Saudi Arabia’s Public Investment Fund launches electric vehicle infrastructure company

PIF said on Sunday that it has partnered with SEC to launch an electric vehicle infrastructure company. (PIF)
PIF said on Sunday that it has partnered with SEC to launch an electric vehicle infrastructure company. (PIF)
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Updated 08 October 2023
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Saudi Arabia’s Public Investment Fund launches electric vehicle infrastructure company

PIF said on Sunday that it has partnered with SEC to launch an electric vehicle infrastructure company. (PIF)
  • Company plans to establish its presence in more than 1,000 locations, installing over 5,000 fast chargers across Saudi Arabia by 2030

RIYADH: Saudi Arabia’s Public Investment Fund said on Sunday that it has partnered with the Saudi Electricity Company (SEC) to launch an electric vehicle infrastructure company.
“PIF will own a 75 percent stake in the Company, while SEC will hold the remaining 25 percent stake,” the soveriegn wealth fund said in a statement.

The company aims to deliver the best electric vehicle fast-charging infrastructure across Saudi Arabia, further unlocking the local automotive ecosystem and accelerating the adoption of electric vehicles.

It plans to establish a presence in more than 1,000 locations, installing over 5,000 fast chargers by 2030 in cities across the Kingdom and on the roads that connect them, in line with applicable regulations and standards.

It aims to enhance Saudi Arabia’s automotive ecosystem, through collaboration with electric vehicle companies, by supplying the necessary charging stations to meet future demand.

It also aims to promote private sector participation in the development of its network of charging stations and support the localization of research,development, and manufacturing of technologically advanced materials, ultimately building domestic expertise and resilience.

The co-Head of MENA Direct Investments at PIF, Omar Al-Madhi, said: “The Electric Vehicle Infrastructure Company will spearhead the EV transition by deploying best-in-class, widely available EV charging infrastructure to drive the growth of the EV ecosystem. 

Through our partnership with SEC, we will be able to accelerate the creation of synergies across the EV supply chain, driving economic growth and diversification in line with Vision 2030, and positioning Saudi Arabia as a leader in the new electrified era of the automotive industry.” 

The chief executive officer at SEC, Khalid bin Hamad Al-Gnoon, said: “SEC, as part of the nation’s wider energy ecosystem, develops and implements strategies that aim to enhance Saudi Arabia’s position as a sustainable energy leader, in line with the Kingdom’s efforts to promote advanced energy solutions and increase the value added by the energy sector.”

The launch of the company is in line with PIF’s strategy to expand Saudi Arabia’s automotive capabilities to promote the country’s competitiveness on the world stage, and position it as a global leader.

It will aim to further Saudi Arabia’s economic diversification efforts, driving non-oil GDP growth and creating new jobs.  


Ancient castles in Sabya governorate reflect architectural heritage

Ancient castles in Sabya governorate reflect architectural heritage
Updated 10 min 58 sec ago
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Ancient castles in Sabya governorate reflect architectural heritage

Ancient castles in Sabya governorate reflect architectural heritage
  • The Sabya Archaeological Castle has origins that date to the early 20th century

RIYADH: The Sabya governorate in the Jazan region is a treasure trove of archaeological wonders, each with its own unique story.

Among these is the Sabya Archaeological Castle, whose origins date to the early 20th century. The castle, steeped in history, is a must-visit for any archeology enthusiast or researcher.

The castle is situated near Sabya Avenue, within King Fahd Park. It is part of the present city of Sabya, which offers a view of Wadi Sabya. 

The Sabya Archaeological Castle, an architectural marvel, boasts spacious rooms with high ceilings and thick walls. The walls, adorned with beautiful geometric and floral patterns, are a testament to the skill of the craftsmen who built them.

Local materials such as volcanic stone, wood, and limestone were used during construction. Some accounts suggest that the clay used in making bricks was sourced from the banks of Wadi Sabya.

The use of volcanic stones of various sizes and shapes in particular gives the castle a unique and captivating beauty. The stones were obtained from volcanoes near the city, including Jabal Akwa, located a short distance northeast of Sabya.

The mosque, situated north of the castle, was also constructed using the same building materials as the castle and other structures in the area. It was intended for prayers and gatherings of religious leaders, dignitaries, and the people of Sabya. Its mihrab, or prayer niche, still stands despite some damage.

Some accounts suggest the presence of remains of other buildings in the vicinity of the castle, opening the possibility of conducting archaeological excavations to reveal more secrets about this site.

The Kingdom’s Heritage Commission is diligently working to preserve the Sabya Archaeological Castle, recognizing its significance as one of the most important archaeological sites in the Jazan region.


