Company Insights Ceer Motors Transport Ceer Motors News Industry Sabic thermoplastic is key to electric car speed record As it flew around a track at the 2023 Hankook London E-Prix last month, electric race car Genbeta reached nearly 219 kilometres per hour, setting a new Guinness World Record for the fastest speed achieved by a vehicle indoors. Saudi Arabian petrochemicals giant Sabic developed thermoplastic materials to improve the performance of the vehicle – […] August 9, 2023 Manufacturing Ceer gets licence to build EV production facility in Saudi Saudi Arabia’s Ministry of Industry and Mineral Resources has granted an industrial licence to Ceer, the first local automotive brand to produce electric vehicles. The licence is required for Ceer to build its manufacturing facility over one million square metres of land in King Abdullah Economic City’s Industrial Valley. Ceer, launched last November, is a […] June 26, 2023 Opinion Trade Saudi Arabia’s ‘transactional’ relationship with China is evolving fast There's more to the partnership than just energy June 12, 2023 Manufacturing Saudi funding fails to stem $780m losses at Lucid Electric vehicle maker Lucid Group’s losses continue to widen despite the Saudi government extending $2.4 billion in funding last year. Lucid, in which the Saudi sovereign wealth fund, the PIF, owns a 65 percent stake, reported a first-quarter net loss for 2023 of $779.5 million, a year-on-year increase of 28.8 percent. “I believe that there […] May 10, 2023 Sustainability Ford to roll out electric vehicles across GCC next year US automaker Ford Motor Co. plans to launch its electric vehicles (EV) in the Middle East in 2024, according to a media report. The automaker will introduce EV models to the Gulf before moving into the wider region, Chris Noel, managing director of Ford Middle East and Africa, told Bloomberg. He stated that manufacturing limitations […] March 30, 2023 Banking & Finance Jeddah economic city developer secures $270m loan from PIF Saudi-listed Emaar The Economic City has signed a term loan agreement of up to SAR1 billion ($270 million) with the Public Investment Fund, the kingdom’s sovereign wealth fund. The financing period for the loan is 18 months from the date of the agreement, the company said in a statement to The Saudi Exchange (Tadawul). The […] February 21, 2023 Energy PIF acquires 30% stake in Saudi district cooling firm Saudi Arabia’s Public Investment Fund has acquired a 30 percent stake in the Saudi Tabreed District Cooling Company, a provider of sustainable district cooling schemes in the kingdom. The investment supports PIF’s efforts to grow and develop the local utilities and low-carbon sectors, the sovereign wealth fund said in a statement. PIF’s $5.5bn green bond […] February 13, 2023 Manufacturing Olayan and Canoo sign deal for electric vehicles in Saudi Saudi Arabian general contracting company GCC Olayan has signed a deal with US electric vehicles maker Canoo for the sale, service and distribution in the kingdom of its EVs. Part of Saudi conglomerate The Olayan Group, GCC Olayan said the partnership was the first step in plans to expand beyond the initial dealership agreement, with […] January 27, 2023 Manufacturing Korea’s Hyundai plans new assembly plant in Saudi Arabia Saudi Arabia’s Ministry of Industry and Mineral Resources and South Korea’s Hyundai Motor Company have signed a memorandum of understanding (MoU) to build a completely knocked down (CKD) assembly plant in the kingdom. The deal will see the construction of a Saudi-based assembly plant with the CKD system for electric and internal combustion engine cars, […] January 3, 2023 Sustainability Saudi PIF acquires 9.5% stake in Germany’s Skyborn Renewables Saudi Arabia’s Public Investment Fund (PIF) acquired a 9.5 percent stake in Germany’s Skyborn Renewables. The investment will allow PIF to accelerate the energy transition and scale up its international clean energy ambitions by partnering with a geographically diversified offshore wind energy platform, it said in a statement. No financial details were disclosed. In October, […] December 13, 2022 Posts navigation Previous 1 … 3 4 5 Next
