Saudi Arabia Launches First Electric Bus

The first electric public transport bus in the Kingdom was inaugurated on Thursday in the city of Jeddah. (Asharq Al-Awsat)
The first electric public transport bus in the Kingdom was inaugurated on Thursday in the city of Jeddah. (Asharq Al-Awsat)
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Saudi Arabia Launches First Electric Bus

The first electric public transport bus in the Kingdom was inaugurated on Thursday in the city of Jeddah. (Asharq Al-Awsat)
The first electric public transport bus in the Kingdom was inaugurated on Thursday in the city of Jeddah. (Asharq Al-Awsat)

Saudi Arabia has inaugurated on Thursday the first electric public transport bus in the Kingdom in the city of Jeddah. The step comes as part of its efforts to reduce carbon emissions by 25 percent by 2030.

The latest models of electric passenger buses, which are being operated by SAPTCO, will provide services to the residents of the Jeddah governorate within the public transport routes.

During a ceremony on Thursday, Acting Chairman of the Public Transport Authority (PTA) Dr. Rumaih Al-Rumaih inaugurated the bus service, in the presence of Mayor of Jeddah Governorate Saleh Al-Turki, and President of the Saudi Public Transport Company (SAPTCO) Eng. Khaled Al-Hogail.

In a statement, PTA noted that the move falls within the objectives of the National Strategy for Transport and Logistics Services, which aims to reduce carbon emissions by 25 percent by 2030, and contribute to raising the quality of life in central cities through environmentally friendly means of transport.

The authority added that the bus can travel a distance of 300 kilometers on a single charge, and is considered as one of the modern buses with high efficiency, as it consumes less than 10 percent electricity compared to other electric buses.

In remarks on the occasion, Al-Rumaih said that Saudi Arabia has achieved remarkable development in the transport sector, including the type of fuel used, such as hydrogen and clean fuel, with the aim to reduce emissions from vehicles by 25 percent.

Regarding future plans, he stated that the PTA and the Jeddah governorate were seeking to provide public transport service in medium-sized cities such as Jazan, Sabya, Abu Arish, Taif, and Qassim during this year.
He added that the public transport service will also be launched in Tabuk, Al-Ahsa, and other cities.

“We are working on using other alternatives for taxis and public transport, and we have various tests to use alternatives that reduce carbon emissions, as a target for the Kingdom’s Vision 2030, until we reach a 45 percent reduction in carbon emissions in transportation, leading to clean energy,” the head of the PTA underlined.



Record-Breaking Bitcoin Surges Towards $90,000 on Trump Boost

Republican presidential candidate former President Donald Trump speaks at the Bitcoin 2024 Conference, July 27, 2024, in Nashville, Tenn. (AP)
Republican presidential candidate former President Donald Trump speaks at the Bitcoin 2024 Conference, July 27, 2024, in Nashville, Tenn. (AP)
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Record-Breaking Bitcoin Surges Towards $90,000 on Trump Boost

Republican presidential candidate former President Donald Trump speaks at the Bitcoin 2024 Conference, July 27, 2024, in Nashville, Tenn. (AP)
Republican presidential candidate former President Donald Trump speaks at the Bitcoin 2024 Conference, July 27, 2024, in Nashville, Tenn. (AP)

Bitcoin rallied to the verge of $90,000 on Tuesday, riding a wave of euphoria since the election of Donald Trump as US president on expectations his administration will be crypto friendly.

The world's biggest cryptocurrency has become one of the most eye-catching movers in the week since the election and touched $89,982 - a gain of around 30% since Nov. 5. It was last down 1.4% at $86,730.

Bitcoin is surging along with Elon Musk's automaker Tesla, which is up nearly 40% since voting results rolled in, as investors figure Trump's friends and interests will do well while he is in office.

"The crypto enthusiasts think they have a like-minded incoming president," said Alvin Tan, head of Asia FX strategy at RBC Capital Markets.

"The thing about bitcoin at the end of the day is that there is no valuation anchor to it, it's hard to get a grip on fair value. So when sentiment is very positive, it does get carried away a lot more than other asset classes."

Trump embraced digital assets during his campaign, promising to make the United States the "crypto capital of the planet" and to accumulate a national stockpile of bitcoin.

It is not clear how or when that could happen, but the possibility drove a speculative surge in crypto mining and trading stocks.

"I think it increases the chances that other nation states buy bitcoin in a bid to front run the US," said Matthew Dibb, chief investment officer at cryptocurrency asset manager Astronaut Capital.

"Additionally, I think it would be a crazy catalyst for the US listed bitcoin miners ... given possibilities of such entities getting nationalized."

Crypto miner Riot Platforms jumped nearly 17% on Wall Street on Monday. Fellow miners MARA Holdings and CleanSpark leapt nearly 30%.

Software company and investor in bitcoin MicroStrategy announced it had spent about $2 billion buying bitcoin between Oct. 31 and Nov. 10. Shares rose 26% on Monday.

"Obviously (it's) a clear Trump trade as he is so supportive of the industry, and this can only mean more demand both for crypto stocks as well as the currencies themselves," Nick Twidale, chief market analyst at ATFX Global in Sydney, said of the bitcoin rally.

"The fact that bitcoin was trading near all-time highs when the election result came through meant that it had clean sky above."

The euphoria extended across the crypto landscape with smaller tokens such as ether and dogecoin surging, although they dipped on Tuesday morning in Europe.

Crypto investors see an end to increased scrutiny under US Securities and Exchange Commission Chair Gary Gensler whom Trump has said he will replace. Trump also unveiled a new crypto business, World Liberty Financial, in September.

"What we're seeing isn't just a price milestone; it's a signal that the market is warming to the idea of bitcoin as a more stable, even politically favored, asset," said Justin D'Anethan, head of Asia-Pacific business development at digital assets market maker Keyrock.