Nissan to launch two more SUVs in Saudi Arabia after unveiling all-new 2025 Patrol

Nissan to launch two more SUVs in Saudi Arabia after unveiling all-new 2025 Patrol
Adib Takieddine, the managing director at Nissan Saudi Arabia, says more cars in the SUV segment are coming to the Kingdom. (me.nissanmotornews.com)
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Updated 04 September 2024
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Nissan to launch two more SUVs in Saudi Arabia after unveiling all-new 2025 Patrol

Nissan to launch two more SUVs in Saudi Arabia after unveiling all-new 2025 Patrol

ABU DHABI: Japanese carmaker Nissan will soon introduce two more Sports Utility Vehicles (SUVs) in Saudi Arabia as it takes advantage of the Kingdom’s position as the leading car market in the Gulf region.

“We have more cars coming in the SUV ranges to meet different customers’ needs. Two of these SUVs will be introduced soon in Saudi Arabia, and one of them will be launched from Saudi to the rest of the region,” Adib Takieddine, the managing director at Nissan Saudi Arabia, told Arab News during the global launch of the all-new 2025 Patrol in Abu Dhabi.

“Saudi Arabia is the biggest market in the GCC for automotive, representing slightly above 50 percent of the overall TIV (Total Industry Volume),” Takieddine added.

Car imports topped 93,199 units in 2023 and 66,870 units in 2022 – mostly from Japan, India, South Korea, the US and Thailand – according to the Zakat, Tax and Customs Authority, making the Kingdom one of the top 20 car markets globally.

The seventh generation Nissan Patrol is a bold leap forward, according to president and CEO Makoto Uchida. (Supplied)
The seventh generation Nissan Patrol is a bold leap forward, according to president and CEO Makoto Uchida. (Supplied)
The seventh generation Nissan Patrol is a bold leap forward, according to president and CEO Makoto Uchida. (Supplied)
The seventh generation Nissan Patrol is a bold leap forward, according to president and CEO Makoto Uchida. (Supplied)
The seventh generation Nissan Patrol is a bold leap forward, according to president and CEO Makoto Uchida. (Supplied)
The seventh generation Nissan Patrol is a bold leap forward, according to president and CEO Makoto Uchida. (Supplied)
The seventh generation Nissan Patrol is a bold leap forward, according to president and CEO Makoto Uchida. (Supplied)
The seventh generation Nissan Patrol is a bold leap forward, according to president and CEO Makoto Uchida. (Supplied)
The seventh generation Nissan Patrol is a bold leap forward, according to president and CEO Makoto Uchida. (Supplied)
The seventh generation Nissan Patrol is a bold leap forward, according to president and CEO Makoto Uchida. (Supplied)
The seventh generation Nissan Patrol is a bold leap forward, according to president and CEO Makoto Uchida. (Supplied)
The seventh generation Nissan Patrol is a bold leap forward, according to president and CEO Makoto Uchida. (Supplied)
The seventh generation Nissan Patrol is a bold leap forward, according to president and CEO Makoto Uchida. (Supplied)
The seventh generation Nissan Patrol is a bold leap forward, according to president and CEO Makoto Uchida. (Supplied)
The seventh generation Nissan Patrol is a bold leap forward, according to president and CEO Makoto Uchida. (Supplied)
The seventh generation Nissan Patrol is a bold leap forward, according to president and CEO Makoto Uchida. (Supplied)

The launch of two more SUVs in the Kingdom would complement the newly-unveiled Nissan Patrol – which received a massive makeover from its previous iteration – which, according to Takieddine, changes the landscape for that segment. There was however no specific mention which SUV models would be introduced.

“We are excited to launch the new Patrol… that will change ground roles for its segment, with the way it looks, the power it brings with the new engine options, the way it empowers with advanced technologies, some of which introduced for the first time in its SUV segment, and the way it feels in the premium comfort of its cabin,” he said.

With more options for its SUV clients, Nissan hopes to strengthen its position in the Saudi car market.

“The automotive industry is very competitive and dynamic, especially in Saudi, with the size of the country and the different age groups, where more than two-thirds of the population is young,” Takieddine explained.

Saudi consumer preferences for new vehicles, particularly those of the country’s tech-savvy youth, are increasingly aligned with those in Western markets, one survey noted. This means growing demand for technology-based features including advanced connectivity, infotainment systems, autonomous parking and driving assistance.

