Saudi Arabia Signs 3 Agreements with Japanese Companies

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Saudi Electricity Company Logo
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Saudi Arabia Signs 3 Agreements with Japanese Companies

Saudi Electricity Company Logo
Saudi Electricity Company Logo

Saudi Electricity Company (SEC) signed on Monday three cooperation agreements with Japanese companies to implement "Electric Motor Pilot Project in the Kingdom" aiming to evaluate and develop this trend and reduce the percentage of pollution associated with similar vehicles operating with internal combustion engines.

During the signing ceremony with officials of Tokyo Electricity Holding Company, Nissan Auto Company and Takawaka Toco Energy Solutions, deputy CEO of SEC for engineering and projects, Khalid al-Rashid said the project is an important step to transfer modern technologies in using electric energy, in general, and electric car technology, in particular, said Saudi Press Agency (SPA).

Rashid explained the deal covers the development of a quick electric charger for cars that can be charged within half an hour. Nissan Auto Company will furnish three electric cars to SEC, while Takawaka Toco Energy Solutions will provide the company with three quick electric auto chargers, he told the reporters.

The CEO acknowledged that there is a growing trend for the use of this type of cars and global companies are exerting great efforts to use them instead of traditional cars, adding that the upcoming period will witness more efforts to assess the utilization of such promising experiences, added SPA.

The deal also includes a study prepared by SEC and the three Japanese companies on how to operate electric cars in the Kingdom, the suitability and requirements of operation, and the expansion of the project in a manner that will achieve the objectives and future plans of all parties, indicated Rashid.

Saudi Electricity Company has signed over the past few years a number of deals and memos of understanding with key Japanese companies to build strategic relations with global manufacturers to transfer and localize new technologies in the area of electric energy, professional training programs and transfer of expertise, and scientific and technical conferences.



Turkish Annual Inflation Falls More Than Expected to 44.38%

A shopkeeper uses his mobile phone as he waits for customers at a popular middle-class shopping district in Istanbul, Türkiye March 4, 2024. REUTERS/Murad Sezer/File photo
A shopkeeper uses his mobile phone as he waits for customers at a popular middle-class shopping district in Istanbul, Türkiye March 4, 2024. REUTERS/Murad Sezer/File photo
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Turkish Annual Inflation Falls More Than Expected to 44.38%

A shopkeeper uses his mobile phone as he waits for customers at a popular middle-class shopping district in Istanbul, Türkiye March 4, 2024. REUTERS/Murad Sezer/File photo
A shopkeeper uses his mobile phone as he waits for customers at a popular middle-class shopping district in Istanbul, Türkiye March 4, 2024. REUTERS/Murad Sezer/File photo

Turkish annual consumer price inflation fell more than expected to 44.38% in December, official data showed on Friday, with education, housing and restaurant prices leading the rise.

Month on month, inflation was 1.03%, the Turkish Statistical Institute said, compared with 2.24% in November. Annual consumer price inflation (CPI) was 47.09% in November.

Furniture prices rose 2.78% from the previous month, data showed, while telecoms-related prices gained by 1.82%.

In a Reuters poll, the annual inflation rate was expected to fall to 45.2%, with the monthly figure seen at 1.61%, owing to easing food price inflation and a limited rise in energy prices.

The latest inflation print was close to the central bank's midpoint prediction of 44% for the end of 2024.

The bank, having kept its main interest rate steady at 50% since March, launched an easing cycle last week, cutting the policy rate by 250 basis points to 47.5%.

The bank said it will set policy "prudently" meeting by meeting with a focus on the inflation outlook while responding to any expected "significant and persistent deterioration".

The Turkish lira was little changed after the data at 35.3850 to the dollar, hovering around the record lows.

The domestic producer price index was up 0.4% month on month in December for an annual rise of 28.52%, the data showed.