Jeddah to get new EV charging stations under Petromin partnership 

Under the agreement, Jeddah Transport Co. and Electromin — Petromin’s mobility subsidiary — will collaborate on site assessments, design, installation, and operational support for the facilities. SPA
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Updated 09 September 2025
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Jeddah to get new EV charging stations under Petromin partnership 

RIYADH: Jeddah’s electric-vehicle charging network is set for expansion after the city’s transport authority signed a memorandum of understanding with Petromin Co. to develop new charging stations in Saudi Arabia’s second-largest city. 

Under the agreement, Jeddah Transport Co. and Electromin — Petromin’s mobility subsidiary — will collaborate on site assessments, design, installation, and operational support for the facilities, the Saudi Press Agency reported. 

The partnership forms part of the Kingdom’s broader Vision 2030 agenda, which aims to accelerate EV adoption and reduce carbon emissions. 

Quoting Yousef Al-Sayegh, CEO of Jeddah Transport Co., the SPA report stated that the company is committed to “support electric mobility and provide advanced infrastructure that keeps pace with the future of transportation in Jeddah.” 

He added that the tie-up with Electromin marks a strategic step toward advancing sustainability goals and improving quality of life for residents and visitors alike. 

Electromin, which launched Saudi Arabia’s first nationwide EV charging network in 2022, said the Jeddah pact will help transform the city into a model for electric mobility and support the Kingdom’s Vision 2030 goals, according to CEO Mark Notkin. 

The initiative aligns with the Jeddah Public Transport Program, a sweeping mobility masterplan by Jeddah Transport Co., owned by the municipality, aimed at easing congestion in a city where cars account for over 98 percent of trips.  

The plan features four metro lines, three light rail routes, a corniche tram, bus rapid transit, a commuter rail line, a waterbus service, and 11 park-and-ride facilities. 

Saudi Arabia, long known for its oil wealth, is leading regional energy transition efforts and is working to build a full-fledged EV ecosystem. 

As part of this push, the Kingdom has invested in US-based EV maker Lucid through its sovereign wealth fund and launched Ceer, its homegrown electric vehicle brand, which is expected to roll out models by 2026. 

In April, Lucid became the first global automaker to join the Kingdom’s “Made in Saudi” program, allowing it to carry the “Saudi Made” label on its products. The company also inaugurated its first international manufacturing plant in Saudi Arabia in September 2023. 

Located in King Abdullah Economic City, the facility — the Kingdom’s first car manufacturing plant — can currently assemble 5,000 Lucid vehicles annually in its initial phase. Once fully operational, it is expected to produce up to 155,000 electric cars a year.


Closing Bell: Saudi benchmark index closes lower at 10,540 

Updated 24 December 2025
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Closing Bell: Saudi benchmark index closes lower at 10,540 

RIYADH: Saudi equities ended Wednesday’s session lower, with the Tadawul All Share Index falling 55.13 points, or 0.52 percent, to close at 10,540.72. 

The sell-off was mirrored across other indices, with the MSCI Tadawul 30 Index retreating 5.79 points, or 0.41 percent, to close at 1,393.32, while the parallel market Nomu slipped 74.56 points, or 0.32 percent, to 23,193.21.  

Market breadth remained firmly negative, as decliners outpaced advancers, with 207 stocks ending the session lower against just 51 gainers on the main market. 

Trading activity moderated compared to recent sessions, with volumes reaching 123.5 million shares, while total traded value stood at SR2.72 billion ($725.2 million). 

On the sectoral and stock level, Al Moammar Information Systems Co. led the gainers after surging 9.96 percent to close at SR172.30, extending its rally following a series of contract announcements tied to data center and IT infrastructure projects.  

Al Masar Al Shamil Education Co. climbed 4.89 percent to SR27.48, while Naqi Water Co. advanced 3.36 percent to SR58.50. Al Yamamah Steel Industries Co. and Al-Jouf Agricultural Development Co. also posted solid gains, rising 3 percent and 2.86 percent, respectively. 

Losses, however, were concentrated in industrial names. Saudi Kayan Petrochemical Co. fell 3.67 percent to SR4.73, while Makkah Construction and Development Co. slid 3.44 percent to SR80.  

Saudi Tadawul Group Holding Co. retreated 3.28 percent to SR147.50, weighed down by broader market weakness, and Saudi Cable Co. declined 3.18 percent to SR143.  

Alkhaleej Training and Education Co. rounded out the top losers, shedding just over 3 percent. 

On the announcement front, BinDawood Holding announced the signing of a share purchase agreement to acquire 51 percent of Wonder Bakery LLC in the UAE for 96.9 million dirhams, marking a strategic expansion of its food manufacturing footprint beyond Saudi Arabia.   

The acquisition, which remains subject to regulatory approvals, is expected to support the group’s regional growth ambitions and strengthen supply chain integration.  

BinDawood shares closed at SR4.68, up 0.43 percent, reflecting a positive market reaction to the overseas expansion move.  

Meanwhile, Al Moammar Information Systems disclosed the contract sign-off for the renewal of IT systems support licenses with the Saudi Central Bank, valued at SR114.4 million, inclusive of VAT.   

The 36-month contract is expected to have a positive financial impact starting from fourth quarter of 2025, reinforcing MIS’s position as a key technology partner for critical government institutions. The stock surged to the session’s limit making it the top gainer. 

In a separate disclosure, Maharah Human Resources confirmed the completion of the sale of its entire stake in Care Shield Holding Co. through its subsidiary, Growth Avenue Investments, for a total consideration of SR434.3 million.  

The transaction involved the transfer of 41.36 percent of Care Shield’s share capital to Dallah Healthcare, with Maharah receiving the full cash proceeds.  

Despite the strategic divestment, Maharah shares closed lower, ending the session at SR6.12, down 1.29 percent.