“The new Patrol introduces new technologies, some of them for the first time in the segment, such as biometric cooling [designed to maintain optimal comfort regardless of external temperatures], MyNissan [an app that connect the driver with the car] and the 28.6-inch horizontal Monolith display [which enables the driver to project and view ultra-wide images and enjoy full view of the vehicle],” Takieddine said.

“This shows our commitment to always provide the best technologies for our customers.”

Meanwhile, Nissan is also aligning itself with the Saudi government’s thrust towards the consumer adoption of electric vehicles. The Kingdom has set a goal to transition 30 percent of all vehicles in Riyadh to electric by 2030.

“We are committed to an electric future, as illustrated by our Ambition 2030 long-term vision. Our near-term plan, The Arc, includes launching 30 new electrified and internal combustion engines vehicles globally, 13 will be launched in the AMIEO region,” Takieddine said.


$267m fund launched at FII8, sparking key deals for foreign investment

$267m fund launched at FII8, sparking key deals for foreign investment
Updated 5 sec ago
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$267m fund launched at FII8, sparking key deals for foreign investment

$267m fund launched at FII8, sparking key deals for foreign investment

JEDDAH: A SR1 billion ($267 million) startup fund was among the major highlights at the Future Investment Initiative, where a series of high-profile deals were signed to accelerate economic growth and attract foreign financeers.

The Beta Lab initiative was launched to support the growth of emerging companies and foster innovation across the Middle East, North Africa, and Asia.

It was created in collaboration with the Ministry of Investment, the Research, Development and Innovation Authority, the Hong Kong Science and Technology Park, and Telkom Indonesia.

The fund’s launch was formalized in the presence of Saudi Arabia’s Minister of Investment, Khalid bin Abdulaziz Al-Falih, as part of “Invest Saudi” – a government-backed initiative that aims to facilitate financial acquisitions within the Kingdom that contribute to national economic developement.

Significant agreements were also signed at FII8 to foster mutual growth, including a collaboration between Hassana Investment Co. and the State Oil Fund of Azerbaijan aimed at exploring investment opportunities in the Kingdom’s infrastructure and real estate sectors, as reported by the Saudi Press Agency.

Japan-based SBI Holdings and BIM Ventures announced the establishment of BIM Capital, a firm dedicated to advancing financial business development in Saudi Arabia and the Middle East.

BIM Capital aims to attract foreign direct investments exceeding SR750 million while managing assets worth over SR7.5 billion, focusing on private equity, venture capital, and debt, as well as real estate investments.

To enhance Japanese investors’ access to Saudi markets, SBI Holdings has partnered with the Kingdom’s National Technology Group to create an exchange-traded fund targeting the Saudi stock exchange.

The Ministry of Investment signed an MoU with the International Finance Corp. to promote growth in the Kingdom’s private sector through advisory services, financial support, and training as well as global investment insights.

SFA Managing Director Shaima Al-Husseini and stc Group Sustainability General Manager Maha Al-Nuhait signed an MoU on behalf of their respective organizations. SPA

Also at FII8, stc Group signed an agreement with the Saudi Sports for All Federation, with the aim to embrace the power of leading an active and healthy lifestyle and cultivate social resilience.

The agreement reflects the two parties’ commitments to creating a lasting social impact and aligns with FII’s ambitions to address critical global issues through creative thinking and sustainable growth.

The collaboration will focus on establishing sustainability reporting frameworks, key performance indicators, and metrics in alignment with community-driven mandates and operations.

Both parties will exchange information and work closely together to develop sustainability reporting methods and co-design suitable data collection processes to identify gaps and opportunities in their respective sustainability practices.

The deal was signed by Shaima Al-Husseini, SFA managing director and Maha Al-Nuhait, stc’s general manager for sustainability, on behalf of their organizations, according to SPA.

SFA is mandated to promote health and well-being through regular physical activity, encourage social integration and community bonding through sports, and support the development of grassroots athletic programs.


PIF signs MoU with FII to boost Saudi asset management sector 

PIF signs MoU with FII to boost Saudi asset management sector 
Updated 31 October 2024
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PIF signs MoU with FII to boost Saudi asset management sector 

PIF signs MoU with FII to boost Saudi asset management sector 

RIYADH: Saudi Arabia’s Public Investment Fund has inked a memorandum of understanding with the Future Investment Institute to strengthen the Kingdom’s asset management industry, making it a primary focus of future FII events. 

