Gulf's 1st Ultra-fast Electric Vehicle Charging Stations Installed in Abu Dhabi

ION is fast-tracking the development of electric transportation in the UAE - WAM
ION is fast-tracking the development of electric transportation in the UAE - WAM
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Gulf's 1st Ultra-fast Electric Vehicle Charging Stations Installed in Abu Dhabi

ION is fast-tracking the development of electric transportation in the UAE - WAM
ION is fast-tracking the development of electric transportation in the UAE - WAM

ION, the UAE-based sustainable transportation joint venture between Bee’ah and Crescent Enterprises, has installed high-power, ultra-fast charging stations with a total capacity of up to 350KW, on Yas Island, Abu Dhabi.

This came in response to growing demand for electric vehicle infrastructure, state news agency WAM reported.

The stations can supply combined charging system (CCS) EVs and also solve a common issue with EV charging infrastructure by catering to all types of e-vehicles including buses.

I also offers the fastest charging times in the UAE, fully charging vehicles in less than 15 minutes on average and reducing user waiting time drastically.

They are 25 times faster than a traditional home charger which only supplies up to 7 KW. Featuring less cable work, the stations are also cost-effective and reduce carbon footprint.

Khaled Al Huraimel, Group CEO of Bee’ah and Chairman at ION, said: "This is yet another demonstration of ION’s commitment to supporting the e-mobility network in the UAE. ION is at the forefront of bringing transformative, green mobility solutions to the market, and we are delighted to claim we have installed the Gulf region’s first ultra-fast charging stations."

For his part, Nasir Al Shamsi, Director Sustainable Mobility at Bee’ah, said: "We are proud to have pioneered the installation of these ultra-fast charging stations in the region and the UAE, offering EV users convenience and efficiency that was not available before. We are rapidly responding to emerging industry trends and meeting the needs of players across the burgeoning electric transportation network in the UAE."

ION is fast-tracking the development of electric transportation in the UAE, and has achieved significant milestones within a few short years since its launch.



Saudi Arabia's Liquidity Hits All-Time High of SAR2.825 Trillion

Saudi Arabia's Liquidity Hits All-Time High of SAR2.825 Trillion
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Saudi Arabia's Liquidity Hits All-Time High of SAR2.825 Trillion

Saudi Arabia's Liquidity Hits All-Time High of SAR2.825 Trillion

Saudi Arabia's liquidity levels continued to grow strongly, reaching SAR2,825,715 million at the end of May 2024, marking an annual growth of approximately 8.6%, reported the Saudi Press Agency on Sunday.

This represented an increase of more than SAR222,928 billion compared to the same period in 2023, which stood at SAR2,602,786 million. These levels reflect the broad money supply (M3) as reported in the Saudi Central Bank (SAMA)'s monthly statistical bulletin for May 2024.

Since the beginning of the year, liquidity has grown by 4%, representing an increase of more than SAR104,757 billion. At the end of January, it stood at SAR2,720,957 million.

Liquidity levels also achieved a monthly growth of approximately 1.2%, with an increase of about SAR32,402 billion compared to the end of April of the same year when it stood at SAR2,793,313 million.

These liquidity levels strongly support economic and commercial activity, contributing effectively to the economic development process and enabling the achievement of the goals of Saudi Vision 2030. This reflects the strength and solidity of the banking and financial sector.

A breakdown of the four components of the broad money supply (M3) is as follows: Demand deposits, the largest contributor to the total money supply (M3) at 49.2%, recorded a level of SAR1,390,893 million at the end of May 2024.

Time and savings deposits, the second-largest contributor to the total money supply (M3) at 31.5%, recorded a level of SAR889,558 million.

Other quasi-money deposits amounted to SAR314,807 million, representing a contribution of approximately 11.1% to the total money supply (M3), making it the third-largest contributor. Lastly, "currency in circulation outside banks" amounted to SAR230,456 million, contributing approximately 8.2% to the total money supply (M3).

Quasi-money deposits consist of residents' deposits in foreign currencies, deposits against letters of credit, outstanding transfers, and repurchase agreements (repos) conducted by banks with the private sector.

Domestic liquidity includes M1, which comprises currency in circulation outside banks in addition to demand deposits only, and M2, which includes M1 plus time and savings deposits. The broad definition, M3, includes M2 plus other quasi-money deposits.