Artist captures Saudi charm with digital works

Artist captures Saudi charm with digital works
Updated 19 min 1 sec ago
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Artist captures Saudi charm with digital works

Artist captures Saudi charm with digital works
  • Ghada Al-Shammari says art can be a means to showcase nation’s rich heritage

RIYADH: Timeless Arabic songs and heartfelt poetry provide the inspiration for Ghada Al-Shammari’s digital art, which showcases the Kingdom’s culture and society.

Al-Shammari's first artwork in 2017 was inspired by a popular Saudi song by Majed Al-Esa called “Hwages,” which means “concerns” in English.

The music video provided a comment on society by using satire, showcasing women driving cars, skateboarding, and playing basketball — activities that at the time were not easily accessible for women.

“I liked how they portrayed women in the traditional Saudi abaya, which motivated me to draw it,” Al-Shammari told Arab News.

For one of her artworks Al-Shammari was inspired by a poem by literary icon Prince Badr bin Abdul Mohsen and popularly performed by the late Saudi singer Talal Maddah.

The drawing depicts a man glancing at a woman who has her eyes downcast, with an oud instrument between them, and the 1980 song title “Forgive Me” written in Arabic text above the illustration.

The Saudi artist said that she tries to capture the poet’s feelings with her artwork, adding: “Romantic songs with descriptions of the poet’s beloved have been particularly inspiring for me.” 

Al-Shammari draws inspiration from the beauty within the Kingdom’s culture. Many of her artworks depict women wearing traditional Najdi-style dresses and gowns with draping silhouettes and glimmering gold headpieces and turbans.

The men are depicted with striking features and wearing traditional garments like the head coverings called ghutra or shemagh, and bisht, the men’s cloak commonly worn in Saudi Arabia and other Gulf countries.

“Saudi culture and traditions have significantly impacted my work. Growing up, I used to think of Saudi Arabia as just what was around me in terms of environment, customs, and traditions,” Al-Shammari said. 

When she moved from her hometown of Hafar Al-Batin to the capital Riyadh, Al-Shammari said her friendships and acquaintances showed her a new world of ideas that elevated her artistic vision. 

She added: “They shared stories about their region, important landmarks, and fascinating tales that were unique to their areas. This motivated me to learn more about my country and enjoy drawing the diversity and differences I discovered in my artworks.

“Saudi Arabia is full of exciting things, and its diversity is what fascinates me the most. Each region has its own heritage, traditions, architecture, and unique dialect, which makes me eager to learn more and create works that reflect this beautiful diversity.”

Al-Shammari said she selects particular color combinations to evoke the emotions she aims to convey, opting for brighter colors for her cheerful and vibrant works. 

Al-Shammari graduated from the College of Arts and Design at Princess Nourah bint Abdulrahman University with a bachelor’s degree in fine arts.

She added: “Through this specialization, I discovered many artistic and historical aspects, learned about various artists, and got to understand their ideas and philosophies, which transformed my perspective of my work.”

Her love of art began as a child when she would draw characters from her favorite anime and cartoons.

“I started focusing on drawing from an educational perspective at the age of 12 through YouTube tutorials on drawing anime and cartoons, which sparked my artistic journey,” Al-Shammari said.

She added that art is important as it showcases the cultural aspect of a country and its heritage, conveying its history and traditions that help define life in the past and present.

She said: “It serves as a way to preserve and transmit this heritage from one generation to the next, seeking to document knowledge and memories.

“Additionally, from an economic standpoint, art is considered a means to attract tourists interested in discovering the country and its civilization.”

For more information on the artist, visit her Instagram @gh.oi.


Peshawar residents, led by PTI lawmaker, storm grid station to restore power amid heatwave

Peshawar residents, led by PTI lawmaker, storm grid station to restore power amid heatwave
Updated 28 min 15 sec ago
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Peshawar residents, led by PTI lawmaker, storm grid station to restore power amid heatwave

Peshawar residents, led by PTI lawmaker, storm grid station to restore power amid heatwave
  • The electric supply company says the protesters ‘forcibly switched on nine high-loss feeders’ in the area
  • It mentions losses due to power-theft, non-payment of dues, lodges police complaint against the lawmaker

ISLAMABAD: Residents of Peshawar in Pakistan’s northwest, led by a provincial lawmaker from former Prime Minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) party, stormed a grid station on Saturday and restored electricity themselves to protest prolonged power cuts amid scorching heat.
Power outages are not uncommon in Pakistan during the summer months when the demand on the national grid spikes sharply due to the widespread use of air conditioners and desert coolers. These seasonal surges often lead to prolonged power outages, which fuel public discontent, particularly during the intense heatwaves that have swept across Pakistan in recent years.
While the blackouts can sometimes be part of the official load management strategy, Pakistani authorities have also pointed to power theft in Khyber Pakhtunkhwa as a significant issue, occasionally leading to complete shutdowns of electricity.
“If our electricity is cut off, everyone’s electricity will be cut off,” Pakistan’s Geo TV quoted the PTI lawmaker Fazal Elahi as saying after the incident.
The Peshawar Electric Supply Company (PESCO) said Elahi and other protesters entered the grid station and “forcibly switched on nine high-loss feeders” in the area.
“Losses due to power theft and non-payment of dues on these feeders are more than 80 percent,” it added.
Local media also reported that PESCO had filed a police complaint against the PTI lawmaker, who said protesters were only demanding their rights.


