Omoda and Jaecoo held a grand launch in Riyadh

Updated 31 July 2024

July 30, 2024 21:37

Omoda and Jaecoo held a grand brand launch event on July 29 at the Fairmont Hotel in Riyadh.

The event attracted over 250 renowned local media and industry key opinion leaders (KOL) and received significant attention from the Saudi Ministry of Investment and the Ministry of Energy.

Several high ranking government officials were also present to witness the launch.

The event commenced with a dazzling light show, and digital hologram host made a surprise appearance to host the live event.

This innovative approach not only provided a stunning visual and auditory experience for the audience but also showcased Omoda and Jaecoo’s commitment to future technology and fashion trends.

Omoda and Jaecoo target new generation lifestyle enthusiasts and urban elites, respectively. The former aims to explore new avenues in the smart and electric vehicle era, while the latter, with its fearless spirit of exploration, strives to break boundaries in the global off-road vehicle market.

In the Omoda series, the C5, with its "Art in Motion" design philosophy, embodies a unique and stylish crossover SUV style.

Its exterior design combines a diamond-cut geometric matrix grille, dynamic and powerful waistline, 18-inch dual-color blade wheels, and the signature coupe SUV fastback silhouette, exuding a futuristic technological feel.

In terms of safety, the C5's body is made of 78 percent ultra-high-strength steel and comes standard with advanced intelligent driving assistance systems, providing world-class safety and comfort for passengers.

At the event, the Omoda C5, as one of the star models in the OMODA series, showcased its distinctive and stylish crossover SUV style with its "Art in Motion" design philosophy.

Its exterior design features a diamond-cut geometric matrix grille, dynamic and powerful waistline, 18-inch dual-color blade wheels, and a couple of SUV fastback silhouette, highlighting its futuristic technological feel.

This model, with world-class safety capabilities, has a body made of 78 percent ultra-high-strength steel and is equipped with advanced intelligent driving assistance systems to ensure the safety and comfort of passengers.

The Jaecoo J7, equipped with the ARDIS all-terrain intelligent system, exemplifies the Jaecoo series' "From Classic to Beyond Classic" concept.

This system endows the J7 with excellent passability on various complex terrains such as sand, mud, and off-road, ensuring Saudi users can enjoy an ultimate driving experience in any travel scenario.

In terms of power, the J7 is equipped with a 1.6TGDI engine with a peak torque of 290N·m, paired with a 7-speed wet dual-clutch transmission, providing an excellent driving experience. All J7 models are built to extremely high safety standards, featuring an innovative energy-absorbing cage body design, over 80 percent high-strength steel, and leading ADAS systems, collectively constructing a "Beyond Classic" safety system and intelligent protection.

Omoda and Jaecoo CEO Shawn Xu delivered a strategic speech at the launch event, sharing the brand's remarkable achievements in the global market.

In just over a year since its establishment, Omoda and Jaecoo has achieved cumulative global sales exceeding 260,000 units, with export sales in the first half of 2024 seeing a 54 percent year-on-year increase.

This achievement not only confirms the brand's status as one of the fastest-growing automotive brands globally but also demonstrates its strong competitiveness in the global automotive market.

Behind these achievements is Omoda and Jaecoo's relentless pursuit of deep market penetration and product innovation.

In the future, Omoda and Jaecoo will continue to deepen their presence in the Saudi market, positioning it as a crucial hub for rapid advancement in the Middle East and the global market.

As a personalized new energy vehicle brand, Omoda and Jaecoo will focus on the new energy field, offering models with various power options, including BEV, PHEV, and ICE, to meet diverse consumer needs.

Omoda and Jaecoo's global strategy extends beyond the Middle East. In Europe, the brand is expanding rapidly.

From the launch event in Spain this February, the establishment of the first factory in Barcelona, to the market layout in Poland and Italy, Omoda and Jaecoo are not only expanding their sales and service network and supply chain system rapidly but also demonstrating their service capabilities and system construction ability in the global automotive industry.

Additionally, the "Go Paris" tour event held during the centennial sports event in Paris further highlighted the brand's charm and determination to expand in the European market.

Looking globally, Omoda and Jaecoo view the European market as a testing ground for the survival of technology and products and as a key area for building an international brand.

According to the "2030 Strategy" plan, the brand aims to enter over 60 countries and regions worldwide, establish more than 3,000 global sales and service networks, and lead the automotive industry trend through continuous technological innovation and product upgrades, providing global consumers with safer, greener, and smarter travel experiences.

