Saudi Arabia’s Public Investment Fund launches electric vehicle infrastructure company

PIF said on Sunday that it has partnered with SEC to launch an electric vehicle infrastructure company. (PIF)
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Updated 08 October 2023
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Saudi Arabia’s Public Investment Fund launches electric vehicle infrastructure company

  • Company plans to establish its presence in more than 1,000 locations, installing over 5,000 fast chargers across Saudi Arabia by 2030

RIYADH: Saudi Arabia’s Public Investment Fund said on Sunday that it has partnered with the Saudi Electricity Company (SEC) to launch an electric vehicle infrastructure company.
“PIF will own a 75 percent stake in the Company, while SEC will hold the remaining 25 percent stake,” the soveriegn wealth fund said in a statement.

The company aims to deliver the best electric vehicle fast-charging infrastructure across Saudi Arabia, further unlocking the local automotive ecosystem and accelerating the adoption of electric vehicles.

It plans to establish a presence in more than 1,000 locations, installing over 5,000 fast chargers by 2030 in cities across the Kingdom and on the roads that connect them, in line with applicable regulations and standards.

It aims to enhance Saudi Arabia’s automotive ecosystem, through collaboration with electric vehicle companies, by supplying the necessary charging stations to meet future demand.

It also aims to promote private sector participation in the development of its network of charging stations and support the localization of research,development, and manufacturing of technologically advanced materials, ultimately building domestic expertise and resilience.

The co-Head of MENA Direct Investments at PIF, Omar Al-Madhi, said: “The Electric Vehicle Infrastructure Company will spearhead the EV transition by deploying best-in-class, widely available EV charging infrastructure to drive the growth of the EV ecosystem. 

Through our partnership with SEC, we will be able to accelerate the creation of synergies across the EV supply chain, driving economic growth and diversification in line with Vision 2030, and positioning Saudi Arabia as a leader in the new electrified era of the automotive industry.” 

The chief executive officer at SEC, Khalid bin Hamad Al-Gnoon, said: “SEC, as part of the nation’s wider energy ecosystem, develops and implements strategies that aim to enhance Saudi Arabia’s position as a sustainable energy leader, in line with the Kingdom’s efforts to promote advanced energy solutions and increase the value added by the energy sector.”

The launch of the company is in line with PIF’s strategy to expand Saudi Arabia’s automotive capabilities to promote the country’s competitiveness on the world stage, and position it as a global leader.

It will aim to further Saudi Arabia’s economic diversification efforts, driving non-oil GDP growth and creating new jobs.  


Saudi crude exports reach 9-month high: JODI

Updated 24 min 42 sec ago
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Saudi crude exports reach 9-month high: JODI

RIYADH: Saudi Arabia’s crude exports reached 6.41 million barrels per day in March, according to an analysis from the Joint Organizations Data Initiative.

This figure increased by 96,000 bpd, or 1.52 percent, compared to the previous month, marking a nine-month high.

Furthermore, the data indicated that the Kingdom’s crude production fell to 8.97 million bpd, reflecting a monthly decrease of 0.42 percent. 

This can be linked to the voluntary oil production cuts adopted by members of the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+. Saudi Arabia announced in March the extension of its 1 million bpd cut, initially implemented in July 2023, until the end of the second quarter of 2024.

The Ministry of Energy said that the Kingdom’s production will be approximately 9 million bpd until the end of June.

Meanwhile, refinery crude output, representing the processed volume of crude oil yielding gasoline, diesel, jet fuel, and heating oil, fell by 4 percent compared to the previous month, reaching 2.56 million bpd, according to JODI data.

Saudi Arabia’s direct burn of crude oil, which involves using oil without substantial refining processes, decreased by 53,000 bpd in March, representing a 14.7 percent fall compared to the preceding month. The total direct burn for the month amounted to 307,000 bpd.

The Ministry of Energy aims to enhance the contributions of natural gas and renewable sources as part of the Kingdom’s goal to achieve an optimal, highly efficient, and cost-effective energy mix.

This involves replacing liquid fuel with natural gas and integrating renewables to constitute approximately 50 percent of the electricity production energy mix by 2030.