Industry Sabic thermoplastic is key to electric car speed record As it flew around a track at the 2023 Hankook London E-Prix last month, electric race car Genbeta reached nearly 219 kilometres per hour, setting a new Guinness World Record for the fastest speed achieved by a vehicle indoors. Saudi Arabian petrochemicals giant Sabic developed thermoplastic materials to improve the performance of the vehicle – […] August 9, 2023
Manufacturing Ceer gets licence to build EV production facility in Saudi Saudi Arabia’s Ministry of Industry and Mineral Resources has granted an industrial licence to Ceer, the first local automotive brand to produce electric vehicles. The licence is required for Ceer to build its manufacturing facility over one million square metres of land in King Abdullah Economic City’s Industrial Valley. Ceer, launched last November, is a […] June 26, 2023
Opinion Trade Saudi Arabia’s ‘transactional’ relationship with China is evolving fast There's more to the partnership than just energy June 12, 2023
Manufacturing Saudi funding fails to stem $780m losses at Lucid Electric vehicle maker Lucid Group’s losses continue to widen despite the Saudi government extending $2.4 billion in funding last year. Lucid, in which the Saudi sovereign wealth fund, the PIF, owns a 65 percent stake, reported a first-quarter net loss for 2023 of $779.5 million, a year-on-year increase of 28.8 percent. “I believe that there […] May 10, 2023
Sustainability Ford to roll out electric vehicles across GCC next year US automaker Ford Motor Co. plans to launch its electric vehicles (EV) in the Middle East in 2024, according to a media report. The automaker will introduce EV models to the Gulf before moving into the wider region, Chris Noel, managing director of Ford Middle East and Africa, told Bloomberg. He stated that manufacturing limitations […] March 30, 2023
Banking & Finance Jeddah economic city developer secures $270m loan from PIF Saudi-listed Emaar The Economic City has signed a term loan agreement of up to SAR1 billion ($270 million) with the Public Investment Fund, the kingdom’s sovereign wealth fund. The financing period for the loan is 18 months from the date of the agreement, the company said in a statement to The Saudi Exchange (Tadawul). The […] February 21, 2023
Energy PIF acquires 30% stake in Saudi district cooling firm Saudi Arabia’s Public Investment Fund has acquired a 30 percent stake in the Saudi Tabreed District Cooling Company, a provider of sustainable district cooling schemes in the kingdom. The investment supports PIF’s efforts to grow and develop the local utilities and low-carbon sectors, the sovereign wealth fund said in a statement. PIF’s $5.5bn green bond […] February 13, 2023
Manufacturing Olayan and Canoo sign deal for electric vehicles in Saudi Saudi Arabian general contracting company GCC Olayan has signed a deal with US electric vehicles maker Canoo for the sale, service and distribution in the kingdom of its EVs. Part of Saudi conglomerate The Olayan Group, GCC Olayan said the partnership was the first step in plans to expand beyond the initial dealership agreement, with […] January 27, 2023
Manufacturing Korea’s Hyundai plans new assembly plant in Saudi Arabia Saudi Arabia’s Ministry of Industry and Mineral Resources and South Korea’s Hyundai Motor Company have signed a memorandum of understanding (MoU) to build a completely knocked down (CKD) assembly plant in the kingdom. The deal will see the construction of a Saudi-based assembly plant with the CKD system for electric and internal combustion engine cars, […] January 3, 2023
Sustainability Saudi PIF acquires 9.5% stake in Germany’s Skyborn Renewables Saudi Arabia’s Public Investment Fund (PIF) acquired a 9.5 percent stake in Germany’s Skyborn Renewables. The investment will allow PIF to accelerate the energy transition and scale up its international clean energy ambitions by partnering with a geographically diversified offshore wind energy platform, it said in a statement. No financial details were disclosed. In October, […] December 13, 2022
