Five Japanese automakers sign on to SoftBank-Toyota self-drive venture

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A mock-up of self-driving car e-Palette is displayed at a news conference by Monet Technologies Inc., a joint venture of SoftBank Corp and Toyota Motor Corp that will develop self-driving car services, in Tokyo, Japan, on March 28, 2019. (REUTERS/File Photo)
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The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. (REUTERS/File Photo)
Updated 28 June 2019
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Five Japanese automakers sign on to SoftBank-Toyota self-drive venture

  • Suzuki, Mazda, Subaru Corp, Isuzu Motors Ltd. and Toyota’s compact car unit Daihatsu will each invest $530,620 in the venture — dubbed Monet — in return for a 2% stake

TOKYO: Five Japanese automakers including Suzuki Motor Corp. and Mazda Motor Corp. on Friday said they would each invest 2% in the on-demand, self-driving car service venture set up by SoftBank Corp. and Toyota Motor Corp.
Suzuki, Mazda, Subaru Corp, Isuzu Motors Ltd. and Toyota’s compact car unit Daihatsu will each invest 57.1 million yen ($530,620) in the venture — dubbed Monet — in return for a 2% stake, the companies said in a statement.
SoftBank and Toyota will each retain their 35% stakes in the company, which is now capitalized at $26.6 million. The latest investors join Honda Motor Co. Ltd. and Hino Motors Ltd., Toyota’s truck-making operations, which each own 10% stakes.
Launched in October, the venture plans to roll out on-demand bus and car services in Japan in the next year, and a services platform for electric vehicles in the country as early as 2023 based on Toyota’s boxy “e-palette” multi-purpose vehicle.
Monet is building up members as it joins the ride-sharing sphere which is dominated by startups such as Uber Technologies Inc, Didi Chuxing and Lyft Inc, as traditional automakers band together to compete in an industry which is placing growing emphasis on offering vehicle services rather than selling cars to individual drivers.
Automakers are increasingly joining forces with technology companies as well as each other as they grapple with the massive investment and software expertise required to develop these new services for which demand has yet to be tested.
The new investment will see Suzuki, Mazda and Subaru deepen their partnership with Toyota, as they have already agreed to tap the R&D firepower of Japan’s biggest automaker for electric cars and other future vehicle technologies.
Friday’s announcement comes after Monet’s chief executive told Reuters earlier this month it was planning to expand its investor base and start operating in,

 


Saudi Arabia, UAE supplied 85% of Japan’s crude oil in March

Updated 10 sec ago
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Saudi Arabia, UAE supplied 85% of Japan’s crude oil in March

  • Further 10% of Japan’s needs were from Arab sources including Kuwait, Qatar, Oman and the Neutral Zone

TOKYO: Saudi Arabia and the UAE provided 85 percent of Japan’s total crude oil needs in March, according to the Agency of Natural Resources and Energy of the nation’s Ministry of Economy, Trade and Industry.

A further 10 percent of Japan’s needs were from Arab sources including Kuwait, Qatar, Oman and the Neutral Zone. This means that the Arab region provided nearly 95 percent of Japan’s needs.

Crude oil represents about a third of Japan’s energy needs.

Japan imported 32.77 million barrels from the UAE, or 44.1 percent of total imports, in March. Saudi Arabia’s share amounted to 30.51 million barrels, or 41 percent of total imports.

During March, Japan imported 74.39 million barrels of oil, of which the Arab share was 94.7 percent, or 70.45 million barrels.

Kuwait provided 5.12 million barrels (6.9 percent) and Qatar 1.56 million barrels (2.1 percent). Japan imported 0.1 percent from Oman and 0.6 percent from the Neutral Zone.

With Japan’s ban on importing oil from Iran and Russia continuing in March, the rest of the country’s oil imports came from the US (4.1 percent), Central and South America (0.9 percent), and Oceania (0.3 percent).


Europe to launch chamber of commerce in Riyadh

Updated 01 May 2024
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Europe to launch chamber of commerce in Riyadh

RIYADH: The first European Chamber of Commerce in the Gulf region will open next week in Riyadh, the EU’s special representative for the Gulf region has told Arab News.

Luigi Di Maio said the new body would bring Saudi and European companies together to enhance trade and cooperation.

“We’ve worked very hard with the Ministry of Investment, your Ministry of Trade. The EU delegation in Riyadh did a great job. And now we are going to inaugurate this chamber,” Di Maio said.

“That is in order to bring closer our companies, Saudi companies and European companies, to take on both sides the new opportunities of the Vision 2030 program … of our new European Green Deal, Next Generation EU, and others.”

Saudi Arabia’s Vision 2030 reform program had transformed the global business community’s view of the Kingdom, Di Maio said. “The ambitions, especially economic ambitions, of Saudi Arabia are totally changing perceptions of the Kingdom around the world,” he said. “There is a business community that is more and more interested in these ambitions, in this vision, and in a new generation of dreamers in this country.”