Jean Paul Gaultier names Ameni Esseibi first regional ambassador for fragrance line

Updated 24 min 47 sec ago
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Jean Paul Gaultier names Ameni Esseibi first regional ambassador for fragrance line

DUBAI: French luxury brand Jean Paul Gaultier has announced that Tunisian model Ameni Esseibi has been appointed as the first-ever regional ambassador for its fragrance line.

Esseibi, considered the first plus-size model in the Middle East, showcased the brand’s iconic Scandal perfume in the campaign images, donning a variety of ensembles.

Among them was a form-fitting blue dress adorned with pink floral designs. In another shot, she wore a jumpsuit in the same hue, featuring vibrant geometric prints in yellow, orange, purple and pink.

She also rocked a black gown, and a sheer beige and gold top layered elegantly over a simple black base.

Esseibi showcased the brand’s iconic Scandal perfume in the campaign images. (Supplied)

“Jean Paul Gaultier is more than just a brand to me,” Esseibi said in a statement. “It feels like family. Its identity embodies everything I stand for: Rebellion, strength, boldness, fearlessness, sensuality, and a touch of scandal.” 

“Growing up, Jean Paul Gaultier was my mother’s favorite fragrance, making it a cherished part of my life. I am deeply honored to make history as their first Arab ambassador in the region, and this brand will continue to be an enduring part of my career,” she added.

Esseibi made her international debut in September 2022 by walking for French label Victor Weinsanto at Paris Fashion Week.  

She then went on to work with a number of esteemed brands, including H&M, and has featured in the pages of multiple publications. 

In 2022, the Arab Fashion Council, a non-profit organization representing the fashion industry in the Middle East and North Africa, named the Dubai-based model as its ambassador.


Rami Kadi, Zuhair Murad designs shine on ‘The Apprentice' red carpet at Cannes

Updated 31 min 4 sec ago
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Rami Kadi, Zuhair Murad designs shine on ‘The Apprentice' red carpet at Cannes

DUBAI: Lebanese designers Rami Kadi and Zuhair Murad put on a show on the red carpet at the Cannes Film Festival — their creations were worn by two Brazilian models during the highly anticipated premiere of “The Apprentice,” directed by Ali Abbasi.

Fashion influencer Maria Braz showcased a custom-made kaftan-style gown by Rami Kadi, cinched at the waist and adorned with sequins and feathers.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

A post shared by MARIA BRAZ (@mariabbraz)

“Like an angel for Cannes Film Festival,” the blogger wrote on Instagram.

She accessorized her look with a diamond necklace and matching earrings from the Italian label Damiani.

On the same red carpet, Brazilian fashion model Thayna Soares wore a draped silk dress featuring an embroidered high-neck bodice and a thigh-high slit from Zuhair Murad’s Spring 2024 collection.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

A post shared by MARIA BRAZ (@mariabbraz)

While Donald Trump’s hush money trial entered its sixth week in New York, an origin story for the Republican presidential candidate premiered at the festival on Monday, unveiling a scathing portrait of the former president in the 1980s.

“The Apprentice” stars Sebastian Stan as Trump. The central relationship of the movie is between Trump and Roy Cohn (Jeremy Strong), the defense attorney who was chief counsel to Joseph McCarthy’s 1950s Senate investigations.

Cohn is depicted as a longtime mentor to Trump, coaching him in the ruthlessness of New York City politics and business. Early on, Cohn aided the Trump Organization when it was being sued by the federal government for racial discrimination in housing.

“The Apprentice,” which is labeled as inspired by true events, portrays Trump’s dealings with Cohn as a Faustian bargain that guided his rise as a businessman and, later, as a politician. Stan’s Trump is initially a more naive real-estate striver, soon transformed by Cohn’s education, The Associated Press reported.

According to AP, “The Apprentice” a potentially explosive big-screen drama in the midst of the US presidential election. The film is for sale in Cannes, so it does not yet have a release date.