BBC ‘blocking’ major Gaza humanitarian appeal, insiders say

Updated 13 min 24 sec ago

Arab News

September 08, 2024 13:21

BBC ‘blocking’ major Gaza humanitarian appeal, insiders say

The corporation has been accused of being concerned over a potential backlash from supporters of Israel

Updated 13 min 24 sec ago

Arab News

September 08, 2024 13:21

LONDON: NGO officials have accused Britain’s public broadcaster of "blocking" a major humanitarian appeal for Gaza.

The BBC, which placed the appeal “under review,” is said to be concerned over a potential backlash from supporters of Israel.

Several other television channels have agreed to air the humanitarian appeal for the embattled Palestinian enclave.

The campaign is organized by the Disasters Emergency Committee, The Guardian reported on Friday.

The BBC claimed DEC’s appeal had failed to meet all the criteria for a national appeal but noted that the option to air it was “under review,” a position that dismayed the DEC, an umbrella group of UK charities.

Sources within the DEC, the BBC and aid agencies accused the BBC of “blocking” the appeal because it feared backlash from groups supporting Israel in its war on Hamas in the Gaza Strip.

One senior NGO figure said that staff were “furious” at the BBC’s decision.

The DEC follows three criteria when launching an appeal. The scale and urgency of the disaster must warrant immediate international humanitarian aid.

DEC member agencies, or some of them, must be able “to provide effective and swift humanitarian assistance at a scale to justify a national appeal” and there must be “evidence of existing public sympathy for the humanitarian situation” or “the likelihood of significant public support should an appeal be launched,” according to the DEC’s website.

The DEC is an umbrella organization of 15 leading UK aid charities raising funds to address humanitarian disasters.

Israel’s onslaught on Gaza, launched in response to the Oct. 7 Hamas-led attack, has so far killed more than 40,900 Palestinians, according to Gaza’s Health Ministry.

Relentless bombardment over the past 11 months has devastated medical and sanitation infrastructure, razed entire neighborhoods, almost annihilated the education sector, brought the enclave’s healthcare system to its knees and displaced about 90 percent of Gaza’s population at least once.

An enormous humanitarian response is needed to address the overlapping crises, aid officials have warned.

About 96 percent of Gaza’s population is facing acute food insecurity, according to UN figures.

The vast majority of the international community has repeatedly called for a ceasefire to enable uninterrupted aid flow into Gaza, to no avail.

Topics: Gaza BBC

Amman Chamber of Industry exports dip to almost 4% in 8 months

Updated 30 min 8 sec ago

NADIN HASSAN

September 08, 2024 12:58

Amman Chamber of Industry exports dip to almost 4% in 8 months

Chemical and cosmetic industries topped the exports list, totaling 1.10 billion dinars
EU nations exported 235 million dinars, while non-EU European countries received 96 million dinars

Updated 30 min 8 sec ago

NADIN HASSAN

September 08, 2024 12:58

RIYADH: Exports from the Amman Chamber of Industry have decreased by 3.94 percent during the first eight months, reaching 4.55 billion Jordanian dinars ($6.42 billion), compared to the same period in 2023.

Three sectors experienced declines in exports, with the mining industries witnessing the greatest drop of 35.6 percent, according to the Jordan News Agency.

A decrease of 4.6 percent was also reported by the office supply, packaging, paper, and cardboard industries, while exports from the construction sector fell by 23.1 percent.

Other exports increased in seven areas, ranging from 2.4 percent for the food, agriculture, and livestock sectors to 22.1 percent for the chemical and cosmetics industries.

During this time, the US, Saudi Arabia, Iraq, and India accounted for four major markets for more than half of the chamber’s exports, which totaled 2.90 billion dinars.

Compared to 782 million dinars during the same period in 2023, exports to the US saw a notable 53.2 percent increase, reaching 1.20 billion dinars in the first eight months of 2024.

This expansion established the US as the primary destination for Amman’s industrial exports.

Similarly, shipments to Iraq increased by 10.8 percent to 609 million dinars from 549 million dinars during the same period last year.

Exports to the Kingdom fell 5.5 percent to 521 million dinars, down from 551 million dinars during the same term in 2023. Exports to India also declined dramatically, by 37.6 percent, to 567 million dinars from 908 million dinars.

Arab countries dominated the geographical distribution of exports from the Amman Chamber of Industry, with exchanges of 2.01 billion dinars.

Non-Arab Asian nations followed with 833 million dinars, while African countries earned 23 million dinars in exports.

Exports to North America totaled 1.22 billion dinars, with South American countries importing goods worth 61 million dinars.

EU nations exported 235 million dinars, while non-EU European countries received 96 million dinars. Exports to other global markets totaled 66 million dinars.

