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Lucid Electric Vehicles to be Manufactured in KAEC

The Special Economic Cities and Zones Authority hands Lucid the license to operate in Saudi Arabia.
The Special Economic Cities and Zones Authority hands Lucid the license to operate in Saudi Arabia.
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Lucid Electric Vehicles to be Manufactured in KAEC

The Special Economic Cities and Zones Authority hands Lucid the license to operate in Saudi Arabia.
The Special Economic Cities and Zones Authority hands Lucid the license to operate in Saudi Arabia.

The Saudi Economic Cities and Special Zones Authority (ECZA) granted Lucid Motors, which specializes in electric cars, the operating license for its manufacturing unit, which was established in the King Abdullah Economic City (KAEC) in Rabigh, west of the Kingdom.

ECZA Secretary General Nabil Khoja said that the establishment of a world-class electric car manufacturing unit in a short time confirms the efficiency and capabilities of the economic zone facilities in the Kingdom.

Speaking during a ceremony at the authority’s headquarters in King Abdullah Economic City, Khoja said that the recent move was based on a government partnership and cooperation with the Economic Cities Authority, stressing the excellence of the business environment in Saudi Arabia and the state’s commitment to supporting investors.

“Today we are making a step towards the future of the transportation sector in the Kingdom, thus contributing to reducing carbon emissions, and promoting clean and sustainable mobility,” he stated, describing the achievement as important for the state and consistent with its commitment to diversifying the resources of the national economy.

For his part, Vice President of Lucid and Managing Director of the Middle East Region, Faisal Sultan, said that the factory would pave the way and set standards for the automobile industry, and provide the local market with advanced electric vehicles assembled in the Kingdom.

Sultan revealed the company’s aspirations to attract, train and employ new talents in the field of the automotive industry.

In turn, Cyril Piaia, Chief Executive Officer at EMAAR Economic City, pointed to the importance of the presence of Lucid, the world’s leading company in the development and production of electric vehicles, in the King Abdullah Economic City. He said it was proof of the quality of the infrastructure and the strategic location that connects Saudi Arabia to all countries of the world.

He added that Lucid will play a major role in achieving the goal of the region to become a destination for the automotive industry and will reflect positively on the local economy by creating job opportunities, promoting technical progress, and attracting new investments to King Abdullah Economic City.

The ceremony featured a short visual presentation produced by Lucid, highlighting its main projects, innovations and contribution to the electric car industry.

The project started in August 2022, when the Kingdom launched a plan to diversify the national automotive sector, by granting building permits for the Lucid factory in the KAEC special economic zone. The move underlined the government’s firm commitment to diversifying its economy and achieving Vision 2030, which seeks to convert 30 percent of the vehicles in Riyadh into electric cars.

Lucid’s advanced facility stretches over an area exceeding 1.35 million square meters, and occupies about 31 percent of the total area allocated to the automotive industry in the KAEC Special Economic Zone.

The Saudi Economic Cities and Special Zones Authority provides all government services to investors, residents, workers and visitors in cities and special economic zones through the Integrated Government Services Center.

It also contributes to achieving the goals of Vision 2030, by developing and implementing innovative business models in partnership with the private sector, and providing government support and empowerment through strategic initiatives and projects that enhance the competitiveness and attractiveness of the investment environment in cities and special economic zones and generate job opportunities.

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Business

India Says Crude Oil Supplies Secured, No Payment Issues for Iran Imports

The Indian-flagged carrier Jag Vasant, carrying liquefied petroleum gas (LPG) via the Strait of Hormuz, arrives at Mumbai Port in Mumbai, India, 01 April 2026. EPA/DIVYAKANT SOLANKI
The Indian-flagged carrier Jag Vasant, carrying liquefied petroleum gas (LPG) via the Strait of Hormuz, arrives at Mumbai Port in Mumbai, India, 01 April 2026. EPA/DIVYAKANT SOLANKI
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India Says Crude Oil Supplies Secured, No Payment Issues for Iran Imports

