Saudi Arabia to Host First of its Kind Motor Show for Electric, Hybrid Cars

This photo taken on July 21, 2017 shows Mahindra's electric car "e2o Plus" plugged in for charging at a showroom in New Delhi. (AFP)
This photo taken on July 21, 2017 shows Mahindra's electric car "e2o Plus" plugged in for charging at a showroom in New Delhi. (AFP)
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Saudi Arabia to Host First of its Kind Motor Show for Electric, Hybrid Cars

This photo taken on July 21, 2017 shows Mahindra's electric car "e2o Plus" plugged in for charging at a showroom in New Delhi. (AFP)
This photo taken on July 21, 2017 shows Mahindra's electric car "e2o Plus" plugged in for charging at a showroom in New Delhi. (AFP)

Saudi Arabia will host the first of its kind e-Motor Show in the Middle East for electric and hybrid cars between February 25 and 28, with the participation of major car manufacturers and agents.

The e-Motor Show-Middle East will highlight recent developments in the electric and hybrid vehicles sector and clean technologies in the region, which are expected to become a natural part of the environmental transportation system, given the advanced technical capabilities and the promising opportunities.

Saudi Vision 2030 encourages such industries that help build a competitive economy along with sustainable development and infrastructure that promotes the realization of the Kingdom’s strategic short and long terms objectives.

The show also aims to enhance public awareness about electric and hybrid vehicles, which reflects the future of transportation in the Kingdom.

In addition, investing in such types of vehicles is an important trend, both in terms of manufacturing, various applications, import and export.

Chairman of the Cars Agent National Committee at the Council of Saudi Chambers Faisal Abu Shusha said it was a “matter of pride” that such an important event is being organized inside the Kingdom.

He described it as a stepping-stone towards a prosperous future for modern transportation.

Abu Shusha stated it is important to prepare relevant policies and regulations pertaining to the electric vehicles (EVs) industry in both a clear and proactive manner.

He also called for activating the role of the private sector to provide new job opportunities and enhance the utilization of this technology.

Investing in the field of manufacturing electric vehicles in the Kingdom is something worth studying, especially as it falls in line with Vision 2030 and the national industry development program, he remarked.



Samsung Electronics Plans $7.2 Bln Buyback after Share Price Plunges

A Samsung logo is displayed in a supermarket in Sarajevo, Bosnia and Herzegovina, October 29, 2024. REUTERS/Dado Ruvic
A Samsung logo is displayed in a supermarket in Sarajevo, Bosnia and Herzegovina, October 29, 2024. REUTERS/Dado Ruvic
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Samsung Electronics Plans $7.2 Bln Buyback after Share Price Plunges

A Samsung logo is displayed in a supermarket in Sarajevo, Bosnia and Herzegovina, October 29, 2024. REUTERS/Dado Ruvic
A Samsung logo is displayed in a supermarket in Sarajevo, Bosnia and Herzegovina, October 29, 2024. REUTERS/Dado Ruvic

Samsung Electronics has decided to buy back shares worth 10 trillion won ($7.17 billion) over a one-year period to boost shareholder value, after shares plunged to more than four-year lows earlier in the week.
It is the first time Samsung Electronics has decided to buy back shares since 2017.
Of the total, three trillion won worth of shares, or 50.14 million common shares and 6.91 million preferred shares, will be repurchased in the next three months and cancelled, Samsung said after the market closed on Friday.
The board of directors will decide on ways to enhance shareholder value, including when and how to use the remaining seven trillion in the repurchase programme, Reuters quoted it as saying in a statement.
In the short term, the decision would likely help Samsung's share performance, but the company needs concrete business plans to better support its share performance, analysts said.
The world's top memory chip maker last month apologised for a disappointing quarterly profit, as it lagged rivals in supplying artificial intelligence chips to Nvidia. Samsung was the worst performing stock among major global chipmakers, also hurt by President-elect Donald Trump's threat to levy tariffs on imports that would hit demand for electronics products.
"It is a reflection that Samsung feels a sense of crisis due to the sharp stock drops," said Park Ju-gun, head of corporate analysis firm Leaders Index.
Park said the share buyback may intend to bolster depressed stock prices for Samsung shareholders including Chairman Jay Y. Lee's family members, who have put up some of their Samsung stocks as collateral to help pay inheritance taxes, as recent plunges threaten to trigger a margin call - a request for more collateral from banks for Lee's mother and his two sisters.
Shares of Samsung Electronics rose 7.2% on Friday, their biggest daily jump since March 2020 and rebounding from their lowest level since mid-June 2020. They were still down 32% year-to-date.