The chemical and cosmetic industries topped the Amman Chamber of Industry exports list, totaling 1.10 billion dinars. The mining division followed with exports of 947 million dinars, while the engineering, electrical, and computer technology sectors accounted for 712 million dinars.

Other significant fields included the food, agricultural, and livestock industries, which exported products worth 521 million dinars. Medical and pharmaceutical exports reached 448 million dinars, and leather and textile exchanges totaled 350 million dinars.

Exports from the plastic and rubber industries amounted to 201 million dinars, while the packaging, paper, cardboard, and office supplies sector contributed 181 million dinars.

The construction division exported goods valued at 76 million dinars, and the wood and furniture industries added 14 million dinars in exports.

Founded in 1962, the Amman Chamber of Industry currently represents 8,600 industrial establishments, employing around 159,000 workers, with a total capital of approximately 5 billion dinars.

Topics: Jordan Jordan exports economy main

Pakistan PM praises naval forces for defending maritime boundaries on Navy Day

Updated 36 min 18 sec ago

Arab News Pakistan

September 08, 2024 13:00

Pakistan PM praises naval forces for defending maritime boundaries on Navy Day

The day commemorates Pakistan Navy’s strategic achievements during the 1965 war
Naval forces also reaffirm commitment to safeguarding Pakistan’s territorial waters

Updated 36 min 18 sec ago

Arab News Pakistan

September 08, 2024 13:00

ISLAMABAD: Prime Minister Shehbaz Sharif on Sunday praised Pakistan’s naval forces for safeguarding the country’s maritime boundaries in honor of Navy Day, observed on September 8.
Navy Day is to commemorate the Pakistani naval forces’ strategic achievements during the 1965 war with India, particularly Operation Dwarka.
The operation, which targeted and destroyed key radar installations along the Indian coast, played a role in disrupting air attacks on Karachi.
“On Navy Day, I extend my heartfelt felicitations to all members of the Pakistan Navy,” the prime minister said in a social media post.
“Their steadfast commitment to protecting our maritime boundaries exemplifies their unwavering dedication to duty and passion for the country,” he added. “Regardless of the challenges they face, their determination and spirit remain resolute. We deeply value their service and sacrifices, and their contributions to safeguarding our maritime borders.”

On Navy Day, I extend my heartfelt felicitations to all members of the Pakistan Navy. Their steadfast commitment to protecting our maritime boundaries exemplifies their unwavering dedication to duty and passion for the country. Regardless of the challenges they face, their…
— Shehbaz Sharif (@CMShehbaz) September 8, 2024

The Pakistan Navy also released a video earlier in the day, showcasing the country’s mountainous landscapes and meandering rivers while reaffirming its commitment to safeguarding Pakistan’s territorial waters.

Topics: Pakistan Navy

Oman’s credit grows to $81.6bn in July, up 3.8% yearly

Updated 49 min 38 sec ago

Nour El-Shaeri

September 08, 2024 12:44

Oman’s credit grows to $81.6bn in July, up 3.8% yearly

Updated 49 min 38 sec ago

Nour El-Shaeri

September 08, 2024 12:44

RIYADH: Oman’s total outstanding credit from other depository corporations reached 31.4 billion Omani rials ($81.6 billion) by June, reflecting a 3.8 percent year-on-year increase, according to official data.

The Central Bank of Oman’s latest bulletin reported a 2.3 percent rise in credit extended by traditional commercial banks during this period. Support for the private sector grew by 1.6 percent, totaling 20.5 billion rials by the end of June. Additionally, investments in securities by commercial banks surged by 22.4 percent, reaching approximately 5.6 billion rials.

These developments align with Oman’s Vision 2040, which focuses on diversifying revenue sources, improving financial inclusion, and boosting private sector engagement. The plan aims to enhance the financial sector’s contribution to gross domestic product, promote digital transformation, and increase foreign direct investment in key industries.

Despite the overall growth, investments in government development bonds declined by 8.3 percent year on year to 1.9 billion rials. In contrast, investments in foreign securities saw a significant increase of 67.9 percent, totaling 2.2 billion rials by the end of June.

On the liabilities side, total deposits at commercial banks grew by 10.9 percent, reaching 24.7 billion rials. Government deposits decreased by 0.9 percent to 5.3 billion rials, while deposits from public sector institutions increased by 12.1 percent to 1.8 billion rials. Private sector deposits rose robustly by 11.5 percent, reaching 16.5 billion rials, making up 66.8 percent of total deposits.

Parallel to the banking sector’s growth, Oman’s oil exports saw a slight increase despite reduced production. By the end of July, total crude oil exports amounted to approximately 179 million barrels, with an average price of $82.5 per barrel. Preliminary data from the National Center for Statistics and Information indicates that oil exports accounted for 84.5 percent of the Sultanate’s total oil production, which was 211.8 million barrels.

