Electromin eyes more charging stations Kingdomwide as CEO wants to end Saudis’ reluctance to EVs

Exclusive Electromin eyes more charging stations Kingdomwide as CEO wants to end Saudis’ reluctance to EVs
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Updated 07 June 2022

Electromin eyes more charging stations Kingdomwide as CEO wants to end Saudis’ reluctance to EVs

Electromin eyes more charging stations Kingdomwide as CEO wants to end Saudis’ reluctance to EVs
  • While it is a bold move, it is very timely, says Petromin’s group CEO Kalyana Sivagnanam
  • Range anxiety is one of the big obstacles to the adoption of EVs ... So we’re also launching a mobile charger. So if you’re stuck on the road, give us a call

RIYADH: Petromin’s new venture Electromin aims to kick-start confidence in customers’ minds to buy electric vehicles, even as the company recently opened 100 EV charging stations in Saudi Arabia, according to its group CEO.

In an exclusive interview with Arab News, Kalyana Sivagnanam, group CEO of Petromin, called it a bold move since customers in the Kingdom are still reluctant to buy EVs.

“While it is a bold move, I think it is very timely. We also have plans to expand this further beyond 100 stations and, in due course, we will make that announcement as well,” Sivagnanam told Arab News.




Petromin Group CEO (AN: Mohammed Albiejan)

Mobile charging solution

During the interview, Sivagnanam revealed that the most critical concern of people who wish to buy EVs is charging their vehicles if they run out of storage and get stuck on the road.

Addressing this concern, the company is providing a mobile charging service for EV users if they get stuck on the road.

SPEEDREAD

• Kalyana Sivagnanam predicted that the Kingdom would eventually need more charging stations as people will soon embrace EVs.

• By installing 100 EV charging stations, the company aims to possess a national network of electric vehicle chargers.

• The company also plans to introduce direct current fast chargers as the market grows and more customers start buying EVs in the Kingdom.

“Range anxiety is one of the big obstacles to the adoption of EVs. What if I run out of charge and get stuck on the road? So we’re also launching a mobile charger. So if you’re stuck on the road, give us a call. We will bring a mobile charger to assist you on the spot,” added Sivagnanam.

Strategic locations for charging

Sivagnanam predicted that the Kingdom would eventually need more charging stations as people will soon embrace EVs.

By installing 100 EV charging stations, the company aims to possess a national network of electric vehicle chargers.




Kalyana Sivagnanam, group CEO of Petromin talking to Arab News

“These 100 locations have been strategically mapped out. So, of course, Riyadh, Jeddah, and Dammam would have a majority of these. But we are also ensuring that there’s national coverage,” he further added.

The road ahead

Sivagnanam further noted that the company considers Electromin charging stations a long-term investment in the Kingdom, as he strongly believes in the future of EVs.

“We see this as a strategic investment, something that is very long term and important to us as a company. We’ve always been leaders. We’ve always been pioneers. So it is only natural that we go from Petromin to Electromin,” he said.

Advent of DC chargers

The company also plans to introduce direct current fast chargers as the market grows and more customers start buying EVs in the Kingdom.

“We have started with AC chargers. As the market evolves and if there is a demand for DC fast chargers, Electromin will install them. As the demand grows and we see newer vehicles come into the market, we will upgrade our chargers,” added Sivagnanam.

Vision 2030 influence

Sivagnanam also made it clear that the adoption of electric vehicles in the country will be driven by government policy. He stated that the adoption of EVs in the Kingdom would be much higher than in other countries in the coming years.

“Vision 2030 talks about sustainability. Riyadh has said that they will go for a 30 percent sale of electric vehicles by 2030. We are guided by these numbers. We think there is a strong push for a sustainable ecosystem,” he further added.

Lubricant market will continue to grow

The company also expects the lubricant industry to grow during this EV transformation period.

“Petromin is a lubricant company. We are now evolving into a future industry. We also expect the lubricant market to continue to grow. The lubricant market is not just about automotive; lubricants are also industrial and commercial,” he said.

Sivagnanam added that Petromin wants to strengthen its existing portfolio, and the company is also making sure that it is well-positioned for the future.

Talking about sustainability, he said, “Petromin will continue reducing carbon footprint. On the other hand, Electromin, as a company focused purely on EVs, will continue toward a zero-emission sustainable world.”

Toward newer horizons

Sivagnanam also added that Petromin is planning to expand into different segments and geographies. Calling India a big market, he revealed that the company is looking at opportunities in the region besides assessing prospects in Africa and other Arab markets.

“As a Saudi company, we also have a big presence outside Saudi Arabia. Petromin exports lubricants to over 40 countries. We have big ambitions to grow into many other markets. So the core business will continue to expand. We have new markets, we have growth markets, and we have new segments. Lubricants are being used in a variety of industries, and that business will continue to grow,” added Sivagnanam.

 


Saudi Maharah’s unit acquires 41% of Care Shield for $90m

Saudi Maharah’s unit acquires 41% of Care Shield for $90m
Updated 13 sec ago

Saudi Maharah’s unit acquires 41% of Care Shield for $90m

Saudi Maharah’s unit acquires 41% of Care Shield for $90m

RIYADH: Growth Avenue Investment Co., a unit of Maharah Human Resources Co., closed the acquisition of a 41 percent stake in Care Shield Holding Co. in a deal valued at SR307 million ($90 million).