From tennis to paper, PIF pushes ahead with its diverse investments strategy in 2024

From tennis to paper, PIF pushes ahead with its diverse investments strategy in 2024
Updated 31 min 19 sec ago
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From tennis to paper, PIF pushes ahead with its diverse investments strategy in 2024

From tennis to paper, PIF pushes ahead with its diverse investments strategy in 2024
  • Sovereign wealth fund continues to drive forward Kingdom’s economic diversification agenda

RIYADH: Tennis, tech and paper production are just some of the areas Saudi Arabia’s Public Investment Fund has reached into so far in 2024, as the body continues to drive forward the Kingdom’s economic diversification agenda.

The sovereign wealth fund has continued with the momentum built up in 2023, which saw it make investments in companies as diverse as London’s Heathrow Airport and Rocco Forte Hotels.

Its activities since the turn of the year saw PIF revise its asset size on its website, reaching $925.2 billion after it climbed to the fifth spot in a ranking of state-owned investment organizations by the Sovereign Wealth Fund Institute.

This monumental rise in the fund’s standing followed its procurement of an additional 8 percent stake in Aramco, boosting its shareholding’s estimated value to $328 billion.

Here are some of the key announcements made by the wealth fund so far in 2024

PIF’s deal withBahrain Mumtalakat to enhance investments

One of the primary deals signed by PIF in the first quarter was a memorandum of understanding inked with Bahrain’s sovereign wealth fund Mumtalakat in March.

The agreement aims to expand cooperation between the two parties, enable new and promising investment prospects in Bahrain, and create opportunities for private companies in both countries.

Yazeed Al-Humied, deputy governor and head of MENA Investments at PIF, said the deal supports the wealth fund’s objectives of building long-term strategic regional partnerships that bring additional value to local economies.

“It also enables the achievement of sustainable returns that further contribute to maximizing PIF’s assets and diversifying the economy in line with the objectives of Saudi Vision 2030,”
said Al-Humeid.

PIF acquired 40 percent stake in Zamil Offshore

In February, the wealth fund acquired a 40 percent stake in Zamil Offshore Co., a significant move that could boost marine support services in Saudi Arabia.

In a press statement, PIF revealed that this investment is part of the fund’s broader strategy to contribute to the development of the Kingdom’s energy base.

Zamil Offshore Co. is one of the largest Saudi-based offshore support providers, operating over 90 vessels in the Arabian Gulf.

Bakr Al-Muhanna, head of the Transport and Logistics Sector in Middle East and North Africa Investments at PIF, said that this investment will strengthen the offshore support industry, contributing to the fund’s wider efforts to develop Saudi Arabia’s energy ecosystem.

PIF’s efforts to accelerate growth of global tennis sports

In February, the wealth fund signed a multi-year strategic agreement with the Association of Tennis Professionals aimed at accelerating the growth of the sport globally.

“Through our collaboration with ATP, PIF will be a catalyst for the growth of the global tennis landscape, developing talent, fostering inclusivity and driving sustainable innovation. This strategic partnership aligns with our broader vision to enhance quality of life and drive transformation in sport both within Saudi and across the world,” said Mohamed Al-Sayyad, head of corporate brand at PIF.

Under the deal, PIF will leverage ATP’s expertise to develop further opportunities for young Saudis in wtennis, including the development of state-of-the-art facilities and ensuring the availability of necessary coaching in the Kingdom.

In February,  PIF signed a multi-year strategic agreement with the Association of Tennis Professionals aimed at accelerating the growth of the sport globally. (Supplied)

 

The launch of Alat

Another significant development in February was the launch of Alat, a PIF firm aimed at turning Saudi Arabia into a global hub for sustainable technology manufacturing.

The company will prioritize constructing products tailored for local and international markets across seven strategic business units. These include advanced industries and semiconductors, smart appliances and health solutions, as well as smart devices and building technologies.

Alat will also manufacture more than 30 product categories that will serve vital sectors, including robotic and communication systems, advanced computers and digital entertainment, as well as advanced heavy machinery used in construction, building and mining.

Acquisition of Mepco in diversification push

In January, PIF bought a 23.08 percent stake in the Middle East Paper Co. as the fund continued expanding its investments in the Saudi economy’s primary sectors.

