EVs to be at core of shift to green mobility, says UAE minister

UAE Minister of Energy and Infrastructure Suhail bin Mohammed Al Mazrouei said that the emirates is constantly offering incentives to make EVs more appealing to consumers. (File)
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Updated 30 May 2023
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EVs to be at core of shift to green mobility, says UAE minister

RIYADH: Electric vehicles are set to be at the core of the shift to green mobility as reaching net-zero emissions has become a collective and urgent priority, according to the UAE’s minister of energy and infrastructure. 

Speaking at the second edition of the Electric Vehicles Innovation Summit organized at the Abu Dhabi National Exhibition Centre, Suhail bin Mohammed Al-Mazrouei said: “The EV market looks promising and offers unique investment opportunities. We invite future-thinking businesses to capitalize on these opportunities. Investing in the EV industry makes a perfect environmental and economic sense.” 

He said that the UAE is constantly offering incentives to make EVs more appealing to consumers. “To fully realize the potential of electric mobility, we are deploying a nationwide network of public and private charging stations, equipped with the latest innovative technologies to reduce charging time,” he informed. 

The three-day summit that ends on May 31 includes an extensive exhibition throughout the event. In addition, the exhibition space has been expanded, accommodating over 100 products, including vehicles and EV service providers. 

Additionally, EVIS2023 encompasses a two-day conference that has garnered significant attention, featuring more than 100 speakers and over 50 conference sessions covering a wide range of topics relevant to the current and future landscape of e-mobility. 

The summit aims to promote the transition from dependence on fossil fuels to electric mobility, which saves the planet from the environmental consequences of carbon dioxide and other emissions. 

Organized by the Abu Dhabi-based Nirvana Holding, the summit succeeded in attracting and bringing global interest to the Middle East and North Africa region, which is a promising market with significant growth and business opportunities in the coming years. 

The exhibition drew global household brands like Geely, Skywell, Tesla, BYD, Polyester, etc. More than 50 EVs worldwide are on display at the show. 

The event has also attracted global e-mobility service providers, like charging infrastructure and dealerships. 

A notable addition to this year’s edition is the Technology Park, an innovation hub showcasing the latest advancements in e-mobility. This dedicated area showcases the cutting-edge EV technologies developed by universities and technology incubators, shaping the industry’s future. 


Closing Bell: Saudi main market closes the week in red at 10,526 

Updated 25 December 2025
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Closing Bell: Saudi main market closes the week in red at 10,526 

RIYADH: Saudi equities ended Thursday’s session modestly lower, with the Tadawul All Share Index slipping 14.63 points, or 0.14 percent, to close at 10,526.09.    

The MSCI Tadawul 30 Index also declined 3.66 points, or 0.26 percent, to 1,389.66. In contrast, the parallel market outperformed, as Nomu jumped 237.72 points, or 1.02 percent, to close at 23,430.93.  

Market breadth on the main market remained tilted to the downside, with 156 stocks ending lower against 99 gainers.    

Trading activity eased further, with volumes reaching 80.46 million shares and total traded value amounting to SR1.66 billion ($442 million).    

On the movers’ board, Saudi Industrial Export Co. led the gainers, rising 6.6 percent to SR2.10, followed by Consolidated Grunenfelder Saady Holding Co., which advanced 6.43 percent to SR9.60.    

Raoom Trading Co. climbed 4.36 percent to SR61.05, while Astra Industrial Group gained 4.35 percent to close at SR139. Riyadh Cables Group Co. added 3.77 percent to end the session at SR135.00.    

On the downside, Methanol Chemicals Co. topped the losers’ list, falling 5.96 percent to SR7.41.  

Flynas Co. retreated 5.43 percent to SR61.00, while Leejam Sports Co. dropped 5 percent to close at SR100.80.    

Alramz Real Estate Co. slipped 4.64 percent to SR55.50, and Almasane Alkobra Mining Co. declined 4.55 percent to SR84.00.  

On the announcement front, ACWA Power said it has completed the financial close for the Ras Mohaisen First Water Desalination Co., a reverse osmosis desalination project with a capacity of up to 300,000 cubic meters per day, alongside associated potable water storage facilities totaling 600,000 cubic meters in Saudi Arabia’s Western Province.    

The project was financed through a consortium of local and international banks, with total funding of SR2.07 billion and a tenor of up to 29.5 years, while ACWA Power holds an effective 45 percent equity stake.  

Shares of ACWA Power ended the session at SR185.90, up SR0.2, or 0.11 percent.     

Meanwhile, Consolidated Grunenfelder Saady Holding Co. announced the sign-off of a customized solutions project with Saudi Aramco Nabors Drilling Co., valued at SR166.0 million excluding VAT.    

The 24-month contract covers the sale and maintenance of field camp facilities, with the financial impact expected to begin from the first quarter of 2026.