The title to the shares was transferred to the buyer, Maharah said in a bourse filing.

The deal was financed in part by the company’s own resources and in part by a loan from Al Rajhi Bank.

Growth Avenue Investment qualifies for a profit share from the acquired stake as of Jan. 1, 2022.

In August, Maharah announced that Growth Avenue had received the General Authority of Competition’s nod to proceed with acquiring Care Shield Holding.


LinkedIn reveals Saudi Arabia’s top 10 startups for 2022

LinkedIn reveals Saudi Arabia’s top 10 startups for 2022
Updated 15 min 22 sec ago

LinkedIn reveals Saudi Arabia’s top 10 startups for 2022

LinkedIn reveals Saudi Arabia’s top 10 startups for 2022

RIYADH: Professional networking solution provider LinkedIn has revealed the annual ranking of the top 10 startups based in Saudi Arabia that have demonstrated growth in 2022.

The annual ranking has been analyzed on the basis of the companies’ interactions with LinkedIn members. They are measured through employment growth, company and employee engagement, job interests, and talent attraction.

The top startups in Saudi Arabia for 2022: 

  1. Tamara
  2. Sary
  3. Nana
  4. Zid
  5. Tweeq
  6. Gathern
  7. Lendo
  8. Qawafel
  9. Resal
  10. Shgardi

“KSA’s Top Startups List 2022 reflects the current state of the startups and VC space in the country while also offering insights into the prevailing market trends influencing the community,” said Salma Altantawy, senior news editor at LinkedIn.

The announcement also indicated that fintech witnessed huge traction in the Kingdom with three startups — Tamara, Tweeq, and Lendo — in the sector making to the list.

Delivery services have also grown in popularity with platforms like Nana and Shgardi recording good traction. This is in addition to a rise in B2B solutions as companies like Sary and Qawafel found second and eighth positions, respectively.

“This year’s list sees the emergence of many startups from financial backgrounds. This signifies the increased popularity and growing need for simplified and innovative fintech solutions by consumers in Saudi Arabia,” she added.

To be eligible, LinkedIn said, companies must be independent and privately held, have 50 or more country-based employees, be seven years old or younger, and be headquartered in the country on whose list they appear.


TASI sees gains as global economic fears ease: Opening bell

TASI sees gains as global economic fears ease: Opening bell
Updated 52 min 24 sec ago

TASI sees gains as global economic fears ease: Opening bell

TASI sees gains as global economic fears ease: Opening bell

RIYADH: Saudi Arabia’s main index has continued to recover from a sharp drop that was caused by concerns about economic growth.

The Tadawul All Share Index gained 0.94 percent to reach 11,120 Wednesday morning, while the parallel market Nomu started 0.34 percent higher at 19,786, as of 10:08 a.m. Saudi time.

Saudi oil giant Aramco started with a 1.02 percent gain, while Rabigh Refining and Petrochemical Co. added 0.3 percent.

The Saudi National Bank, the Kingdom’s largest lender, increased by 0.98 percent, while Saudi British Bank increased by 0.95 percent.

The Kingdom’s highest valued bank, Al Rajhi, rose 0.5 percent, while Alinma Bank gained 0.86 percent.

Anaam International Holding Group continued to lead the gainers for a third session with a 5.42 percent gain, after it turned into profits of SR1.6 million ($425,599) in the first half of 2022.

The Saudi Public Transport Co. gained 1.77 percent, after winning an SR88 million public bus transport project with Taif Municipality.

Maharah Human Resources Co. added 0.83 percent, after securing a long-term Murabaha loan worth SR200 million from Al Rajhi Bank.

 


Arabian Drilling opens IPO at up to $24 per share

Arabian Drilling opens IPO at up to $24 per share
Updated 53 min 59 sec ago

Arabian Drilling opens IPO at up to $24 per share

Arabian Drilling opens IPO at up to $24 per share

RIYADH: Arabian Drilling Co. has set its price range for its initial public offering at SR90-100 ($24-$27) per share, as it kicks off the book-building period on Wednesday.

The process for institutional investors, which will end on Oct. 5, will be led by HSBC Saudi Arabia, Goldman Sachs Saudi Arabia, and SNB Capital, according to a bourse filing.

ADC is offering 30 percent of its capital, representing 26.7 million, in an attempt to join Nomu’s parallel market.

The retail subscription to 2.76 million shares, or 10 percent of the shares offered, will run from Oct. 18 to Oct. 19.


Saudi food chain Raydan seeks stockholders’ approval to slash capital to $42m

Saudi food chain Raydan seeks stockholders’ approval to slash capital to $42m
Updated 28 September 2022

Saudi food chain Raydan seeks stockholders’ approval to slash capital to $42m

Saudi food chain Raydan seeks stockholders’ approval to slash capital to $42m

RIYADH: Raydan Food Co. has invited its shareholders to vote on reducing the company’s capital from SR338 million ($90 million) to SR158 million.

This reduction plan was made in order to restructure the company’s capital structure to recover losses, according to a bourse filing.

Raydan Food reported earlier that its accumulated losses reached SR179 million in the first half of the year, representing 53 percent of its share capital.

Earlier this month, Raydan received the Capital Market Authority's approval for capital reductions.