The Indian-flagged carrier Jag Vasant, carrying liquefied petroleum gas (LPG) via the Strait of Hormuz, arrives at Mumbai Port in Mumbai, India, 01 April 2026. EPA/DIVYAKANT SOLANKI
The Indian-flagged carrier Jag Vasant, carrying liquefied petroleum gas (LPG) via the Strait of Hormuz, arrives at Mumbai Port in Mumbai, India, 01 April 2026. EPA/DIVYAKANT SOLANKI

India's petroleum ministry said in a post on X on ‌Saturday ‌that the ‌country's ⁠refiners have secured their ⁠crude requirements, including from Iran, ⁠and ‌there are ‌no payment hurdles ‌for ‌Iranian imports.

India's crude oil ‌requirements remain fully secured ⁠for the coming ⁠months, the ministry added.

Business

From Asia to the Americas: Governments Race to Contain Energy Shock

A gas station in Los Angeles, California (AFP) 
A gas station in Los Angeles, California (AFP) 
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From Asia to the Americas: Governments Race to Contain Energy Shock

A gas station in Los Angeles, California (AFP) 
A gas station in Los Angeles, California (AFP) 

Governments worldwide are moving swiftly to contain the fallout from a sharp rise in energy costs, as global supply disruptions linked to the US-Israeli war on Iran rattle markets.

Surging fuel and electricity prices have prompted urgent steps to protect consumers and secure supplies, with mounting pressure on economies.

In Asia, India has taken measures to safeguard domestic supply, signaling a potential review of fuel exports if needed while prioritizing the local market. Requests from neighboring countries for fuel will be met only if surplus is available.

Authorities have also barred consumers connected to piped gas networks from using liquefied petroleum gas cylinders to manage demand. New Delhi has invoked emergency powers, directing refiners to maximize cooking gas output while cutting industrial supplies to meet household needs.

South Korea is boosting domestic energy production by easing restrictions on coal-fired plants and increasing nuclear utilization to 80 percent of capacity. It is also considering additional support vouchers for vulnerable households. To bolster supply, Seoul has begun implementing a ban on naphtha exports.

China has imposed restrictions on refined fuel exports as a precaution against domestic shortages, while allowing drawdowns from fertilizer reserves to support agriculture ahead of the spring season.

In Southeast Asia, Singapore will accelerate previously announced budget support measures to ease pressure on households and businesses. Indonesia aims to increase coal output, is weighing export taxes, and plans a biofuel program using a diesel–palm oil blend. Cambodia is importing additional fuel from Singapore and Malaysia to offset shortages.

Japan will temporarily ease restrictions to expand coal-fired power generation for one year and has called for coordination through the Group of Seven and the International Energy Agency to stabilize markets. It has also asked Australia to boost liquefied natural gas output.

Elsewhere, the Philippines has suspended wholesale spot electricity trading due to price volatility and supply risks, while activating a 20 billion peso emergency fund.

Vietnam is accelerating a shift to ethanol-blended gasoline, and Australia is drawing on fuel reserves to address shortages, particularly in rural areas, while warning of prolonged economic impacts. Authorities have urged reduced fuel use, including greater reliance on public transport.

Europe acts

European Union institutions have called for temporary measures, including cuts to electricity taxes and network charges, alongside direct support for households.

Italy is considering reducing fuel levies and may impose windfall taxes on companies benefiting from the crisis. Spain is preparing aid and tax relief for households and hard-hit sectors.

In Eastern Europe, Romania has cut diesel excise duties. Serbia has reduced fees on crude oil and extended a ban on exports of oil and derivatives. Slovenia has imposed temporary limits on fuel purchases.

Greece announced 300 million euros in support for fuel and fertilizers, along with reduced maritime transport costs to ease pressure on consumers and farmers.

Americas, Africa respond

In Latin America, Argentina has postponed fuel tax increases. Brazil has scrapped federal diesel taxes, imposed a levy on oil exports and unveiled plans to support fuel imports at the state level.