In a statement, PIF announced that upcoming FII events will feature its Asset Management Forum as a central component, elevating discussions and insights on both local and global stages. 

Held on the sidelines of the eighth FII event, this year’s Asset Management Forum drew over 300 prominent attendees, including fund managers, government officials, and representatives from sovereign wealth funds.  

“Strong and dynamic capital markets are an integral part of financing Saudi Arabia’s ambitious economic growth plans. PIF is committed to driving innovation and diversifying the range of investment products and initiatives to reshape the capital market,” said Abdulmajeed Alhagbani, head of Securities Investments at PIF. 

Topics at the 2024 forum covered the future of Saudi capital markets, the influence of artificial intelligence and digital transformation on portfolio management, and strategies for fostering emerging wealth managers in the Kingdom. 

“PIF is also keen to contribute effectively in attracting global asset managers and developing the capabilities of emerging local asset managers. This year we are also celebrating the graduation of the first cohort of trainees from PIF’s Portfolio Management Development Program,” he added. 

Earlier this month, a report by Fitch Ratings stated that Saudi Arabia’s asset management industry grew by 13.5 percent year on year by the end of the first half of 2024, surpassing $250 billion.  

The MoU with FII is expected to create new networking opportunities, connecting the Asset Management Forum with entrepreneurs, innovators, and thought leaders. 

Since 2018, assets managed by Capital Market Authority-licensed institutions in Saudi Arabia have doubled to reach SR800 billion ($213 billion). PIF has collaborated with asset managers to deliver diversified products to the market, the statement added. 

PIF signed additional MoUs at the FII event, including a notable agreement with Brookfield Asset Management to launch the Brookfield Middle East Partners platform — a private equity vehicle targeting investments in Saudi Arabia and the broader region. 

Further partnerships include MoUs with State Street Saudi Arabia Financial Solutions and Mizuho Financial Group Inc. to jointly develop new investment products, underscoring PIF’s strategy to enhance Saudi Arabia’s position in the global asset management landscape. 


HKEX expands footprint in Middle East with new Riyadh office

HKEX expands footprint in Middle East with new Riyadh office
Updated 31 October 2024
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HKEX expands footprint in Middle East with new Riyadh office

HKEX expands footprint in Middle East with new Riyadh office

RIYADH: Hong Kong Exchanges and Clearing Ltd. is expanding its presence in the Middle East with the opening of an office in Riyadh, highlighting the growing collaboration between Saudi Arabia and Hong Kong.

In an interview with Arab News at the Future Investment Initiative in Riyadh, HKEX CEO Bonnie Chan expressed her excitement about the new office, emphasizing its strategic importance in connecting Hong Kong’s global financial network with Saudi Arabia’s dynamic economic landscape.

“We’re extremely excited about the fact that we are opening an office here in Riyadh,” Chan said. “We are a global exchange, so it is in our DNA that we want to connect internationally. And when I say connect, what we would like to connect is really, capital with opportunities.”

Chan pointed out the potential she sees in the Saudi market after spending several days in Riyadh, noting that HKEX’s presence in the Kingdom will enable the exchange to seize these opportunities and build essential relationships.

“Having been in Riyadh for a few days, I can see a lot of opportunities around in this region,” she stated. “It makes sense for us to have a presence here so that we are in a better position to capture those and establish relationships. I think that is very important,” she said.

The decision to establish a foothold in Riyadh is part of a broader strategy that HKEX has been developing in recent years. According to Chan, the exchange began building connections with Saudi Arabia and the wider Gulf Cooperation Council region several years ago, culminating in key initiatives aimed at fostering mutual economic ties.

“We started actually developing the relationship with this region since a few years ago,” she said. “And we’ve done a few things, including signing an MoU with the Saudi Exchange. We have also been hosting events such as the FII Priority, last year in Hong Kong. Earlier this year, we also had the Capital Markets Forum.”

These interactions, Chan noted, were instrumental in the decision to open an office in Riyadh. “Through those events, I think we have already started developing relationships. And I think we have reached a point where we know that we need local presence, and that's why we are opening an office here,” she added.

