UAE to launch the EV charging stations company

The UAE has invested over $50 billion in clean energy projects across 70 countries and pledged another $50 billion in the sector over the next decade.
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Updated 10 December 2023
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UAE to launch the EV charging stations company

RIYADH: The UAE is set to launch the establishment of the Emirates Electric Vehicle Charging Stations Co. as part of 10 newly approved initiatives, according to the country’ prime minister. 

Sheikh Mohammed bin Rashid Al-Maktoum, who is also the ruler of Dubai, presided over a Cabinet meeting at the Dubai Expo, coinciding with the 2023 UN Climate Change Conference.

He stated that the Cabinet approved 10 new initiatives to achieve the country’s recently established environmental targets.  

These include the adoption of the general framework for the 2031 Biodiversity Strategy, aimed at monitoring and protecting natural systems, ensuring their sustainability, and enhancing the national workforce’s proficiency in this field.

The initiatives also encompassed a global appeal for carbon removal from the waste sector. Sheikh Mohammed highlighted the launch of a national carbon credit registry, enabling government and private entities to assess and document their contributions to carbon emission reduction with authenticated government certificates. 

Moreover, the Cabinet approved the fifth national report, documenting the success of national efforts to reduce carbon emissions across various sectors. 

They also endorsed the first edition of the country’s long-term low-carbon development strategy and the establishment of the Emirates Electric Vehicle Charging Stations Co.

In addition, the UAE introduced a policy for sustainable aviation fuel and smart construction in the country.  

The prime minister emphasized that the UAE continues to earnestly work on sustainability and climate change, considering it a fundamental and consistent element in its comprehensive and ongoing development journey. 

He stated: “We reviewed the national efforts of the country in the environmental field, which included more than 120 decisions in sustainability, climate change, and the development of our natural resources issued by the council over the past five years.”

Adding: “In 2023 alone, we launched more than 60 new decisions, forming an integrated system of policies, legislation, strategies, and initiatives to enhance the country’s efforts and profile in addressing the world’s participation in mitigating the effects of climate change.”

The country achieved a 10 percent reduction in greenhouse gas emissions from 2019 to 2021 and secured the top regional position in the 2022 Environmental Performance Index, jumping 38 positions globally compared to 2018. 

Sheikh Mohammed highlighted that the UAE secured the second position globally in the Energy Transition category of the 2023 Global Green Future Index.

According to him, the UAE has invested over $50 billion in clean energy projects across 70 countries and pledged another $50 billion in the sector over the next decade.

 

 


Closing Bell: Saudi stocks slip as Tadawul falls 1% amid broad market weakness

Updated 30 December 2025
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Closing Bell: Saudi stocks slip as Tadawul falls 1% amid broad market weakness

RIYADH: Saudi stocks fell sharply on Tuesday, with the Tadawul All Share Index closing down 108.14 points, or 1.03 percent, at 10,381.51.

The broader decline was reflected across major indices. The MSCI Tadawul 30 Index slipped 0.78 percent to 1,378.00, while Nomu, the parallel market index, fell 1 percent to 23,040.79.

Market breadth was strongly negative on the main board, with 237 stocks falling compared to just 24 gainers. Trading activity remained robust, with 164.7 million shares changing hands and a total traded value of SR3.19 billion ($850.6 million).

Among the gainers, SEDCO Capital REIT Fund led, rising 2.73 percent to SR6.77, followed by Chubb Arabia Cooperative Insurance Co., which gained 2.69 percent to SR20.20.

National Medical Care Co. added 1.72 percent to close at SR141.60, while Alyamamah Steel Industries Co. and Thimar Advertising, Public Relations and Marketing Co. advanced 1.57 percent and 1.13 percent, respectively.

Losses were led by Al Masar Al Shamil Education Co., which tumbled 8.36 percent to SR24.65. Raoom Trading Co.fell 6.75 percent to SR64.20, while Alkhaleej Training and Education Co. dropped 6.60 percent to SR18.12 and Naqi Water Co. declined 5.51 percent to SR54.00. Gulf General Cooperative Insurance Co. closed 5.44 percent lower at SR3.65.

On the announcement front, Chubb Arabia Cooperative Insurance Co. signed a multiyear insurance agreement with Saudi Electricity Co. to provide various coverages, expected to positively impact its financial results over the 2025–2026 period. The deal will run for three years and two months and is within the company’s normal course of business.

Meanwhile, Bupa Arabia for Cooperative Insurance Co. announced a one-year health insurance contract with Saudi National Bank, valued at SR330.2 million, covering the bank’s employees and their families from January 2026. Despite the sizable contract, Bupa Arabia shares fell 0.8 percent to close at SR137, weighed down by the broader market weakness.

In contrast, United Cooperative Assurance Co. revealed an extension of its engineering insurance agreement with Saudi Binladin Group for the Grand Mosque expansion in Makkah. The contract value exceeds 20 percent of the company’s gross written premiums based on its latest audited financials and is expected to support results through 2026. However, the stock came under selling pressure, ending the session down 4.51 percent at SR3.39.