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.  


Philippines to send halal trade mission to Saudi Arabia this month

Updated 13 min 13 sec ago
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Philippines to send halal trade mission to Saudi Arabia this month

  • Philippine businesses participate at 2024 halal expo in Riyadh
  • Halal trade delegation also includes tourism, agriculture officials

MANILA: The Philippines is preparing to send a halal trade mission to Saudi Arabia later this month as the Southeast Asian nation seeks to deepen trade relations with the Kingdom.

Organized by the Philippine Department of Trade and Industry, the activities will cover Riyadh and Jeddah from Oct. 27 to Nov. 5.

Philippine officials have been working to expand their domestic halal industry, while also seeking to boost trade relations with Saudi Arabia.

“This Philippine halal mission to Saudi Arabia aims to effectively promote the burgeoning Philippine halal trade industry and further strengthen trade relations between the Philippines and Saudi Arabia,” Rommel Romato, charge d’affaires of the Philippine Embassy in Riyadh, told Arab News on Sunday.

“The Philippine delegation is composed of government agencies and private sector entities or representatives who will take part in the Saudi International Halal Expo 2024 in Riyadh.”

The mission will also include tourism and agriculture officials, as well as members of the National Commission on Muslim Filipinos, the body governing Muslim affairs in the Southeast Asian nation, Romato added.

The predominantly Catholic Philippines — where Muslims constitute about 10 percent of the nearly 120 million population — has plans to double the number of its halal-certified products and services, raise 230 billion pesos ($4 billion) in investments and generate around 120,000 jobs by 2028 by tapping into the global halal market, which is estimated to be worth more than $7 trillion.

Earlier this year, the DTI sent a business-matching mission to Saudi Arabia, comprising food, beverage and personal care exporters.

Manila recorded a rise in Philippine-Saudi trade volume from 2022 to 2023, following President Ferdinand Marcos Jr.’s visit to Riyadh last October, during which a $4.26 billion investment agreement was signed with Saudi business leaders.


Pakistan’s Masood warns England still a force without Stokes

Updated 19 min 52 sec ago
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Pakistan’s Masood warns England still a force without Stokes

  • Ollie Pope will again lead England after deputising successfully in the recent 2-1 series win over Sri Lanka
  • Stokes led England to 3-0 Test win on England’s last tour in 2022, the first time Pakistan were swept at home

MULTAN: Pakistan captain Shan Masood warned on the eve of Monday’s first Test in Multan that his side would still be facing a formidable England, despite the absence of their captain Ben Stokes.

Ollie Pope will again lead England after deputising successfully in the recent 2-1 series win over Sri Lanka as Stokes, 33, was ruled out as he recovers from a hamstring injury.

“We all know the quality of Ben Stokes,” said Masood on Sunday ahead of the start of the three-Test series. “He is one of the top all-rounders of the world.”

“England’s strength will not lessen with one individual (missing),” he warned. “They are still very competitive.

“If you look at their playing eleven then it’s very balanced with all-rounders, and they have two spinners and three fast bowlers with deep batting, so their loss is that of an individual.”

Stokes led England to an emphatic 3-0 Test series victory on England’s last tour in 2022, the first time Pakistan had been swept at home.

England return with Pakistan on a painful losing streak — winless in their last 10 home Tests and suffering a humiliating 2-0 home defeat to Bangladesh last month.

“They’ve obviously not had their strongest run recently, but we still see them as a highly skilled side,” said Pope. “They are a team we don’t take lightly.”

Pakistan named their team with a bowling attack of two fast bowlers in Shaheen Shah Afridi and Naseem Shah, medium-pacer Aamer Jamal and frontline spinner Abrar Ahmed.

An impressive Jamal took 18 wickets against Australia in three Tests in his debut series earlier this year, but missed the Bangladesh series with a back problem. He also contributed 143 runs.

“With Jamal we get an edge in the seam department,” said Masood.

With James Anderson and Stuart Broad retired, Mark Wood injured and Ollie Robinson not selected, none of England’s pace bowlers from the 2022 series remain.

But Masood cited Gus Atkinson and Brydon Carse as threats.

“You cannot under-estimate anyone and need to be more cautious against any unknown player,” said Masood.

The second match is also in Multan, from October 15, with the final Test in Rawalpindi beginning October 24.