India shuts schools as temperatures soar

Updated 35 min 43 sec ago
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India shuts schools as temperatures soar

  • India’s weather bureau has warned of “severe heat wave conditions” this week
  • Sweltering heat has dipped voter turnout in India, where world’s largest election is underway

New Delhi: Indian authorities in the capital have ordered schools shut early for the summer holiday, after temperatures hit 47.4 degrees Celsius (117 degrees Fahrenheit) with Delhi gripped by a “severe heatwave.”

Delhi city officials asked schools to shut with “immediate effect” due to the blistering heat, according to a government order quoted by the Hindustan Times Tuesday, cutting short the term by a few days.

India’s weather bureau has warned of “severe heatwave conditions” this week, with the mercury reaching the sizzling peak of 47.4 degrees Celsius in Delhi’s Najafgarh suburb on Monday, the hottest temperature countrywide.

Authorities in other states — including Haryana, Madhya Pradesh, Punjab and Rajasthan — have also ordered schools close, Indian Today reported.

India is no stranger to searing summer temperatures.

But years of scientific research have found climate change is causing heatwaves to become longer, more frequent and more intense.

The Indian Meteorological Department warned of the impact of the heat on the health especially for infants, the elderly and those with chronic diseases.

In May 2022, parts of Delhi hit 49.2 degrees Celsius (120.5 Fahrenheit), Indian media reported at the time.

The next round of voting in India’s six-week-long election takes place on Saturday, including in Delhi.

Turnout in voting has dipped, with analysts suggesting the hotter-than-average weather is a factor — as well as the widespread expectation that Prime Minister Narendra Modi will easily win a third term.

India’s election commission has formed a task force to review the impact of heatwaves and humidity before each round of voting.

At the same time, India’s southern states including Tamil Nadu and Kerala have been lashed by heavy rains over the past few days.

Severe storms also hit parts of the country last week, including in the financial capital Mumbai, where strong winds flattened a giant billboard that killed 16 people and left dozens more trapped.


Oil Updates – prices fall on demand fears over Fed’s rates path

Updated 39 min 39 sec ago
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Oil Updates – prices fall on demand fears over Fed’s rates path

TOKYO: Oil prices extended losses in Asia trade on Tuesday, with investors anticipating lingering US inflation and higher interest rates to depress consumer and industrial demand, according to Reuters.

Brent crude futures fell 57 cents, or 0.68 percent, to $83.14 a barrel by 9:13 a.m. Saudi time. US West Texas Intermediate crude slipped 58 cents, or 0.73 percent, to $79.22 a barrel.

Both benchmarks fell less than 1 percent on Monday as US Federal Reserve officials said they were awaiting more signs of slowing inflation before considering interest rate cuts.

“Fears of weaker demand led to selling as the prospect of Fed rate cut became more distant,” said analyst Toshitaka Tazawa at Fujitomi Securities.

Fed Vice Chair Philip Jefferson said on Monday it was too early to tell whether the inflation slowdown is “long lasting,” while Vice Chair Michael Barr said restrictive policy needs more time. Atlanta Fed President Raphael Bostic said it will “take a while” for the central bank to be confident that a price growth slowdown is sustainable.

All in all, the Fed officials’ comments pointed to interest rates staying higher for longer than markets expect. That has implications for the oil market as higher borrowing costs tie up funds in a blow to economic growth and demand for crude.

On the other hand, the market appeared little affected by political uncertainty in two major oil-producing countries.

“While there has been an upmove over some uncertainty in Iran, prices have since pared back some gains, as investors price for the status-quo in terms of policies for now and that any wider regional conflict remains off the table,” IG market strategist Yeap Jun Rong said in an email to Reuters.

Investors are focusing on supply from the Organization of the Petroleum Exporting Countries and its affiliates, together known as OPEC+. They are scheduled to meet on June 1 to set output policy, including whether to extend some members’ 2.2 million barrels per day of voluntary cuts.

“Prices remain in wait for a catalyst to drive a breakout of the current range, with eyes still on any geopolitical developments, along with oil inventories data this week,” IG’s Yeap said.

OPEC+ could extend some voluntary output cuts if demand fails to pick up, people with knowledge of the matter previously told Reuters.