expansion

UAE agritech Pure Harvest secures $180.5m from global investors to fuel expansion
Updated 53 min 57 sec ago

UAE agritech Pure Harvest secures $180.5m from global investors to fuel expansion

UAE agritech Pure Harvest secures $180.5m from global investors to fuel expansion

RIYADH: UAE-based agritech Pure Harvest Smart Farms raised $180.5 million in its latest funding round by global investors including venture capital firm, IMM Investment Corp, and Saudi-based billionaire group, Olayan Group.

The company will use its acquired funding to invest in research and development as well as expand into the Gulf Cooperation Council and Asia markets, Wamda reported.

“I believe this funding will allow them to unleash significant potential, and to meet growing food demands in many new markets,” an Olayan Group spokesperson said in a statement.

Founded in 2016, the company uses hydroponic technology to grow fruits and vegetables in harsh environments and has raised a total funding of over $387 million.


India In-Focus — Shares up; Local oil producers can sell to private companies; Ambani hands Reliance telco unit to son

India In-Focus — Shares up; Local oil producers can sell to private companies; Ambani hands Reliance telco unit to son
Updated 30 June 2022

India In-Focus — Shares up; Local oil producers can sell to private companies; Ambani hands Reliance telco unit to son

India In-Focus — Shares up; Local oil producers can sell to private companies; Ambani hands Reliance telco unit to son

MUMBAI: Indian shares posted modest gains on Thursday led by conglomerate Reliance Industries after billionaire Mukesh Ambani set the stage for a leadership transition at its key units.

The NSE Nifty 50 index was up 0.28 percent at 15,843.65, as of 0400 GMT, and the S&P BSE Sensex advanced 0.33 percent to 53,201.1.

The rupee stepped back from record lows hit the previous day and was trading at 78.93 per dollar, with the market headed into the final session of the first quarter,

Reliance Industries, India’s most valuable company, provided the biggest boost to the blue-chip indexes with a 1.4 percent jump. 

India allows local oil producers to sell to private companies

India’s cabinet on Wednesday approved a plan that would allow local crude producers to sell oil to private companies, a move that would help raise the revenue of state-run producers such as ONGC and Oil India.

The decision would be effective from Oct. 1, and existing conditions to sell crude oil to the government-run companies would be waived, the government said in a statement, adding that exports will not be permitted.

“Companies will now be free to sell crude oil from their fields in the domestic market. Government revenues will continue to be calculated on a uniform basis across all contracts,” the government said.

Ambani hands Reliance telco unit to son 

Indian billionaire Mukesh Ambani has stepped down from the telecoms arm of Reliance Industries, handing the reins to his son Akash and setting the stage for a leadership transition at his energy-to-retail conglomerate.

Mukesh’s 30-year-old son Akash has been appointed chairman of the board of Reliance Jio Infocomm Ltd, the company said in a regulatory filing on Tuesday. Akash was already a non-executive director at the telecoms arm.

Mukesh Ambani, who ranked tenth on the Forbes global billionaire’s list, signaled last year his children would have significant roles in the company, which has grown sixfold in the past decade into a $218 billion empire.

(With inputs from Reuters)