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Saudi Energy Ministry Signs Agreement to Launch Social Entrepreneurship Accelerator

Officials are seen during the signing of the agreement between the Saudi Ministry of Energy and Saudi National Bank. (Asharq Al-Awsat)
Officials are seen during the signing of the agreement between the Saudi Ministry of Energy and Saudi National Bank. (Asharq Al-Awsat)
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Saudi Energy Ministry Signs Agreement to Launch Social Entrepreneurship Accelerator

Officials are seen during the signing of the agreement between the Saudi Ministry of Energy and Saudi National Bank. (Asharq Al-Awsat)
Officials are seen during the signing of the agreement between the Saudi Ministry of Energy and Saudi National Bank. (Asharq Al-Awsat)

The Saudi Ministry of Energy concluded on Sunday a cooperation agreement with the Saudi National Bank (SNB Al-Ahli) to launch a social entrepreneurship accelerator.

The accelerator will assist entrepreneurs, emerging pioneering projects, and small enterprises in the energy sector and transform their ideas into realistic investment entities.

Signed in the presence of Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz and Chairman of the Board of Directors of the National Bank Saeed al-Ghamdi, the agreement will help raise the level of participation of entrepreneurs in developing the services supervised by the Ministry.

The Ministry's Community Development Advisor, Mona al-Ghamdi, and Al-Ahli's Senior Vice President and head of the Social Responsibility Department Basma al-Jawhari signed the agreement.

The deal includes cooperation between the two parties in developing appropriate mechanisms for the program and exchanging experiences and ideas between them.

They agreed on the program's implementation, participation in awareness campaigns, and introduction of the program.

The agreement comes from the Ministry's role in community development by supporting the implementation and transfer of social leadership ideas and solutions in the energy sector in cooperation with the rest of the relevant government and private agencies.

The Ministry of Energy believes in the importance of community development and supports and encourages the establishment of non-profit organizations under its supervision.

It also seeks to contribute to raising the efficiency of the technical performance of the organizations and overcoming the difficulties they face in carrying out and developing their activities.

It aspires to achieve Vision 2030 goals and activate the social responsibility role of energy companies locally and internationally.

The Ministry’s goals include encouraging energy companies and entities by contributing to raising the level of awareness and commitment to sustainable development goals, ensuring the sector contributes to its national social responsibility, and supporting social innovation in energy. It also seeks to develop a culture of volunteer work.

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Business

China's BYD Poised to Overtake Tesla in 2025 EV Sales

The Tesla logo is seen in this illustration taken July 23, 2025. (Reuters)
The Tesla logo is seen in this illustration taken July 23, 2025. (Reuters)
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China's BYD Poised to Overtake Tesla in 2025 EV Sales

The Tesla logo is seen in this illustration taken July 23, 2025. (Reuters)
The Tesla logo is seen in this illustration taken July 23, 2025. (Reuters)

Growing Chinese auto giant BYD stands poised to officially surpass Tesla as the world's biggest electric vehicle company in annual sales.

The two groups are expected soon to publish their final figures for 2025, and based on sales data so far this year, there is almost no chance the American company led by Elon Musk will retain its leadership position.

At the end of November, Shenzhen-based BYD, which also produces hybrid vehicles, had sold 2.07 million EVs so far in 2025.

Tesla, for its part, had sold 1.22 million by the end of September.

Tesla's September figures included a one-time boost in sales, to nearly half-a-million vehicles in a three-month period, before the expiration of a US tax credit for buyers of electric vehicles -- which ended under legislation backed by President Donald Trump, a climate change skeptic.

But Tesla's sales in the coming quarter are expected to fall to 449,000, according to a FactSet analysis consensus. That would give Tesla about 1.65 million sales for all of 2025, a drop of 7.7 percent and well below the level BYD had attained by end November.

Deutsche Bank, which projects just 405,000 Tesla EV sales during the fourth quarter, sees the company's sales down by around one-third in both North America and Europe, and by one-tenth in China.

- Transition period -

Industry watchers say it will take time for EV demand to reach a level of equilibrium in the United States following the elimination of the $7,500 US tax credit at the end of September 2025.

Even prior to that, Tesla had seen sales struggle in key markets over CEO Musk's political support of Trump and other far-right politicians. Tesla has also faced rising EV competition from BYD and other Chinese companies and from European giants.

"We believe Tesla will see some weakness on deliveries" in the fourth quarter, said Dan Ives of Wedbush Securities.

Sales of 420,000 would be "good enough to show stable demand," with Wall Street "laser focused on the autonomous chapter kicking off in 2026," Ives added, referring to plans for self-driving vehicles.

Even as it has grown quickly, BYD has faced challenges in its home market.

With profitability in China weighed down by price-wary consumers, the company has sought to strengthen its foothold in foreign markets.

BYD is "one of the pioneers to establish overseas production capacity and supply chains for EVs," Jing Yang, Director of Asia-Pacific Corporate Ratings at Fitch Ratings, told AFP.

"Going forward, its geographical diversification is likely to help it to navigate an increasingly complicated global tariff environment," said Yang.

Overseas rivals to BYD have balked at Chinese state subsidies and other state supports that have allowed the company to sell vehicles cheaply.

Trump's predecessor Joe Biden imposed 100 percent tariffs on Chinese EV imports that could potentially go even higher under Trump. Europe has also imposed tariffs on Chinese imports, but BYD is building manufacturing capacity in Hungary.

While the chance of Tesla reclaiming its global leadership in EVs looks uncertain, the American company is also potentially positioned for growth.

