RIYADH: Saudi Arabia is set to activate high-speed public charging infrastructure to support the adoption of electric vehicles, thanks to a new agreement. 

The memorandum of understanding between the electric car specialists Lucid and Electric Vehicle Infrastructure Co., also known as EVIQ, aims to foster cooperation and the exchange of expertise in developing and enhancing the Kingdom’s EV sector.

This contributes to the growing adoption of EVs in Saudi Arabia and bolstering the Kingdom’s position as a leading hub for innovation and development in the industry’s technology. 

Under the MoU, Lucid and EVIQ will collaborate to develop a high-speed public charging offering for Lucid customers, utilizing EVIQ’s stations to provide fast-charging capabilities. 

“By combining Lucid’s expertise in electric vehicle design, manufacturing, and sustainable mobility with EVIQ’s extensive experience in developing and operating public charging networks, including fast-charging stations, the collaboration will serve to drive innovation and accelerate EV ownership in Saudi Arabia,” Faisal Sultan, vice president and managing director Middle East at Lucid, said.

He added: “The collaboration between Lucid and EVIQ represents a significant step forward in addressing one of the key challenges hindering the mass adoption of electric vehicles — access to convenient and reliable charging infrastructure.” 

Lucid is dedicated to enhancing the ownership journey and simplifying the process of acquiring and maintaining the finest electric vehicle in the world. 

“Our mission is to provide the best-in-class EV chargers and technologies to empower drivers in Saudi to buy and use EVs with confidence,” EVIQ CEO Mohammad Bakr Gazzaz said.

He added: “Through this partnership with Lucid, we have taken another big step toward our goal of establishing a national network of fast charging locations by 2030 to enable and encourage the use of EVs across Saudi Arabia, in line with the Saudi Green Initiative and Vision 2030.”

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Wednesday, gaining 36.57 points, or 0.31 percent, to close at 11,696.51. 

The total trading turnover of the benchmark index was SR5.3 billion ($1.651 billion) as 128 of the listed stocks advanced, while 89 retreated.    

Similarly, the MSCI Tadawul Index increased by 11.40 points, or 0.79 percent, to close at 1,460.84. 

The Kingdom’s parallel market Nomu climbed by 68.14 points, or 0.26 percent, to close at 26,302.93. This comes as 24 of the listed stocks advanced while as many as 37 retreated.  

The top-performing stock of the day was the Saudi National Bank, with its share price surging by 5.76 percent to SR34.90. 

Other standout performers included The Mediterranean and Gulf Insurance and Reinsurance Co., and Anaam International Holding Group, whose share prices soared by 4.98 percent and 4.59 percent, reaching SR27.40 and SR1.14, respectively.  

Saudi Chemical Co. and National Medical Care Co. also showed notable performance. 

The worst performer was the National Co. for Glass Industries, whose share price dropped by 4.31 percent to SR41.05. 

Other underperformers included Al-Babtain Power and Telecommunication Co., as well as Saudi Pharmaceutical Industries and Medical Appliances Corp., whose share prices dropped by 3.77 percent and 3.59 percent, to stand at SR37.05 and SR32.20, respectively.  

Additional laggards in the market were Thob Al Aseel Co. and CHUBB Arabia Cooperative Insurance Co. 

In the parallel market, Nomu, Knowledge Net Co. was the top gainer, with its share price surging by 15.97 percent to SR30.5. 

Other top gainers in the parallel market were Shatirah House Restaurant Co. and Nofoth Food Products Co., with their share prices surging by 8.70 percent and 7.23 percent to reach SR12 and SR19.28, respectively. 

Miral Dental Clinics Co. was the major loser on Nomu, as its share price slipped 10 percent to SR90.  

Osool and Bakheet Investment Co. and Al-Modawat Specialized Medical Co. were other major losers on Nomu. Their share prices dropped by 9.50 percent and 7.23 percent, reaching SR40 and SR154, respectively.