OSLO: Some want to save the planet even in the afterlife.
In Oslo, a funeral home offers the dearly departed a trip to their final resting place in an eye-catching electric hearse, as electric vehicles take over the roads in the Scandinavian country.
"Many people drive an electric car in Norway and some want to leave this planet in a green way," says undertaker Odd Borgar Jolstad, demonstrating his customised Tesla in the tranquility of the Grefsen cemetery overlooking the capital.
"So this is our little contribution to the environment," he smiles.
Rich or not, young and old, hip urbanites and rural dwellers alike: Norwegians, including Crown Prince Haakon, are increasingly switching to electric cars.
The choice is especially green in this country, where most of the electricity produced is environmentally friendly, derived from hydro power.
From the affordable Nissan Leaf to the luxurious Tesla, more than half of new cars sold in the country in March were run on batteries rather than fuel.
"We will probably pass 50 percent" for the full year as well, says Christina Bu, secretary general of the Norwegian EV (electric vehicle) Association.
That is unprecedented in Norway and elsewhere, and the share is expected to increase further with the arrival of new models offering ever-increasing range.
While the Nordic country is the biggest oil producer in Western Europe, it is officially aiming for all new cars sold to be zero emission by 2025.
"There are of course some challenges but it's definitely possible," Bu says.
To meet that goal, Norway will have to switch into higher gear for its recharging infrastructure, setting up stations along motorways, in rural zones and private parking lots, she notes.
But do Norwegians, who owe their immense wealth to North Sea oil, really have a greater environmental conscience than others?
Probably not — the speedy electrification of the country's automotive fleet is attributed mainly to generous state subsidies.
Electric cars are almost entirely exempt from the heavy taxes imposed on petrol and diesel cars, which makes them competitively priced.
A VW Golf with a standard combustion engine costs nearly 334,000 kroner (34,500 euros, $38,600), while its electric cousin the e-Golf costs 326,000 kroner thanks to a lower tax quotient.
Per Kolner, a retired business leader in his late 60s, is already on his fifth electric car.
He bought his first one because of the high cost of city road tolls.
"First it was actually the cost," he says, standing in front of his spanking new Tesla 3.
"Tolls kept popping up all around and on my way to and from my work every day I had to pass them four times, which made about 10 to 15 dollars a day just in toll fees."
Electric cars have long been able to whiz through toll plazas without paying.
But even denizens of this wealthy state grumble about the cost.
As Norway's car fleet grows increasingly cleaner and is therefore subjected to fewer taxes, the state's revenue from car-related taxes is now 2.6 billion euros lower than in 2007, according to the government.
Some benefits have already disappeared: road tolls are no longer completely free, just reduced, and the same goes for parking and recharging stations in public parking lots.
Electric cars are also allowed to use bus lanes freely. However, as their large numbers slow down bus traffic, in the most congested parts of Oslo they can use bus lanes only if there are at least two or more people in the vehicle.
The duration of the exemptions — guaranteed until 2021 — is increasingly being questioned.
"We subsidise electric vehicles in Norway because they have somewhat lower CO2 emissions than conventional cars," notes Bjart Holtsmark, a researcher at Statistics Norway.
"But there are a lot of other social costs related to car driving: congestion, accidents, noise and so forth. And with respect to those types of problems there are very small differences related to these types of cars."
According to Norway's biggest insurer Gjensidige, new electric cars are involved in 20 percent more accidents involving personal injuries than diesel models, in part because of their faster acceleration.
Meanwhile, electric cars are attracting more than just private consumers, with commercial clients following the trend as well as taxis and postal and fire services, among others.
But on Oslo's streets, the electric hearse still raises eyebrows.
"Often, when we drive around, people walking by — and even some drivers — take out their phones to take pictures," says Jolstad, wearing a dark suit as befits the job he has held for three decades.