According to a statement, the body acquired the stakes by increasing capital and subscribing to new shares in Mepco. Muhammad Aldawood, PIF’s head of the industrials and mining sector in the Middle East and North Africa region, said the fund’s investment in Mepco reflects the attractive growth opportunities in promising sectors such as recycling, retail, and building materials.

The fund added that PIF’s investment in Mepco will support the private sector in Saudi Arabia, boost local content, increase exports as well as improve quality and competitiveness.

Sami Al-Safran, CEO of MEPCO, said that PIF’s investment will help the company become a national champion in the recycling industry.

“PIF’s investment further enables the implementation of our expansion strategy and captures significant growth potential, both locally and regionally,” said Al-Safran.

In January, PIF bought a 23.08 percent stake in the Middle East Paper Co. as the fund continued expanding its investments. (Supplied)

Completion of the acquisition of Dubai-based Kent

In February, Saudi contractor Nesma & Partners, backed by PIF, completed the acquisition of Kent, based in Dubai, after signing an agreement in 2023.

In a statement, Nesma said that the acquisition aligns with the company’s strategic growth strategy and aims to position the firm as a global leader in the construction industry.

“The acquisition of Kent represents a significant milestone for Nesma & Partners, reinforcing our commitment to expanding our capabilities and enhancing our position in the global market,” said Samer Abdul Samad, president and CEO of Nesma & Partners.

According to the acquisition details, Kent and Nesma do not plan to integrate operations, and both firms will continue their existing projects.

PIF aims to strengthen electric motorsports sector

In January, the wealth fund signed a multi-year agreement named Electric 360 with Formula E, Extreme E and E1 to support the growth of electric motorsports and their role in advancing the future of electric mobility.

In a press statement, PIF said the partnership will drive technological innovation and revolutionize sustainable transport and future mobility, ultimately reducing carbon emissions.

“Together with these championship series, Electric 360 will redefine electric sport and supercharge its growth, delivering tangible impact aligned with our broader business strategy as PIF drives new green technological innovation that will be the cornerstone of future electric mobility,” said Mohamed Al-Sayyad, head of corporate brand at PIF.


Gaza war is ‘real genocide,’ Spanish defense minister says

Gaza war is ‘real genocide,’ Spanish defense minister says
Updated 32 min 47 sec ago
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Gaza war is ‘real genocide,’ Spanish defense minister says

Gaza war is ‘real genocide,’ Spanish defense minister says
  • Defense Minister Margarita Robles says Spain’s recognition of Palestine is not a move against Israel, adding that it is designed to help end violence in Gaza

MADRID: The Spanish defense minister said on Saturday that the conflict in Gaza is a “real genocide” as relations between Israel and Spain worsen following Madrid’s decision to recognize a Palestinian state.

Israel has strongly rejected accusations made against it by South Africa at the International Court of Justice that it is committing genocide against Palestinians, saying it is waging war on Hamas.

The remark by Spanish Defense Minister Margarita Robles in an interview with TVE state television echoed a comment by Spanish Deputy Prime Minister Yolanda Diaz, who earlier this week also described the Gaza conflict as a genocide.

“We cannot ignore what is happening in Gaza, which is a real genocide,” Robles said in the interview, during which she also discussed the Russian invasion of Ukraine and conflicts in Africa.

She also said Madrid’s recognition of Palestine was not a move against Israel, adding that it was designed to help “end violence in Gaza.” 

“This is not against anyone, this is not against the Israeli state, this is not against the Israelis, who are people we respect,” she said.

Israel’s campaign in Gaza has killed nearly 36,000 Palestinians, according to Gaza health officials, and destroyed much of the enclave. Israel launched the operation to try to eliminate Hamas after the Palestinian group attacked southern Israel on Oct. 7.

Spain, along with Ireland and Norway, declared this week it would recognize a Palestinian state on May 28, prompting an angry response from Israel, which said it amounted to a “reward for terrorism” and recalled its ambassadors from the three capitals.

Judges at the ICJ, the top UN court, on Friday, ordered Israel to immediately halt its military assault on the southern Gaza city of Rafah, in a landmark emergency ruling in the case brought by South Africa accusing Israel of genocide.

On Saturday, Spain’s Foreign Minister Jose Manuel Albares said that Israel must obey the court’s ruling.

In a post on the social media site X, he said, “The International Court of Justice’s precautionary measures, including the cessation of Israel’s offensive in Rafah, are mandatory. We demand their application.”

South Africa has accused Israel of failing to uphold its obligations under the 1948 Genocide Convention.

Israel rejects the accusation, arguing it is acting to defend itself and fighting Hamas after the Oct. 7 attack.

Spanish Prime Minister Pedro Sanchez said on Wednesday that if more nations recognized the Palestinian state, it would add to international pressure for a ceasefire between Israel and Hamas.