Vision 2040 seeks to balance maximizing energy revenues with long-term sustainability. The strategy emphasizes improving oil production efficiency, investing in advanced technologies, and expanding the role of renewable energy while gradually reducing the economy’s reliance on oil.

Although oil exports increased by 0.05 percent compared to the previous year, production decreased by 5.2 percent to 211.9 million barrels. Crude oil production saw a notable 7.1 percent decline, reaching 162.2 million barrels, while condensate production increased by 1.6 percent to 49.6 million barrels. Oman’s average daily oil production until July was 994,800 barrels.

China remained the largest importer of Omani oil, with total exports reaching 171 million barrels, a 4.8 percent increase from the same period in 2023. Japan followed with 3.456 million barrels, reflecting a sharp 40.9 percent decline, while South Korea imported 2.5 million barrels, a 28.1 percent increase over the previous year.

Topics: Finance

Saudi Arabia scraps export customs fees, cuts import charges

Updated 32 min 3 sec ago

MOHAMMED AL-KINANI

September 08, 2024 12:31

Saudi Arabia scraps export customs fees, cuts import charges

Updated 32 min 3 sec ago

MOHAMMED AL-KINANI

September 08, 2024 12:31

JEDDAH: Saudi Arabia will eliminate fees for all customs services related to exports and cut import service fees to 0.15 percent of the goods’ value starting Oct. 6, according to an official release.

The Zakat, Tax, and Customs Authority announced these changes to simplify trade processes and support business activities. The new fee structure introduces a SR15 ($4) charge for customs declaration processing on individual shipments from online stores valued up to SR1,000.

Previously, import fees included SR100 for X-ray inspections per container, SR100 for information exchange services, and SR20 for customs declaration processing. Under the revised system, the maximum import fee will be capped at SR500, with a minimum fee of SR15.

These adjustments are designed to reduce financial burdens on exporters, particularly small and medium-sized enterprises, and to enhance competitiveness. The updated fee structure will standardize costs across land, sea, and air transport, leading to more efficient trade facilitation and economic benefits.

ZATCA has detailed the expected impacts of its new customs fee waiver for Saudi businesses, noting that the changes will enhance the competitiveness and efficiency of the country’s export sectors. The adjustments are designed to reduce import costs and simplify trade procedures, aiming to support the growth of e-commerce.

The introduction of a SR15 flat rate for shipments purchased through online stores underscores ZATCA's commitment to advancing e-commerce and digital trade. This measure is expected to benefit Saudi Arabia’s growing e-commerce sector by lowering cross-border online shopping costs and increasing accessibility to global goods for Saudi consumers.

Recently, ZATCA has announced a series of new initiatives intended to improve trade operations and support the Kingdom’s economic growth, aligning with the nation’s Vision 2030. These initiatives include the Saudi Authorized Economic Operator Program, which aims to streamline customs clearance for trusted businesses. This program provides faster processing, fewer inspections, and priority handling at customs ports for businesses that consistently adhere to regulations.

The Authorized Economic Operator Program is anticipated to simplify international trade for these trusted operators and enhance overall efficiency.

In a major step toward digital transformation, ZATCA has also launched the National Single Window for Trade, known as FASAH. This platform consolidates all trade-related operations into a single digital interface, enabling businesses to manage import and export procedures electronically. FASAH simplifies document submission, approval processes, and shipment tracking, thereby reducing delays and improving transparency in trade operations.

Additionally, ZATCA has rolled out advanced e-tracking systems for shipments entering Saudi customs. This new system offers real-time tracking of goods, helping to minimize delays, reduce fraud risk, and boost logistics efficiency. The implementation of these e-tracking systems represents a significant advancement in Saudi Arabia’s supply chain management.

To encourage greater participation from SMEs in international trade, ZATCA has introduced supportive measures such as customs duty deferrals and simplified clearance procedures. These initiatives aim to ease financial and administrative burdens on SMEs, fostering their growth and engagement in global markets.

In June 2024, ZATCA relaxed the temporary admission regulations for heavy machinery and equipment. This policy change benefits international contractors working on major infrastructure projects by reducing customs duties on temporary imports and eliminating the need for frequent renewals, thereby facilitating smoother and more cost-effective project execution.

ZATCA invites customers and taxpayers to reach out with any inquiries through its unified 24/7 call center at (19993), its X account @Zatca_Care, email at [email protected], or via instant chat on the authority's website at zatca.gov.sa.

Topics: main

Omoda and Jaecoo held a grand launch in Riyadh