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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.

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Inflation Rose to 2.3% in Europe. That Won't Stop the Central Bank from Cutting Interest Rates

A view shows the Bercy Economy and Finance Ministry as a metro operated by the Paris transport network RATP passes over the Pont de Bercy bridge in Paris, France, November 28, 2024. REUTERS/Stephanie Lecocq
A view shows the Bercy Economy and Finance Ministry as a metro operated by the Paris transport network RATP passes over the Pont de Bercy bridge in Paris, France, November 28, 2024. REUTERS/Stephanie Lecocq
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Inflation Rose to 2.3% in Europe. That Won't Stop the Central Bank from Cutting Interest Rates

A view shows the Bercy Economy and Finance Ministry as a metro operated by the Paris transport network RATP passes over the Pont de Bercy bridge in Paris, France, November 28, 2024. REUTERS/Stephanie Lecocq
A view shows the Bercy Economy and Finance Ministry as a metro operated by the Paris transport network RATP passes over the Pont de Bercy bridge in Paris, France, November 28, 2024. REUTERS/Stephanie Lecocq

Inflation in the 20 countries that use the euro currency rose in November — but that likely won’t stop the European Central Bank from cutting interest rates as the prospect of new US tariffs from the incoming Trump administration adds to the gloom over weak growth.
The European Union’s harmonized index of consumer prices stood up 2.3% in the year to November, up from 2.0% in October, the EU statistics agency Eurostat reported Friday.
Energy prices fell 1.9% from a year ago, but that was offset by price increases of 3.9% in the services sector, a broad category including haircuts, medical treatment, hotels and restaurants, and sports and entertainment, The Associated Press reported.
Inflation has come down a long way from the peak of 10.6% in October 2022 as the ECB quickly raised rates to cool off price rises. It then started cutting them in June as worries about growth came into sharper focus.
High central bank benchmark rates combat inflation by influencing borrowing costs throughout the economy. Higher rates make buying things on credit — whether a car, a house or a new factory — more expensive and thus reduce demand for goods and take pressure off prices. However, higher rates can also dampen growth.
Growth worries got new emphasis after surveys of purchasing managers compiled by S&P Global showed the eurozone economy was contracting in October. On top of that come concerns about how US trade policy under incoming President Donald Trump, including possible new tariffs, or import taxes on imported goods, might affect Europe’s export-dependent economy. Trump takes office Jan. 20.
The eurozone’s economic output is expected to grow 0.8% for all of this year and 1.3% next year, according to the European Commission’s most recent forecast.
All that has meant the discussion about the Dec. 12 ECB meeting has focused not on whether the Frankfurt-based bank’s rate council will cut rates, but by how much. Market discussion has included the possibility of a larger than usual half-point cut in the benchmark rate, currently 3.25%.
Inflation in Germany, the eurozone’s largest economy, held steady at 2.4%. That “will strengthen opposition against a 50 basis point cut,” said Carsten Brzeski, global chief of macro at ING bank, using financial jargon for a half-percentage-point cut.
The ECB sets interest rate policy for the European Union member countries that have joined the euro currency.