Saudi EV industry to advance significantly, top executives predict

Held in Riyadh on Sept. 18, the panel titled ‘The Landscape of Electric Charging in Saudi Arabia’ highlighted encouraging insights about the local community’s embrace of the Kingdom’s transition to EVs. AN photo
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Updated 18 September 2024
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Saudi EV industry to advance significantly, top executives predict

RIYADH: Saudi Arabia’s electric vehicle industry is poised for substantial advancements in the coming years, according to officials during a panel discussion at the EV Auto Show.

Held in Riyadh on Sept. 18, the panel titled “The Landscape of Electric Charging in Saudi Arabia” featured Ali Ghnaim, CEO of Gasable, who shared encouraging insights about the local community’s embrace of the Kingdom’s transition to EVs.

“We find that the willingness to have an electric vehicle in Saudi Arabia at around 60 percent. Following our audience, and this is a very great percentage,” he noted.

During the same discussion, Mohammed Al-Musawa, head of ASX E-Mobility, emphasized the importance of collaboration among companies and dealerships. He stated: “The goal of this market is the dealership and then we complement the dealership with the charging infrastructure. So, everyone here plays a very vital role in just providing the facility or facilitating the infrastructure to the dealerships itself, to the end users, giving them the assurance that we will be there. We will give you the choices.”

Al-Musawa highlighted the Saudi government’s proactive stance on the future of EVs, saying, “From what I’ve seen, the push for the government, the money that is already on the table. We know that there will be a future for the EVs. So, dealerships here are trying to raise awareness, trying to set up the facilities. (The government is) trying to set up the infrastructure for the charging stations.”

Rohit Ramesh, manager at CITA EV and a panelist, spotlighted two of the Kingdom’s giga-projects, NEOM and The Red Sea, which are crucial to the EV sector. “So, the newer infrastructures, the new constructions that we are expecting from NEOM and Red Sea, all these sites already have these EV charger infrastructures in the development phase itself,” he said.

Saudi Arabia has already supported EV companies through its giga-project initiatives. In 2023, The Red Sea developed the largest off-grid EV charging network in the Kingdom, installing over 150 terminals to power 80 guest transport vehicles.

NEOM’s commitment to zero-carbon goals includes implementing shared autonomous and electric shuttles, which will enhance urban passenger mobility and feature a high-speed underground transit system.

The panel concluded with optimistic forecasts for the EV sector's future in Saudi Arabia. Ramesh remarked: “By 2030, the vision of Saudi Arabia would be seeing several charging stations across (the country), and it will be more seamless to travel within the region, and more electric vehicles will be coming into the market as well.”


Closing Bell: Saudi main index rises to 10,894

Updated 13 January 2026
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Closing Bell: Saudi main index rises to 10,894

RIYADH: Saudi Arabia’s Tadawul All Share Index extended its upward trend for a third consecutive day this week, gaining 148.18 points, or 1.38 percent, to close at 10,893.63 on Tuesday. 

The total trading turnover of the benchmark index stood at SR6.05 billion ($1.61 billion), with 144 listed stocks advancing and 107 declining. 

The Kingdom’s parallel market Nomu also rose by 81.35 points to close at 23,668.29. 

The MSCI Tadawul Index edged up 1.71 percent to 1,460.89. 

The best-performing stock on the main market was Zahrat Al Waha for Trading Co., with its share price advancing 10 percent to SR2.75. 

Shares of CHUBB Arabia Cooperative Insurance Co. increased 8.27 percent to SR23.04, while Abdullah Saad Mohammed Abo Moati for Bookstores Co. saw its stock climb 6.17 percent to SR50.60. 

Conversely, the share price of Naseej International Trading Co. declined 9.90 percent to SR31.48. 

On the announcements front, Arabian Drilling Co. said it secured three contract extensions for land rigs with energy giant Saudi Aramco, totaling SR1.4 billion and adding 25 active rig years to its backlog. 

In a Tadawul statement, the company said one rig is currently operational, the second will begin operations by the end of January, and the third — currently suspended — is expected to resume operations in 2026. 

Since November 2025, Arabian Drilling has secured seven contract extensions amounting to SR3.4 billion, representing 55 committed rig years. 

The three contracts have durations of 10 years, 10 years, and five years, respectively.

“Securing a total of SR1.4 billion in new contracts and expanding our backlog by 25 rig-years demonstrates both the trust our clients place in us and our ability to consistently deliver quality and reliability,” said Ghassan Mirdad, CEO of Arabian Drilling, in a statement. 

Shares of Arabian Drilling Co. rose 3.15 percent to SR104.70. 

Separately, Alkhorayef Water and Power Technologies Co. said it signed a 36-month contract valued at SR43.35 million with National Water Co. to operate and maintain water networks, pumping stations, wells, reservoirs, and related facilities in Tabuk. 

In October, Alkhorayef Water and Power Technologies Co. announced it had been awarded the contract by NWC. 

In a Tadawul statement, the company said the financial impact of the deal began in the fourth quarter of 2025. 

The share price of Alkhorayef Water and Power Technologies Co. declined 0.49 percent to SR120.70.