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Saudi Arabia to Develop Investment in Autonomous Vehicle Industry

The signing ceremony of the memorandum of understanding (MoU) with Rigel Capital Management and Clevon (Asharq Al-Awsat)
The signing ceremony of the memorandum of understanding (MoU) with Rigel Capital Management and Clevon (Asharq Al-Awsat)
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Saudi Arabia to Develop Investment in Autonomous Vehicle Industry

The signing ceremony of the memorandum of understanding (MoU) with Rigel Capital Management and Clevon (Asharq Al-Awsat)
The signing ceremony of the memorandum of understanding (MoU) with Rigel Capital Management and Clevon (Asharq Al-Awsat)

The Saudi government is moving towards developing investment in the automotive industry and autonomous vehicle technology.

The Saudi Ministry of Investment signed Tuesday a memorandum of understanding (MoU) with Rigel Capital Management and Clevon, setting the stage for investment development in automotive manufacturing and autonomous vehicle technology.

The government has taken accelerated steps towards adopting modern transportation systems, the latest of which was the announcement of Saudi Crown Prince Mohammed bin Salman, who launched Ceer last November, the first Saudi electric vehicle brand.

Ceer, launched by the Public Investment Fund (PIF), will design, manufacture, and sell electric vehicles with advanced technical systems, such as the autonomous feature in the Kingdom and the Middle East region, including sedans and four-wheel drives.

Ceer is a joint venture between PIF and Foxconn, which will license component technology from BMW for use in the vehicle development process.

Foxconn will develop the electrical architecture of the vehicles, resulting in a portfolio of products that will lead to infotainment, connectivity, and autonomous driving technologies.

Each vehicle will be tested to the highest global automotive quality control and safety standards. Ceer cars are scheduled to be available in 2025.

Saudi Arabia, represented by the Ministry of Transport and Logistics Services, is completing the program for preparing legislative frameworks and policies for autonomous vehicles and electric cars to consolidate and sustain green logistics services and operations.

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Saudi Arabia Provides $500 Million in Financial Support to Yemen

Saudi Arabia Provides $500 Million in Financial Support to Yemen
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Saudi Arabia Provides $500 Million in Financial Support to Yemen

Saudi Arabia Provides $500 Million in Financial Support to Yemen

The Kingdom of Saudi Arabia has given new economic support to Yemen, worth $500 million, to strengthen the Yemeni government's budget and bolster the Central Bank of Yemen.
The Saudi support package consists of a $300 million deposit in the Central Bank of Yemen, to improve the economic and financial situation, and $200 million to deal with the Yemeni budget deficit, out of a total pledge of $1.2 billion.
According to SPA, the funding, through the Saudi Development and Reconstruction Program for Yemen (SDRPY), aims to enhance food security, support salaries and wages, cover operating expenses, and help the government implement its economic reform program.
It also seeks to help set the basis for economic, financial, and monetary stability in the Republic of Yemen, strengthen this country’s public finances, enhance the capacity of government institutions, and improve governance and transparency. It also aims to empower the private sector to drive sustainable economic growth and create job opportunities, ultimately placing the national economy on a more sustainable path and driving economic and social development.
Previous Saudi deposits positively impacted the foreign exchange reserves of the Central Bank of Yemen, reduced the exchange rates, and contributed to the growth of the GDP. They also helped lower fuel and diesel prices, as well as the cost of imported food commodities.
Together with previous assistance, including grants and deposits, this aid aims to buttress Yemen's economic stability.
Key contributions of Saudi support include covering imports of essential food commodities (wheat grains, wheat flour, rice, milk, cooking oil, and sugar), strengthening the Central Bank's foreign exchange reserves, stabilizing the local currency, and reducing fuel and diesel prices.
While Saudi grants have positively impacted economic and social development in Yemen, and supported the national economy, they also helped mitigate the economic deterioration by increasing the foreign exchange reserves and boosting confidence in the Central Bank of Yemen.
Moreover, these grants led to greater financial transfers and foreign aid, thus strengthening the balance of income and transfers in Yemen.
The grants effectively stimulated economic growth while lessening inflationary pressures. By enabling the government to cover salaries and wages, they significantly reduced the budget deficit, which, in turn, improved the financial stability of the country and lowered the government's reliance on borrowing to finance its expenditures.
The grants greatly helped improve the performance of critical sectors. In healthcare, it funded essential medicines for chronic diseases and cancer treatment. It also came to the help of education and other vital sectors, and covered the cost of petroleum derivatives for electricity generation.
The Kingdom also significantly contributed to Yemen's economic growth by providing grants for petroleum derivatives. These grants enabled 80 power generation stations to operate in all Yemeni governorates, thus stimulating the Yemeni economy and enhancing the efficiency of vital, productive and service sectors in Yemen.
Through SDRPY, the Kingdom has implemented 263 development projects and initiatives in various Yemeni governorates. These projects serve the Yemeni people in eight crucial sectors: education, health, water, energy, transportation, agriculture and fisheries, capacity building of the Yemeni government, and development programs.