Experts call for enhanced incentives to boost EV adoption at Saudi auto show

Experts at a panel discussion titled ‘Charging Ahead: Building the Backbone of Saudi Arabia’s EV Revolution.’ AN photo
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Updated 17 September 2024
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Experts call for enhanced incentives to boost EV adoption at Saudi auto show

  • EV Auto Show in Riyadh underscores Saudi Arabia’s Vision 2030, highlighting its commitment to electric vehicles and sustainable technology

RIYADH: The Saudi government holds the key to developing the necessary infrastructure for electric vehicles, a top official said on the first day of the EV Auto Show underway in Riyadh.

Speaking at a panel discussion titled “Charging Ahead: Building the Backbone of Saudi Arabia’s EV Revolution,” Mansour Al-Makahlas, head of the eMobility division at Solutions Valley, a part of Saudi Electric Co., outlined the essential steps needed to advance the market.

Al-Makahlas stressed the importance of expanding charging infrastructure to encourage participation from chief product officers.

“In order to attract users to come to Saudi (Arabia) or to buy this vehicle, they need to release the incentive. They need to build more charging stations; they need to support the CPO to get into this market.”

He continued:, “There must be an incentive from the government, such as the case in Europe and the US. CPOs know that the return on investment is long-term. It’s not short-term. So an incentive must be there.”

During the same discussion, Alhareth Al-Hisan, founder and CEO of iCharge, noted that Saudi Arabia has a strong foundation for EV adoption globally. “It has the grid capacity, it has the political will, and it has the ability for the customer to spend on the expensive electric vehicle.”

Al-Hisan pointed out that planning is a primary concern in the regional EV industry and suggested that Saudi Arabia could benefit from Europe’s approach to infrastructure development. “When the infrastructure for electric vehicles started in Europe, it was heavily planned and very detailed where to place them, how to place them,” he said.

Wolfgang Ademmer, chief marketing officer at the sustainable mobility firm Alpitronic, also encouraged Saudi Arabia to follow Europe’s lead. “There’s a learning from Europe for other markets. I’m always a big fan of shortcutting learning curves, and we can do this in Saudi Arabia.”

Ademmer emphasized the need for a comprehensive plan to support industry participants and ensure their success in the EV sector. “Coming up with a clear plan, giving confidence to all market players, including those inherently starting the business right now. Encourage them to stay and invest with the right guidelines, and then also convince, subsequently, the users, the car drivers, to use and to drive EVs.”

Li Bo, vice president of Huawei Digital Power Strategy and Marketing for the Middle East and Central Asia, and director of Huawei EV Charging Business for the same region, predicted a rise in the vehicle-to-EV charging ratio.

Li noted that renewable energy development is advancing in Saudi Arabia and expects that new regulations will lead to a greater focus on renewable sources and storage solutions for EV charging stations.

Toward the end of the panel discussion, Al-Makahlas predicted significant growth in the EV market. “So, I believe that the market will double by next year. You will be shocked by next year; I can guarantee you.”

The EV Auto Show in Riyadh underscores Saudi Arabia’s Vision 2030, highlighting its commitment to electric vehicles and sustainable technology. The exhibition serves as a key event for the Kingdom’s burgeoning EV ecosystem, attracting 10,000 attendees from 50 countries, including industry leaders, automotive manufacturers, charging solution providers, and policymakers, to discuss the future of mobility in the region.


Ma’aden forms JV with Hancock for mineral exploration across Saudi Arabia 

Updated 11 sec ago
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Ma’aden forms JV with Hancock for mineral exploration across Saudi Arabia 

RIYADH: A new joint venture aimed at accelerating mineral exploration across Saudi Arabia has been formed under a shareholders’ agreement between Saudi Arabian Mining Co., known as Ma’aden, and Australia-based Midana Exploration Pty Ltd, part of Hancock Prospecting.  

According to a regulatory filing, the initial work will focus on the Nabita–Ad-Duwayhi Gold Belt, following a successful bid for exploration licenses awarded by the Ministry of Industry and Mineral Resources. The licensed areas span more than 24,000 sq. km of mineral-rich territory.

The partnership comes as Saudi Arabia steps up efforts to expand its mining sector as a pillar of economic diversification, encouraging international participation and private investment to unlock the Kingdom’s estimated $2.5 trillion in untapped mineral resources under Vision 2030.  

The government has accelerated licensing rounds and increased exploration incentives to boost geological mapping and downstream development. 

In a Tadawul filing, the company stated: “Maaden will own 50.1% of the capital of the Joint Venture, whilst Hancock will own 49.9% of its share capital.” 

It added: “The objects of the Joint Venture will include exploration, development, mining, sales and marketing of minerals in licensed areas in the Kingdom.”   

The shareholders’ agreement was signed on Dec. 29, with no defined duration. The initial share capital of the joint venture will be $5 million.  The entity will also approve budgets and business plans for its exploration and development operations on an ongoing basis.  

The transaction remains subject to regulatory and antitrust approvals. No related parties were identified, according to the disclosure. 

Shares of Ma’aden were trading at SR61.95 as of 2:15 PM Saudi time, reflecting a 0.32 percent decline during the day.  

Saudi Arabia has significantly ramped up its mineral exploration activity in recent years, with spending rising to SR487 per sq meter — more than double the Vision 2030 target.   

This marks a 600 percent increase over the past seven years, underscoring the Kingdom’s accelerated efforts to map its geological potential and unlock critical mineral resources.   

In 2024 alone, total exploration expenditures surpassed SR1.05 billion, supported by both government and private sector funding. The increase reflects Saudi Arabia’s strategic push to position mining as a central pillar of economic diversification under Vision 2030.