There was a growing recognition of the Kingdom’s diplomatic and economic influence, Di Maio said. “Saudi Arabia is becoming more and more the point of reference because now it is implementing its vision for the region that is not just an economic ambition, but is a new policy and new initiatives in order to de-escalate, to make the region in peace and wind down on tensions like the tension that we are experiencing now.

“The partnership and the strategic partnership between the EU and GCC countries, in particular with countries like Saudi Arabia, is vital.”


Red Sea Global offers more than 50 leisure activities: top official

Updated 30 April 2024
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Red Sea Global offers more than 50 leisure activities: top official

RIYADH: Contrary to popular conception, sporting activities provided in the Red Sea and AMAALA are not just confined to water, but these destinations offer exciting leisure choices on land as well, said a top official. 

Speaking to Arab News at the Future Hospitality Summit, Oliver Wood, senior director of Destination Development at Red Sea Global, said the destination currently offers more than 50 activities for visitors. 

Wood said that RSG created three business entities last year — Galaxea, WAMA, and Akun. 

Galaxea provides diving experiences to visitors, while WAMA and Akun offer water activities and adventure sports respectively. 

“Galaxea is a coral that’s endemic to the Red Sea. It looks like, a kind of submarine galaxy that sits below a constellation and is beautiful. Then we created WAMA which is a way for water. And then we created Akun, which to us, is obviously ‘to be’ in the moment, start when you stand, breathe, leave everything behind,” said Wood. 

He added: “So, all three of these businesses work together to do something that will reduce the misconceived fact that we are just water. We are land as well. In fact, similar to our surroundings, our land was created by water. Fifty million years ago, the sea was 120 km inland and 200 m higher. So we’re finding dinosaur bones. We’ve got petroglyphs, we’ve got ancient trade routes.” 

According to Wood, some of the land activities offered in the Red Sea and AMAALA destinations include biking and hiking, with RSG recently delivering electric fat bikes for visitors. 

“So for us, it’s about taking you out hiking. It’s taking you biking, supercool Akun electric fat bikes that we just got delivered. So, you can go sand, and gravel wherever you want. It’s about climbing to the top of our mountains,” he added. 

The RSG executive also lauded the efforts of the Saudi Sailing Federation and the Saudi Water Sports and Diving Federation in promoting water sports in the Kingdom. 

“The Saudi Sailing Federation, Saudi Water Sports and Diving Federation, they’re bringing this sport to the forefront. So, together we’ve created this blueprint so that you have more Saudis in the water, more tourists that are going in the water,” he noted. 

Wood said that the availability of e-foils is one of the major attractions in the destination. 

“E-foils is a surfboard that’s electrified, has this fin in the middle that pushes you above the water, so you glide through it without any friction. That is one of the most popular things we do. It is really good fun,” said Wood. 

He added: “You can kayak through mangroves. And, then below the water is incredible. It’s one of the most well-preserved reefs in the world, and we’re very lucky to be working with KAUST on the scientific side.” 

According to Wood, Galaxea is not just a diving brand, but it will allow visitors to understand the beauty and value of nature. 

“There are lots of rare and endangered species beneath the water and it’s just incredible. It is a beautiful experience that allows you to reset your mind and just have a beautiful time in the Red Sea,” said the RSG official. 

He revealed that RSG brand Corallium, which is a marine life institute, will help travelers understand more about protecting, preserving, and supporting water ecosystems. 

Wood added that Corallium would also help divers communicate with experts in real-time, as they enjoy the beauty of the marine world. 

According to the RSG website, Corallium can host 650 people at one time, and guests will be able to walk underwater, snorkel with rare species, participate in lab tours as well as dive into the depths of the Red Sea in a submarine. 

“So as a diver, so you go snorkeling, you’re kind of shut off from it and experiencing it. Then you can speak to somebody afterward and understand.

 “We try and extend that a bit further. you actually get to go out in these experiences and dive with a full face mask, communicating in real-time, under the water with our team,” he noted. 

Wood also revealed that RSG has plans to create a scuba spa, where people can enjoy the silence in water. 

Talking about the multiple options available for travelers in the Red Sea, he said: “You can be in the middle of desert dunes, you can be out in granite mountains. You can even go down to volcanoes. We have incredible volcanic lava fields that sit close to us. And then you can be in the water. You can be in front of 600-year-old pillars of coral reef. You can go through caves into the water.” 

Wood also hinted that RSG is working toward offering Red Sea and AMAALA destinations to people who fall both in the luxury class and the middle range. 

“We’re trying to show generosity in the value that we offer everybody there. We’ve tried to not only benchmark globally but try and push it right down so it is accessible to everybody and so that everybody can come and really enjoy it,” said Wood. 

He added: “For me, it’s about building things around that enable people to come and get involved with it. So there are all sorts of things that we’re working on right now that will be revealed and are coming up.” 


