Saudi Arabia: Global Strategic Partnerships Accelerate Electric Vehicle Industry

An electric car displayed during the Global EV & Mobility Technology Forum 2024 (Asharq Al-Awsat)
An electric car displayed during the Global EV & Mobility Technology Forum 2024 (Asharq Al-Awsat)
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Saudi Arabia: Global Strategic Partnerships Accelerate Electric Vehicle Industry

An electric car displayed during the Global EV & Mobility Technology Forum 2024 (Asharq Al-Awsat)
An electric car displayed during the Global EV & Mobility Technology Forum 2024 (Asharq Al-Awsat)

Saudi Arabia has forged strategic partnerships with major international companies to exceed the production capacity of 600,000 electric cars annually, supported by the efforts of the Public Investment Fund to promote this sector.
Speaking at the Global EV & Mobility Technology Forum, which is held in Riyadh on July 10-11, Undersecretary of the Ministry of Investment for Investment Development, Mohammed Al-Sahib, said that the Saudi market accounts for more than half of the total car sales in the GCC, which reflects the crucial role of the technology sector in the Kingdom’s economic landscape.
Al-Sahib also underlined his ministry’s keenness to double efforts aimed at providing the necessary resources, knowledge and guidance to support the industry.
Sustainable mobility
The forum featured an exhibition during which international companies, such as Lucid Motors, displayed sustainable mobility solutions, in addition to dialogue sessions that touched on several important files in the electric vehicle industry, including: future mobility solutions, operational efficiency and sustainability, the landscape of the automotive industry and opportunities in Saudi Arabia as part of the national strategy for the industry.
The forum also saw other important discussions on future initiatives and government policies for sustainable mobility in the Kingdom, in addition to strategies for promoting the adoption of electric vehicles, and the necessity of partnerships between the public and private sectors in financing and implementing future projects.
Foreign investments
The American Lucid company, which is partially owned by the Saudi Public Investment Fund, has opened the first factory in the Kingdom for electric cars in King Abdullah City (western Saudi Arabia).
Moreover, the Saudi sovereign fund established the Ceer automobile company, which is expected to attract foreign investments amounting to SAR 562 million ($149 million) and contribute to the domestic product by about SAR 30 billion ($8 billion) by 2034.
In November 2023, the Fund also launched the EVIQ Company, which specializes in providing electric charging points throughout the Kingdom, in addition to building a strong infrastructure for the sector, which helps raise the percentage of use of electric vehicles among members of society.

 

 



Gold Gains on Safe-haven Demand as Trump Expands Trade War

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
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Gold Gains on Safe-haven Demand as Trump Expands Trade War

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo

Gold prices rose for a third straight session on Friday, as US President Donald Trump's announcement of new tariffs on Canada and broader tariff threats against other trading partners lifted demand for the safe-haven asset.
Spot gold was up 0.5% to $3,339.99 per ounce, as of 0755 GMT. US gold futures gained 0.8% to $3,351.
"We're seeing some growing demand for gold as a haven. There are investors looking for some safety asset despite stock markets hitting highs. And any dip in gold is seen as a buying opportunity now," said Carlo Alberto De Casa, an external analyst at Swissquote.
On Thursday, Trump said US would impose a 35% tariff on imports from Canada and planned to impose blanket duties of 15% or 20% on most other trade partners, Reuters said.
This follows Wednesday's announcement of a 50% tariff on US copper imports and a similar levy on goods from Brazil, along with tariff notifications sent earlier to other trading partners.
Trump also said the European Union could receive a letter on tariff rates by Friday, throwing into question the progress of trade talks between Washington and the 27-nation bloc.
"Rising trade tensions have reinvigorated demand for haven assets such as gold amid the prospect of an economic slowdown. The more dovish Fed is also boosting investor appetite," analysts at ANZ wrote in a note.
Data on Thursday showed weekly jobless claims in the US fell unexpectedly to a seven-week low, indicating stable employment levels.
Federal Reserve Governor Christopher Waller on Thursday reiterated his belief the central bank could cut interest rates at its policy meeting later this month.
Meanwhile, Fed Bank of San Francisco President Mary Daly said two rate cuts remain on the table for this year.
Lower rates boost non-yielding gold's appeal.
Elsewhere, spot silver rose 0.9% to $37.37 per ounce, platinum fell 1% to $1,346.81 and palladium climbed 1.3% to $1,156.44.