Michaeli of TD Cowen sees autonomous technology playing an increasingly important role for Tesla, with breakthroughs in its "full self-driving" or "FSD" offerings potentially boosting sales.

"As Tesla really begins to roll out eyes-off features and expand FSDs capability, if they do that successfully, that should generate more demand for their vehicles," Michaeli said.

Musk has said the Cybercab, an autonomous robotaxi model, will begin production in April 2026. The company has also unveiled lower-priced versions of the Models 3 and Y that could boost sales.

Business

China Says to Launch Digital Currency Action Plan

People walk past a shopping mall in Beijing on December 28, 2025. (AFP)
People walk past a shopping mall in Beijing on December 28, 2025. (AFP)
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China Says to Launch Digital Currency Action Plan

People walk past a shopping mall in Beijing on December 28, 2025. (AFP)
People walk past a shopping mall in Beijing on December 28, 2025. (AFP)

China will on January 1 launch an "action plan" for boosting management and operations of its digital currency, a deputy governor of the country's central bank said Monday.

"The future digital yuan will be a modern digital payment and circulation means issued and circulated within the financial system," People's Bank of China (PBoC) Deputy Governor Lu Lei wrote in Financial News, a media outlet under the central bank.

In the next step towards that goal, a "new generation" arrangement for digital yuan will be launched on January 1, Lu said, encompassing a "measurement framework, management system, operating mechanism and ecosystem".

The "action plan" will see banks pay interest on balances held by clients in digital yuan -- a move to incentivize broader adoption of the currency.

The plan also includes a proposal to establish an international digital yuan operations center in the eastern financial hub of Shanghai, the report said.

Monetary authorities around the world have in recent years been exploring ways to digitalize currencies, propelled by a boom in online payments during the pandemic and the increased popularity of cryptocurrencies such as bitcoin.

The PBoC has been working on a digital currency since 2014 and has been testing the use of a "digital yuan" or "e-CNY" in various pilot programs.

Consumers across the country already widely use mobile and online payments, but the digital yuan could allow the central bank -- rather than the big tech giants -- access to more data and control over payments.

Business

Bulgaria Prepares for the Euro amid Excitement and Skepticism

People shop in a Lidl store, as prices are displayed in both the Bulgarian lev and euro currencies, ahead of Bulgaria's adoption of the euro on January 1, 2026, in Sofia, Bulgaria, December 18, 2025. (Reuters)
People shop in a Lidl store, as prices are displayed in both the Bulgarian lev and euro currencies, ahead of Bulgaria's adoption of the euro on January 1, 2026, in Sofia, Bulgaria, December 18, 2025. (Reuters)
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Bulgaria Prepares for the Euro amid Excitement and Skepticism

People shop in a Lidl store, as prices are displayed in both the Bulgarian lev and euro currencies, ahead of Bulgaria's adoption of the euro on January 1, 2026, in Sofia, Bulgaria, December 18, 2025. (Reuters)
People shop in a Lidl store, as prices are displayed in both the Bulgarian lev and euro currencies, ahead of Bulgaria's adoption of the euro on January 1, 2026, in Sofia, Bulgaria, December 18, 2025. (Reuters)

Bulgarian banks, businesses and shoppers were preparing this week to say goodbye to ​the lev currency ahead of a move to adopt the euro on January 1, a long-awaited milestone met with excitement, skepticism and, in some corners, anger.

Bulgaria, a Black Sea country on the European Union's southeast frontier, will be the 21st country to join the euro currency zone after it met the formal entry criteria this year, including for inflation, budget deficit, long-term borrowing costs and exchange-rate stability.

It comes two years after Croatia joined in January 2023 - the last country to do so - and ‌will push ‌the number of Europeans using the currency to more ‌than ⁠350 ​million. Becoming a ‌member of the euro zone, apart from using euro notes and coins, also means a seat at the European Central Bank's rate-setting Governing Council.

While successive Bulgarian governments have tried to make the step since joining the EU in 2007, the Balkan country of 6.7 million people is split on the issue, polls show, although businesses are largely in favor.

SUSPICIONS AMONG SOME BULGARIANS

Some fear it will push up prices, or are suspicious of ⁠a domestic political establishment in the throes of a crisis that saw the government step down this month ‌amid widespread protests against proposed tax increases.

In a country with ‍historic cultural and political ties to Russia, ‍many are wary of further allegiance to Europe.

“I am against it, first ‍because the lev is our national currency," said Sofia pensioner Emil Ivanov, interviewed while shopping. "Secondly, Europe is heading towards demise, which even the American president (Donald Trump) mentioned in the new national security strategy.

"I may not be alive when this (the EU's demise) happens but that is where everything ​is going."

BUSINESSES HAVE BEEN PREPARING

Some political analysts said the campaign promoting the euro has been weak, and that older people, especially in ⁠remote areas, will struggle to adapt. They said a lack of stable government may further complicate the change.

Still, in the streets and stores of Sofia, businesses have been preparing. Prices of everything from fruit to bottles of wine are displayed in both levs and euros. Government-funded billboards show the euro-lev exchange rate with a message saying: "Common past. Common future. Common currency." Television adverts have also flagged the coming change.

Some have welcomed the move. "Not only older people but also all young people can easily travel using euros instead of having to exchange currency," said Veselina Apostovlova, a pensioner shopping in Sofia.

Businesses that sell goods across borders were also supportive.

Natalia Gadjeva, owner of the Dragomir Estate Winery in the Thracian ‌Valley, told Reuters: "For me, the most important thing is that all operations involving currency conversion and reissuing invoices in euros and then in levs will be eliminated."