BlackRock, PIF launch multi-asset investment management platform in Riyadh

Updated 30 April 2024
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BlackRock, PIF launch multi-asset investment management platform in Riyadh

  • First-of-its kind partnership aligns with PIF’s initiatives to drive further growth of the Saudi capital markets ecosystem, sector
  • It will be anchored by an initial investment mandate of up to $5bn from PIF

RIYADH: BlackRock Saudi Arabia and the Public Investment Fund signed a memorandum of understanding on Tuesday which entitles the former to establish a Riyadh-based multi-asset investment platform.
It will be anchored by an initial investment mandate of up to $5 billion from PIF, subject to the achievement of agreed milestones between the parties, said a media statement.
Both parties have expressed the intention to establish BlackRock Riyadh Investment Management, which will encompass investment strategies across a range of asset classes. It is expected to be managed by a Riyadh-based portfolio management team and supported by BlackRock’s global asset management platform.
Larry Fink, BlackRock’s CEO, said: “We are excited to build on the deep partnership we have developed with PIF over many years to launch this first-of-its-kind international investment management platform in Saudi Arabia.
“The continued growth of the Kingdom’s capital markets, and diversification of its financial sector, will contribute to future prosperity for its citizens, the competitiveness of its companies and the resilience of its economy.”
Saudi Arabia has become an increasingly attractive destination for international investment as Vision 2030 comes to life, according to Fink.
He added: “We are pleased to offer investors from around the world the opportunity to take part in this exciting, long-term opportunity.”
Yazeed Al-Humied, PIF’s deputy governor and head of MENA (Middle East and North Africa) Investments, said: “PIF’s relationship with BlackRock is well established and growing. This new landmark agreement represents a step forward in PIF’s work in making the Saudi investment and asset management market more internationally diverse and more dynamic.”
As Saudi Arabia continues to transform its economy, BRIM will seek to support foreign institutional investment into the Kingdom and further enhance the Saudi asset management industry, broadening local capital markets while driving investor diversification across asset classes, facilitating knowledge sharing and the development of Saudi-based asset management talent.
BRIM will be fully integrated with BlackRock’s investment capabilities and operating platform, benefiting from global market expertise.
The non-binding memorandum is subject to satisfying certain necessary conditions, regulatory approvals, and fulfilling specified milestones.


Hospitality brands sign deals to expand in Saudi market

Updated 30 April 2024
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Hospitality brands sign deals to expand in Saudi market

RIYADH: Top hospitality brands signed deals at the Future Hospitality Summit in Riyadh to capitalize on the opportunities available in the Kingdom.

France-based Accor Group said it will strengthen its position in the Kingdom with the addition of more than 25,000 rooms and the launch of a wide variety of brands.

The global hospitality group also recently launched Accor One Living, an initiative offering specialized knowledge in mixed-use and branded residential development.

Ladun Investment Co. signed an agreement with Cheval Collection. The partnership encompasses multiple contracts for the construction and operation of Cheval Ladun Living, which is a hotel apartment tower located on King Fahd Road, near the King Abdullah Financial Center in Riyadh.

The deal represents Cheval Collection’s inaugural project in Saudi Arabia, featuring 130 residential units of varying sizes, from one to three rooms, alongside amenities like a gym, a swimming pool, and a sauna.

The project’s construction is scheduled to begin this year and will be completed in 2027.

Marriott International, Inc. and Al Qimmah Hospitality, a subsidiary of BinDawood Trading, signed an agreement to bring the JW Marriott brand to Jeddah.

Located on the Jeddah Corniche, the hotel is expected to become a prime destination for luxury-seeking travelers who desire a waterfront escape.

“The signing of JW Marriott Hotel Jeddah continues to reflect the strong growth opportunities for our luxury brands across the Kingdom. As part of the country’s Vision 2030 framework, Jeddah continues to build itself as a leisure and business destination,” Chadi Hauch, regional vice president of Marriott International, development of the Middle East, said in a press statement.

On behalf of Al Qimmah Hospitality, Abdul Razzaq BinDawood commented: “We will leverage our expertise and experience in the retail and hospitality sectors to make JW Marriott Hotel Jeddah a successful addition to the city’s landscape.” 

Baheej Tourism Development Co., a joint venture between ASFAR, the Saudi tourism investment company owned by the Public Investment Fund, and the Tamimi-AWN Alliance, signed a deal with Kerten Hospitality.

The agreement grants Kerten Hospitality management of Baheej’s hotel in Yanbu under the premium Cloud 7 brand.

Cloud 7 is an innovative hotel and residential lifestyle brand, recognized for its designs, check-in lobbies, healthy food options, and retail boutiques.

“Baheej’s collaboration with Kerten Hospitality underlines our core principle: empowering partners and subsidiaries through our expansive network,” Fahad bin Mushayt, CEO of ASFAR said.

The PIF-owned company also signed agreements with Mantis and KMC to manage the operations of Al Baha Mountain Lodge & Adventure Park.