From princes to undertakers, Norway’s motorists go electric
From princes to undertakers, Norway’s motorists go electric
- Norwegians, including Crown Prince Haakon, are increasingly switching to electric cars
- Electric cars have long been able to whiz through toll plazas without paying
Pakistan Stock Exchange hits record high, breaks 72,000 points in intraday trade
- Analysts say investors expect a significant decline in April inflation data that may lead to a cut in interest rates
- The Pakistani bourse has recently been trading at record highs due to hopes of positive loan talks with the IMF
ISLAMABAD: Pakistan’s benchmark share index breached the key level of 72,000 to trade at a record high of 72,414 points during intraday trade earlier on Wednesday, according to data from the Pakistan Stock Exchange website.
The Pakistani bourse has recently been trading at record highs amid positive sentiment prevailing among investors due to hopes of the country’s successful talks with the International Monetary Fund (IMF) for a new loan program.
The country’s finance minister, Muhammad Aurangzeb, recently visited Washington to hold talks with IMF officials for a long-term bailout facility as Pakistan’s current $3 billion program is due to expire this month.
The finance minister expressed hopes the outline of the new program would soon become visible, adding that the loan would help Pakistan continue with structural economic reforms.
“After a record current account surplus, investors are now expecting a big fall in April inflation data that may result in a cut in interest rates in the coming months,” Sohail Mohammed, CEO of Karachi-based brokerage company Topline Securities, told Reuters.
Pakistan’s benchmark KSE100 index has surged 75.5 percent over the past year and is up 11.5 percent year-to-date.
The equity market is expected to surge further as an IMF delegation arrives in Pakistan next month to determine the contours of the new loan facility.
“We are still hoping that we can get into a staff-level agreement [with the IMF] by the time June is done or early July so that we can move on,” the finance minister said on Tuesday while addressing a news conference in Islamabad.
With input from Reuters
Saudi Arabia’s non-oil exports surge by 4.4% in February: GASTAT
RIYADH: Saudi Arabia’s non-oil exports, including re-exports, saw a surge of 4.4 percent in February compared to the same period the previous year, official data showed.
According to the General Authority for Statistics, the total value of non-oil exports in February reached SR21.86 billion ($5.83 billion), marking a rise from SR20.93 billion in the corresponding period of the preceding year.
The increase in non-oil shipments was driven by an 8.3 percent surge in the exports of rubber and plastic products in February, constituting 24.1 percent of the total exports.
Strengthening the non-oil private sector remains pivotal for Saudi Arabia, as the Kingdom continues its economic diversification efforts aimed at reducing reliance on oil.
The report unveiled a 4.1 percent year-on-year decrease in the Kingdom’s non-oil exports, excluding re-exports, in February. Conversely, the value of re-exported goods surged by 32.3 percent during the same period.
However, GASTAT noted that Saudi Arabia’s overall merchandise shipments decreased by 2 percent in February compared to the year-ago period.
This decline was primarily attributed to a 3.8 percent decrease in oil exports in February compared to the same month in 2023, according to the report.
UBS gets green light to open Saudi branch for banking operations
RIYADH: In a move aimed at enhancing Saudi Arabia’s financial landscape, the Kingdom has granted permission for a branch of the Swiss bank UBS to operate within the nation.
According to the Saudi Press Agency, the approval was granted during a session chaired by the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al-Saud, held by the Cabinet in Jeddah on April 23.
The session commenced with King Salman briefing the Cabinet on the recent communications and discussions held between the Kingdom and several countries regarding shared relations, regional issues, and global developments, as reported by SPA.
In this context, the Cabinet reaffirmed Saudi Arabia’s steadfast stance toward promoting security and stability in the region and the world.
The Minister of Media, Salman bin Yousef Al-Dossary, stated in a press release following the session that the Cabinet praised the outcomes of the second ministerial meeting of the dialogue between the Gulf Cooperation Council countries and Central Asian countries.
He emphasized the Kingdom’s commitment to continue strengthening communication channels with various countries worldwide and supporting areas of joint coordination, including multilateral efforts.