Squads

Pakistan: Shan Masood (captain), Saud Shakeel, Saim Ayub, Abdullah Shafique, Babar Azam, Mohammad Rizwan, Salman Ali Agha, Aamir Jamal, Shaheen Afridi, Naseem Shah, Abrar Ahmad

England: Ollie Pope (captain), Gus Atkinson, Shoaib Bashir, Harry Brook, Brydon Carse, Zak Crawley, Ben Duckett, Jack Leach, Joe Root, Jamie Smith, Chris Woakes


Saudi woman transforms Arabic learning for children with interactive calligraphy game

Updated 40 min 51 sec ago
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Saudi woman transforms Arabic learning for children with interactive calligraphy game

  • Lujain Abulfaraj established “Akwan” (universes in Arabic) to enrich language learning for children a

RIYADH: Driven by her passion for the Arabic language, Saudi woman Lujain Abulfaraj has embarked on a mission to make it more engaging for children. After noticing her son’s disinterest in Arabic, she sought a solution.

In 2015, Abulfaraj enrolled in a design program dedicated to exploring the beauty of Arabic calligraphy and its potential as an educational tool, the Saudi Press Agency reported on Sunday.

Realizing its ability to be both entertaining and instructive, she created a game featuring large Arabic letters that could be arranged into words for play.

This led her to establish a venture aimed at enriching language learning for children. In 2020, she introduced “Akwan” (universes in Arabic), a set of magnetic bricks inspired by Arabic calligraphy, designed to make learning interactive and enjoyable for children.

At the Riyadh International Book Fair, Abulfaraj highlighted the boundless creative possibilities “Akwan” offers children, SPA reported.

She praised the Ministry of Culture for its efforts in revitalizing Saudi culture, particularly the language, and for supporting young talent in the country.

In recognition of her dedication, the Ministry of Culture nominated Abulfaraj for the 2023 Cultural Awards in architecture and design, where she became one of the top three finalists in the Kingdom.

Her work also earned the “Designed in Saudi” seal.


Oman’s broad money supply surges 13.3%

Updated 42 min 38 sec ago
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Oman’s broad money supply surges 13.3%

  • Climb mainly attributed to 16.5% increase in narrow funds and 12.1% in quasi-money
  • Sultanate’s public revenue saw an annual decline of 2% year on year in the second quarter of the year, reaching $16.1 billion

RIYADH: An increase in Oman’s narrow money led the country’s broad capital supply to grow 13.3 percent year-on-year to reach 24.2 billion Omani rials ($62.6 billion) by the end of July.

Statistics issued by the Central Bank of Oman showed this climb was mainly attributed to a 16.5 percent increase in narrow funds and 12.1 percent in quasi-money. 

This consists of total savings deposits and time deposits in Omani rials, certificates issued by financial institutes, margin accounts, and all foreign currency reserves in the banking sector.

The growth in figures suggests vibrant and expanding economic activity, with more funds circulating within the economy. 

It comes as Oman’s public revenue saw an annual decline of 2 percent year on year in the second quarter of the year, reaching $16.1 billion, the country’s news agency reported in August. 

The sultanate’s economic landscape is heavily influenced by its reliance on oil and gas revenues, making it vulnerable to global price fluctuations. 

The government has been actively working to diversify the economy and reduce dependence on hydrocarbons as part of its Vision 2040 plan. 

The figures further revealed that cash in the hands of the public decreased by 5.2 percent by the end of last July, while demand deposits increased by 22.8 percent, the Oman News Agency reported.


Deal signed to promote falconry on Hawi platform

Updated 52 min 14 sec ago
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Deal signed to promote falconry on Hawi platform

  • The deal was signed on the sidelines of the International Saudi Falcons and Hunting Exhibition
  • The agreement will help enthusiasts form falconry clubs and produce supplies via the Hawi platform

RIYADH: Saudi Falcons Club’s CEO Talal Al-Shamaisi, and Khalid Al-Baker, the Quality of Life Program’s CEO, have signed a memorandum of cooperation to support falconry and establish amateur clubs through Hawi, the national hobbies portal.

The deal was signed on the sidelines of the International Saudi Falcons and Hunting Exhibition, which is being held in Malham, Riyadh, until Oct. 12, the Saudi Press Agency reported on Sunday.

The agreement will help enthusiasts form falconry clubs and produce supplies via the Hawi platform. It will also facilitate knowledge exchange and collaboration to promote falconry and enhance the community’s cultural and recreational life.

Hawi, an initiative of the Quality of Life Program, aims to stimulate the hobbies sector by creating clubs while providing a supportive environment.

The memorandum supports the club’s goals to increase the number of falconry practitioners, preserve cultural heritage, promote environmental awareness, and position Saudi Arabia as a global hub for falconry.

Separately, the Saudi Falcons Club and King Khalid University have signed a memorandum of cooperation to implement awareness initiatives and rehabilitation programs related to falcons and falconry.

The agreement also includes research and training programs in falconry. It aims to attract investors, share data and studies, and collaborate on events, exhibitions, and conferences.