In Africa, South Africa has temporarily reduced fuel taxes, Ethiopia has increased subsidies, and Namibia has cut fuel levies by 50 percent for three months. Other countries are considering similar steps.

In the Middle East and North Africa, Egypt has capped prices for unsubsidized bread and raised procurement prices for local wheat to strengthen strategic reserves.

Other measures include tax cuts in North Macedonia, energy-saving steps in Mauritius, efforts to secure additional supplies in Sri Lanka and a possible reduction in value-added tax on fuel in Poland.

The breadth of these actions underscores the scale of the global response, as governments seek to cushion households and economies from rising energy costs. Amid persistent geopolitical tensions, policymakers continue to adjust strategies to manage supply risks and price volatility.

Business

IMF Urges BOJ to Keep Raising Rates Even as Iran War Poses New Risks

FILE PHOTO: Bank of Japan Governor Kazuo Ueda attends a press conference after a BOJ policy meeting in Tokyo, Japan, March 19, 2026. REUTERS/Kim Kyung-Hoon/File Photo
FILE PHOTO: Bank of Japan Governor Kazuo Ueda attends a press conference after a BOJ policy meeting in Tokyo, Japan, March 19, 2026. REUTERS/Kim Kyung-Hoon/File Photo
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IMF Urges BOJ to Keep Raising Rates Even as Iran War Poses New Risks

FILE PHOTO: Bank of Japan Governor Kazuo Ueda attends a press conference after a BOJ policy meeting in Tokyo, Japan, March 19, 2026. REUTERS/Kim Kyung-Hoon/File Photo
FILE PHOTO: Bank of Japan Governor Kazuo Ueda attends a press conference after a BOJ policy meeting in Tokyo, Japan, March 19, 2026. REUTERS/Kim Kyung-Hoon/File Photo

The International Monetary Fund urged the Bank of Japan to continue raising interest rates, even as the Middle East war posed "significant new risks" to the country's economic outlook.

The proposal comes amid market expectations the BOJ will raise interest rates as soon as April in the face of mounting inflationary pressure from the conflict-induced spike in oil prices, and higher import costs blamed on the weak yen, Reuters said.

While growth is expected ‌to moderate, due ‌partly to the Iran war, gradual wage gains will ‌underpin ⁠consumption, the IMF ⁠said in a statement issued from Washington on Friday after the conclusion of its policy consultation with Japan.

"Risks to the outlook and inflation are broadly balanced" with inflation expected to converge to the BOJ's 2% target in 2027, the IMF said.

In the statement, the IMF said its executive board commended Japan's "strong economic resilience" to global shocks and agreed the BOJ was appropriately withdrawing monetary accommodation.

"They noted ⁠that as underlying inflation converges toward the BOJ's target, ‌gradual rate hikes toward neutral should continue" in ‌a flexible, well-communicated and data-dependent approach, the statement said.

"Directors stressed the importance of maintaining ‌a flexible exchange rate as a credible shock absorber," it added.

The BOJ ‌ended a massive stimulus in 2024 and raised interest rates several times, including in December, on the view that Japan was on the cusp of durably hitting its 2% inflation target.

The central bank has stressed its readiness to keep raising rates on the ‌expectation that underlying inflation will converge to its 2% target sometime from the second half of fiscal 2026 into ⁠fiscal 2027.

Japan's ⁠fiscal year starts in April. While rising oil prices hurt Japan's import-reliant economy, BOJ policymakers have signaled their concern they will add to inflationary pressures from years of steady wage gains and broader price increases. The BOJ's slew of hawkish communication has prodded markets to price in a roughly 70% chance of a rate hike in April.

The yen's slide towards the key 160-per-dollar level has also kept markets on alert for the chance of currency intervention by Japanese authorities. Finance Minister Satsuki Katayama issued a fresh warning against yen bears on Friday, saying Japan stood ready to act against speculative moves in the currency market. "We're ready to take all available means that are legally feasible, be it conventional or non-conventional," she told an online program on Friday evening.