Additionally, the Cabinet expressed its appreciation for the participants of the forthcoming World Economic Forum special meeting, set to take place in Riyadh in the upcoming week, highlighting the Kingdom’s dedication to encouraging global collaboration and tackling shared challenges.
Moreover, the Cabinet announced that the World Bank had selected Saudi Arabia as a center for knowledge dissemination to promote worldwide awareness of economic reforms, underscoring its leadership in achieving significant progress in global competitiveness indicators.
Al-Dossary further highlighted that the Cabinet applauded the achievement of five Saudi cities in obtaining advanced positions in the 2024 Smart Cities Index.
Following today’s session, the Cabinet approved cooperation agreements with Qatar, the Dominican Republic and the UK as well as Turkey, Chad, Portugal, Hong Kong, and Yemen.
Additionally, the body authorized discussions regarding statistical collaboration with Australia and maritime cooperation with Egypt. It also endorsed anti-corruption agreements with South Korea, archival partnerships with Greece, and financial technology collaboration with Singapore.
Authorization was granted for negotiations on science and technology cooperation with the Bahamas. A unified law for international road transport within GCC countries was approved, and additional compensation was granted to Tabah village’s affected families in the Hail region.
Furthermore, final accounts for various government entities were approved.
UAE and Oman establish $35bn investment partnerships across multiple sectors
RIYADH: Trade and economic ties between the UAE and Oman are set to further strengthen thanks to the signing of investment deals worth 129 billion dirhams ($35.12 billion).
According to a press statement, these agreements cover multiple sectors, including renewable energy, green metals, railway, digital infrastructure, and technology investments.
Economic ties between the UAE and Oman have remained robust in recent years, with non-oil trade volumes reaching approximately 50 billion dirhams in 2023.
“The UAE and Oman have strong historical relations that are founded on shared values, goals and principles. The agreements represent a major milestone in our bilateral ties, as they pave the way for us to leverage our collective strength to realize our shared vision of advancement and prosperity,” said Mohamed Hassan Al-Suwaidi, UAE’s minister of investment.
One of the major agreements signed by both countries was an industrial and energy megaproject valued at 117 billion dirhams. This project encompasses renewable energy initiatives, including solar and wind projects, alongside green metals production facilities.
The deal’s signatories included Abu Dhabi National Energy Co., Abu Dhabi Future Energy Co., and Emirates Global Aluminium, as well as Emirates Steel Arkan, OQ Alternative Energy, and Oman Electricity Transmission Co.
Another agreement, valued at 660 million dirhams, was signed between Abu Dhabi Developmental Holding Co. and Oman Investment Authority to establish a technology-focused fund.
A UAE-Oman rail connectivity project, valued at 11 billion dirhams, was also inked by both countries.
Additionally, UAE’s Ministry of Investment and the Ministry of Commerce and Trade signed another deal with Oman’s Ministry of Investment Promotion to cooperate in multiple sectors, including digital infrastructure, food security, and energy.
Etihad Rail, Mubadala, and Omani Asyad Group Co. signed a shareholding partnership valued at 3 billion dirhams.
Both countries also announced the formation of a UAE-Oman alliance to enhance bilateral economic and trade relations.
The UAE’s Ministry of Investment, in the press statement, further noted that the signing of these agreements will serve to bolster relations across key sectors and foster socio-economic benefits, contributing toward a stable and prosperous future for both countries.
Influx of Chinese models to drive Mideast EV sales amid global surge
- The IEA report disclosed that global EV sales grew by approximately 25 percent in Q1 of 2024
RIYADH: The entry of Chinese car models in the Middle East could drive regional electric vehicle sales, as global figures are projected to reach 17 million units by 2024.
According to the latest International Energy Agency report, this marks a 21.42 percent increase from the previous year, with nearly 60 percent of new electric car registrations in 2023 occurring in China, followed by 10 percent in the US and 25 percent in Europe.
