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EVIQ Launches State-of-the-Art R&D Facility for Electric Vehicle Chargers in Saudi Arabia

The new facility will be used for testing a spectrum of chargers and software. SPA
The new facility will be used for testing a spectrum of chargers and software. SPA
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EVIQ Launches State-of-the-Art R&D Facility for Electric Vehicle Chargers in Saudi Arabia

The new facility will be used for testing a spectrum of chargers and software. SPA
The new facility will be used for testing a spectrum of chargers and software. SPA

EVIQ, the Electric Vehicle Infrastructure Company, a newly launched joint venture between the Public Investment Fund (PIF) and the Saudi Electricity Company (SEC), said on Sunday it opened a research and development (R&D) facility in Riyadh that is a first-of-its-kind in the region.

The new facility will be used for testing a spectrum of chargers and software, to ensure the deployment of best-in-class equipment and related software, reinforcing EVIQ's commitment to quality, efficiency, and driving the evolution in the EV sector across the Kingdom of Saudi Arabia, said an EVIQ statement.

It will also give EV drivers in Saudi Arabia the confidence that EVIQ chargers have been thoroughly tested to the highest quality and safety standards for operating in Saudi Arabia.

"The launch of our R&D facility is a testament to our commitment to quality and sustainable development of the Kingdom’s EV infrastructure. Our state-of-the-art facility ensures that EVIQ remains at the cutting-edge of EV charging solution development, bringing users the optimal charging experience, and ensuring that every EV driver in Saudi Arabia has access to reliable and efficient charging solutions,” said EVIQ CEO Mohammad Bakr Gazzaz.

“This facility is a cornerstone in our strategy to support the Kingdom’s Vision 2030. By focusing on top-quality charger deployment and ensuring compatibility with a range of EVs, we are paving the way for the growth of a sustainable and advanced EV ecosystem in Saudi Arabia, further supporting the wider Saudi objectives.”
According to the statement, the new R&D facility plays a crucial role in EVIQ's mission to "deliver the highest quality EV charging solutions by thoroughly testing various types of chargers".

The facility is not just a testament to EVIQ's commitment to innovation, but also a significant step toward enhancing charger efficiency, reliability and compatibility, said the statement, adding that it serves as a hub for developing the expertise and knowledge in charger technology that will support the evolving needs of the electric vehicle market in Saudi Arabia.

The statement added that in alignment with Saudi Arabia's sustainability goals, "EVIQ is on track to deploy 5,000 chargers across 1,000 strategic locations by 2030. This ambitious plan highlights EVIQ's dedication to catalyzing the EV ecosystem in Saudi Arabia, heralding a new era of sustainable mobility".

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Ukraine Receives New IMF Loan 1,000 Days into War

A Ukrainian national flag flutters near buildings destroyed by Russian military strikes in Borodianka, Ukraine, February 15, 2023. (Reuters)
A Ukrainian national flag flutters near buildings destroyed by Russian military strikes in Borodianka, Ukraine, February 15, 2023. (Reuters)
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Ukraine Receives New IMF Loan 1,000 Days into War

A Ukrainian national flag flutters near buildings destroyed by Russian military strikes in Borodianka, Ukraine, February 15, 2023. (Reuters)
A Ukrainian national flag flutters near buildings destroyed by Russian military strikes in Borodianka, Ukraine, February 15, 2023. (Reuters)

The International Monetary Fund (IMF) and Ukrainian authorities have reached an agreement that would give Ukraine access to about $1.1 billion, the IMF said on Tuesday, adding that its executive board must still weigh in on the deal.

If approved, the agreement would bring the total amount disbursed to Ukraine under the program to $9.8 billion, the IMF statement said, adding that the board was expected to review the deal in coming weeks.

“The outlook remains exceptionally uncertain and Russia's war in Ukraine continues to take a heavy toll on Ukraine's people, economy, and infrastructure,” the funds' staff wrote, adding that despite those challenges the program “remains on track.”

“The economy has continued to show resilience despite the devastating challenges arising from Russia’s war in Ukraine, which has now lasted 1,000 days,” it added.

“However, risks remain exceptionally high given uncertainty on the intensity and duration of the war, including from the continued attacks on energy infrastructure.”

IMF staff, which met with Ukrainian officials Nov. 11-18, said the country's real GDP growth was expected to be 4% this year but slow to 2.5%-3.5% in 2025 amid energy infrastructure damage and labor shortages.

Inflation in Ukraine also reached 9.7% year-over-year in October over rising food and labor costs “but inflation expectations remain well anchored,” IMF staff concluded.