Skip to content Skip to Search
Skip navigation

Red Sea Global installs Saudi Arabia’s largest EV charging network

Red Sea's fleet of Mercedes and Lucid EVs will be used for guest transport at the resort Red Sea Global
Red Sea's fleet of Mercedes and Lucid EVs will be used for guest transport at the resort

Saudi developer Red Sea Global has installed what it says is the kingdom’s largest off-grid electric vehicle charging network.

The network includes more than 150 charging stations spread across phase one of the Red Sea project.

The stations are strategically located to keep Red Sea Global’s initial fleet of 80 electric Lucid and Mercedes vehicles charged and on the road, the developer said in a statement.

The infrastructure needed to service, maintain and operate the fleet is now in place.

The Mercedes-Benz EQS and Lucid Air vehicles will be used for guest transport during their stay at the Red Sea.

Earlier this month the Public Investment Fund (PIF) and Saudi Electricity Company launched a new company to deliver EV fast-charging infrastructure in Saudi Arabia.

The new company plans to establish a presence in over 1,000 locations, installing over 5,000 fast chargers by 2030 in cities across the kingdom through collaboration with EV companies.

Lucid Group opened its first international manufacturing plant in the newly-launched King Abdullah Economic City special economic zone in September.

The US-based EV maker, backed by PIF, announced plans for the factory last year as the kingdom signed an agreement to buy up to 100,000 vehicles over a decade.

In June, the Saudi ministry of industry and mineral resources granted an industrial licence to Ceer, the first local automotive brand to produce EVs, to build its manufacturing facility in KAEC’s Industrial Valley.

Latest articles

ADQ's holdings include Abu Dhabi National Energy Company (Taqa) and are worth almost $200 billion

ADQ: how Abu Dhabi’s ‘baby’ fund is finding its feet

Abu Dhabi sovereign wealth fund ADQ may be the younger, smaller sibling of ADIA and Mubadala but there are no signs of an inferiority complex as it executes billion-dollar deals at home and overseas. Most notable was the $35 billion agreement signed with the Egyptian government in February this year to develop Ras El Hekma, […]

Suriname oil

QatarEnergies buys into Suriname oil expansion

The state-owned giant QatarEnergy has signed a deal with US oil company Chevron to acquire a 20 percent interest in a production-sharing contract for an offshore concession in the South American country of Suriname. Chevron will keep a 40 percent interest in Surname’s block 5, as will Paradise Oil, an affiliate of Suriname’s national oil […]

Rakbank

Rakbank plans first bond to fund social projects

The National Bank of Ras Al Khaimah (Rakbank) is planning to launch its first social bond issuance, a news report has said. The Abu Dhabi-listed bank is seeking bids for the five-year benchmark-sized dollar-denominated bond, Reuters reported. The initial price was set at 170 basis points over US Treasuries, with the final pricing expected on confirmed […]

The proposed sharia standard 62, which aims to transition the industry towards asset-backed sukuk, will not affect 2024 issuance, says S&P

Sharia standard 62 may disrupt sukuk market, says S&P

Global sukuk issuances are likely to suffer next year if the proposed standard 62 sukuk changes to sharia guidelines are implemented, according to the American credit rating agency S&P in a new report. “Adopting Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) standard 62 guidelines as they have been presented could disrupt the market,” […]