“The continued momentum behind electric cars is clear in our data, although it is stronger in some markets than others. Rather than tapering off, the global EV revolution appears to be gearing up for a new phase of growth,” said Fatih Birol, executive director of the IEA.
The Global EV Outlook 2024 stated that the electric car market in Africa, Eurasia, and the Middle East is still in its nascent stage, with such vehicles representing just under 1 percent of total sales in these regions.
However, the decision of Chinese carmakers to explore these regions, along with producing vehicles domestically, could change this trend, allowing the market to expand in the coming years.
“In Uzbekistan, BYD (Chinese automaker) set up a joint venture with UzAuto Motors in 2023 to produce 50,000 electric cars annually, and Chery International established a partnership with ADM Jizzakh,” stated the IEA in the report.
This partnership has already led to a steep increase in electric car sales in Uzbekistan, reaching around 10,000 in 2023.
It added: “In the Middle East, Jordan boasts the highest electric car sales share, at more than 45 percent, supported by much lower import duties relative to ICE (internal combustion engine) cars, followed by the UAE, with 13 percent.”
Moreover, in July last year, Saudi Arabia’s Ministry of Investment signed a $5.6 billion deal with Chinese electric car maker Human Horizons to collaborate on the development, manufacture, and sale of vehicles.
Steady growth
The IEA report disclosed that global sales of electric cars grew by approximately 25 percent in the first quarter of this year compared to the same quarter in 2023.
Highlighting the growth of the EV market, the report revealed that the number of electric cars sold globally in the first three months of this year is roughly equivalent to the total units sold in 2020.
The steady growth in the first quarter of this year was driven by China, with 1.9 million EVs sold, marking a 35 percent rise compared to the same period in 2023.
In Europe, the first quarter of 2024 witnessed year-on-year growth of over 5 percent, slightly surpassing the growth in overall car sales and thus maintaining the EV sales share at a similar level to that of last year.
The US also experienced a 15 percent increase in sales in this segment during the first three months of this year, compared to the same period in 2023.
According to Birol, the rise in investments in the electric battery sector is a strong indication of the rise of the EV appetite globally.
“The wave of investment in battery manufacturing suggests the EV supply chain is advancing to meet automakers’ ambitious plans for expansion. As a result, the share of EVs on the roads is expected to continue to climb rapidly,” said the executive director of IEA.
He added: “Based on today’s policy settings alone, almost one in three cars on the roads in China by 2030 is set to be electric, and almost one in five in both the US and the EU. This shift will have major ramifications for both the auto industry and the energy sector.”
EV prices to fall
The report highlighted that the pace of the transition to EVs may not be consistent and will hinge on affordability.
IEA added that manufacturers have taken significant steps to deliver on the strengthening EV ambitions of governments by making significant financial commitments.
“Thanks to high levels of investment over the past five years, the world’s capacity to produce batteries for EVs is well positioned to keep up with demand, even as it rises sharply over the next decade,” said the report.
According to the intergovernmental organization, more than 60 percent of electric cars sold in 2023 were already less expensive to buy than their conventional equivalents in China.
However, the purchase prices for cars with internal combustion engines remained cheaper on average compared to EVs in the US and the EU.
The report suggested that intensifying market competition and improving battery technologies are expected to reduce the prices of electric cars in the coming years.
“Even where upfront prices are high, the lower operating costs of EVs mean the initial investment pays back over time,” said IEA.
Moreover, growing electric car exports from Chinese automakers, which accounted for more than half of all electric car sales in 2023, could add to downward pressure on purchase prices.
IEA also underscored the vitality of ensuring the availability of public charging slots to maintain the steady growth of the electric car market globally.
According to the report, the number of public charging points installed globally was up 40 percent in 2023 compared to 2022, and growth for fast chargers outpaced that of slower ones.
However, IEA added that charging networks globally need to grow sixfold by 2035 to meet the level of electric vehicle deployment in line with the pledges made by governments.
“At the same time, policy support and careful planning are essential to make sure greater demand for electricity from charging does not overstretch electricity grids,” concluded the report.
