Cadillac Lyriq to charge up Saudi EV space with 2023 launch

Together with GM, Cadillac will collaborate closely with Saudi Arabia’s entire ecosystem to ensure infrastructure readiness and consumer acceptance. (Supplied)
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Updated 12 September 2022
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Cadillac Lyriq to charge up Saudi EV space with 2023 launch

  • Target of electrifying 30 percent of Riyadh’s transportation is driving a lot of momentum: Official

JEDDAH: Cadillac, a division of the US automobile manufacturer General Motors Corp., is planning to launch its first electric vehicle in Saudi Arabia during the first half of 2023.

The automobile major will launch Cadillac Lyriq in the US and China first, followed by the Middle East, according to Kristian Aquilina, managing director of Cadillac Middle East and international operations.

The company is presently finalizing the production and certification process of Lyriq with the local authorities, said Aquilina.

“We are talking to some government authorities, and their target of electrifying 30 percent of Riyadh’s transportation by 2030 is driving a lot of momentum,” Aquilina said.

According to a press note, Lyriq offers high-speed DC fast charging for public stations at 190 kW, enabling customers to add an estimated 76 miles of range in about 10 minutes of charging time.

For home charging, the luxury brand has a segment-leading 19.2 kW charging module, adding up to 52 miles of range per hour of charge. 

HIGHLIGHTS

• According to a press note, Lyriq offers high-speed DC fast charging for public stations at 190 kW, enabling customers to add an estimated 76 miles of range in about 10 minutes of charging time.

• For home charging, the luxury brand has a segment-leading 19.2 kW charging module, adding up to 52 miles of range per hour of charge.

• The manufacturer confirmed that six luxury electric vehicles will be present by 2025, outlining its commitment to the Kingdom’s clean mobility.

The manufacturer confirmed that six luxury electric vehicles will be present by 2025, outlining its commitment to the Kingdom’s clean mobility and net zero 2060 targets.

The Cadillac Lyriq will be the first in the line, followed by the newly revealed Celestiq, which will offer Ultra Cruise, its hands-free driver assistance technology running on Qualcomm’s Snapdragon ride platform. The machine will also feature a smart glass roof manufactured by US-based nanotechnology company Research Frontiers with a dashboard-width touch screen.

Like the Cadillac Lyriq, Celestiq will use GM’s Ultium battery technology and Battery Electric Vehicle 3 platform.

Cadillac’s Global Vice President Rory Harvey told Arab News that the automobile manufacturer would transform into an all-electric brand by the decade’s close.

“I’m on public record saying we will be all EV by 2030,” he said.

Super Cruise, the region’s first hands-free driving assistance technology, will also be available in 2024 on Cadillac’s entire fleet.

Commenting on the competition from EV manufacturers, Harvey said Cadillac has a competitive advantage due to its experience producing cars in large numbers with the right quality.

He further said that having a dealership base also allows the American automobile to provide after-sales service to its consumers.

“There’s just a huge amount of advantages out there for us as historical original equipment manufacturers,” he added.

Aquilina pointed out that the Celestiq is going to have a low volume production because of its select premium target audience.

The Kingdom is currently in the early stages of developing infrastructure here, and it will move very quickly, he added.

Together with GM, Cadillac will collaborate closely with Saudi Arabia’s entire ecosystem to ensure infrastructure readiness and consumer acceptance.


QIA, Franklin Templeton launch $200m Qatar equity fund 

Updated 56 min 54 sec ago
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QIA, Franklin Templeton launch $200m Qatar equity fund 

RIYADH: Qatar’s sovereign wealth fund has teamed up with Franklin Templeton to launch a $200 million equity fund focused on the local stock market, part of efforts to deepen liquidity and attract institutional investors to Qatar’s capital markets. 

The Qatar Investment Authority and the US asset manager said the Franklin Templeton Qatar Equity Fund will operate as a day-traded mutual fund investing in companies listed on the Qatar Stock Exchange, according to the Qatar News Agency. 

The launch follows a series of recent global partnerships by QIA, including a preliminary deal with Goldman Sachs targeting up to $25 billion in investments, as Qatar pushes to diversify its economy and expand its financial sector.

Mohammed Saif Al-Sowaidi, CEO of QIA, said: “With the launch of Franklin Templeton Qatar Equity Fund, QIA is further expanding our Active Asset Management Initiative to support Qatar’s financial markets.”  

He added: “As one of the largest global asset managers, Franklin Templeton brings a wealth of experience and resources to QSE and the broader Qatari economy and we look forward to working closely together on this initiative.” 

The fund aims to give investors exposure to Qatar Stock Exchange-listed equities, allowing local and international institutions to access an actively managed portfolio in the domestic market, QNA reported. 

QIA is the fund’s lead investor, contributing cash and shares, underscoring its commitment to the Qatari stock market. The reallocation of QSE-listed shares is intended to support the domestic economy and enhance market liquidity, it added. 

Franklin Templeton manages about $1.68 trillion in assets as of Dec. 31, 2025, making it one of the world’s largest investment firms. 

“Through our partnership with QIA, we aim to contribute meaningfully to the continued development of the Qatari financial ecosystem. We see this collaboration as the beginning of a long-term strategic partnership and part of a broader, multi-asset collaboration between Franklin Templeton and QIA,” said Jenny Johnson, CEO of Franklin Templeton. 

The Franklin Templeton Qatar Equity Fund represents a key step in QIA’s active asset management strategy and highlights its partnership with Franklin Templeton in supporting Qatar’s capital markets through global investment expertise.