Riyadh Air unveils 1st electric bus as part of sustainable transport initiative

This initiative reflects Riyadh Air’s commitment to the UN’s 17 Sustainable Development Goals. Supplied  
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Updated 11 August 2024
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Riyadh Air unveils 1st electric bus as part of sustainable transport initiative

  • Fleet aims to advance digital solutions in public transportation
  • Initiative reflects Riyadh Air’s commitment to UN’s 17 Sustainable Development Goals

RIYADH: Saudi Arabia’s Riyadh Air has introduced the first bus in its fleet of electric coaches for employee transport, aligning with the Kingdom’s Vision 2030 goals to reduce carbon emissions. 

The fleet, developed with National Transportation Solutions Co., a division of Petromin Corp., and TAM-Europe, aims to advance digital solutions in public transportation. 

This initiative reflects Riyadh Air’s commitment to the UN’s 17 Sustainable Development Goals, following its recent affiliation with the UN Global Compact in 2024.  

The electric buses are expected to improve fuel efficiency and reduce the number of individual vehicles on Riyadh’s roads, contributing to a more sustainable urban environment. 

Tony Douglas, CEO of Riyadh Air, said: “Every effort we make to champion sustainable practices counts in our collective fight against climate change.”   

He added: “Sustainability is embedded in our DNA and we will reflect this across all Riyadh Air’s operations, from managing fuel efficiency in the sky to reducing carbon emissions on the ground.”  

The CEO explained that investing in electric coaches is an early initiative to offset the airline’s environmental footprint and demonstrate its commitment to leading the aviation industry’s global net-zero agenda. 

Saudi Arabia is pushing to electrify transportation across the nation as part of its goal to cut carbon dioxide equivalent emissions by 278 million tonnes per year by 2030.  

According to the International Energy Agency, private cars and vans accounted for over 25 percent of global oil consumption and around 10 percent of energy-related carbon dioxide emissions in 2022. 

“We are proud to have this partnership for sustainable mobility with Riyadh Air and contribute to their efforts to reach sustainability goals. This is a remarkable airline with environmental responsibility embedded in their DNA,” said Kalyana Sivagnanam, the group CEO of Petromin Corp. 

This initiative follows Riyadh Air’s agreement with GE Aerospace to implement flight operations software solutions such as Safety Insight, Fuel Insight, and FlightPulse. 

Announced in July, the partnership aims to optimize fuel consumption, enhance safety protocols, and further strengthen the airline’s sustainability efforts. 


Qatar wealth fund plans to invest in 5 new VC funds 

Updated 12 sec ago
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Qatar wealth fund plans to invest in 5 new VC funds 

DOHA: Qatar Investment Authority plans to invest in five new venture capital funds as part of an ​expanded $3 billion venture capital program, the sovereign wealth fund said on Monday.

The new funds, called Greycroft, Ion Pacific, Liberty City Ventures, Shorooq and Speedinvest, are set to open offices in Doha in an effort to develop Qatar as a venture capital hub, it said in a statement.

The “Fund of Funds” initiative was unveiled in 2024 to attract venture capital firms to Qatar, ‌build a ‌robust environment for entrepreneurs and help diversify ‌its ⁠economy away ​from fossil ‌fuel revenues, as the country follows the path of other wealthy Gulf peers.

Qatar’s prime minister on Sunday announced an expansion of the fund to reach up to $3 billion.

“This year, we move from momentum to scale,” Sheikh Mohammed bin Abdulrahman Al-Thani said as he opened the Qatar edition of the Web Summit technology conference.

The ⁠expansion would potentially target investments besides series A and B funding rounds.

“We are ‌now expanding the scope to do ‍later rounds, so that may open ‍up conversations with a different set of managers,” said Mohsin ‍Pirzada, the head of funds at QIA, in an interview with Reuters.

“We will continue to be quite flexible and support earlier stages as well, but there are sufficient pools of capital within the country to ​go after those types of opportunities,” he said, citing credit lending facilities.

The QIA has assets under management ⁠worth $580 billion, according to Global SWF, a sovereign wealth fund tracker, and late last year it launched its own AI-focused company Qai as it bets on the booming sector to drive economic diversification.

As part of its efforts, the country has launched a pilot computing credit program that provides free computing for startups that are based in Doha, which could be applicable to managers that are part of the Fund of Funds scheme.

The pilot program is going to be “a big differentiator in terms of what our program is offering ‌vis-a-vis our peers in the region,” Pirzada said.