Chan highlighted the goals outlined under Saudi Arabia’s Vision 2030, particularly the nation’s focus on economic diversification and green transition initiatives. “Over the last few days, I have met many people here. And I now have a better appreciation of what is really involved in this Vision 2030. There is a lot of need for diversification,” she observed. “And also, in a lot of the discussion in the last three days, there's a lot of talk about the whole green transitioning plan.”

The CEO believes HKEX is well-positioned to facilitate capital flows between Saudi Arabia and global markets, particularly China, which she described as a fertile ground for international investment. “Where we are, in Hong Kong, we’re very good at connecting,” she noted.

Chan emphasized that Hong Kong’s role as a “super connector” extends beyond facilitating foreign investments into China; it also aids Chinese investors in diversifying globally, with Saudi Arabia emerging as a prime destination.

“People on the mainland are very eager to diversify outside of opportunities domestically,” she explained. “And I think actually the Middle East, and Saudi Arabia could be a good destination. And therefore, from our perspective, what we would like to do is to help build that connection.”

Building familiarity among Hong Kong investors with Saudi companies has been central to this effort. Last year, HKEX introduced Asia’s first Saudi-focused exchange-traded fund, offering Hong Kong investors exposure to more than 50 prominent Saudi companies.

“I think this journey began last year, when we listed in Hong Kong the first Asia’s first ever and the world’s biggest Saudi underlying ETF in Hong Kong,” Chan explained.

“With this ETF, you basically provide the opportunity for investors in Hong Kong to get investment into basically these very exciting Saudi Arabian companies. Now, I think it is a very important step because you need investors to build up that familiarity,” she added.

This week, Chan noted, the Saudi exchange has reciprocated, with two Hong Kong-tracking ETFs listing on Tadawul, signaling a promising start to cross-border investment flows.

“This week we are seeing a reciprocation. Basically, two ETFs listed on the Tadawul, which tracks investment in Hong Kong-listed companies,” she said. “I’m very happy I learned from one of the people putting together the seesaw ETF yesterday that immediately that has become the most traded ETF on Tadawul yesterday as it opened for trading. And today there is another one which is the SAP Hang Seng Index.”

Looking to the future, Chan believes this growing familiarity and investor engagement will pave the way for deeper financial ties, potentially culminating in dual listings on HKEX and Tadawul.

“If you think about it, once this familiarity is built out, hopefully that’s going to create more interest,” she said. “Ultimately, from ETFs, we may even see companies actually seeking a listing in one another’s exchange,” Chan added.

The CEO elaborated on the collaborative areas outlined in HKEX’s MoU with Tadawul, including cross-listing, environmental, social, and governance initiatives, and financial technology.

“When we signed the MoU with Tadawul, we wanted to focus on three things. So first of all, it's cross-listing. The second one is ESG and related initiatives. And the third one is fintech,” she explained.

“So, since signing that MOU, we have continued our dialog. In fact, Tadawul was the first stop on this trip. You know, as soon as I landed in Saudi Arabia in Riyadh. I went and paid a visit to our friends at Tadawul,” she added.

HKEX has been steadily expanding its international footprint in recent years, beginning with its first office in Singapore, followed by New York and London. Riyadh is the latest addition, a step that Chan described as part of HKEX’s long-term strategy to solidify its role as a “super connector” in global finance.

Chan emphasized that the Riyadh office will play a crucial role in linking Saudi investors and corporates with opportunities in Asia. “My anticipation and plan once our Riyadh office has happened, is for the staff here to really reach out to both investors here as well as corporates here and see what they would like us to do to help them foster relationships with investors and corporates in our region in Asia,” she shared.

HKEX has demonstrated resilience as a financial exchange, recently achieving record trading volumes driven by heightened market activity. “For the first six months of this year, our average daily trading volume was about 106 billion HKD, which will be approximately $13 billion,” Chan stated. “However, we have a recent rally, and it happened around the end of September, early October. The rally was very good, very strong. So much so that we broke trading volume record three times in ten days.”

Looking ahead, Chan expects that HKEX’s expansion in Saudi Arabia will foster a two-way capital flow, benefiting both regions. “As we expand our operations here, as investors in this part of the world get more familiar with opportunities in our region, then we can serve that purpose of bringing the capital to really match the opportunities which are available,” she said.


Saudi Arabia strengthens carbon markets with new deal for climate action

Saudi Arabia strengthens carbon markets with new deal for climate action
Updated 31 October 2024
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Saudi Arabia strengthens carbon markets with new deal for climate action

Saudi Arabia strengthens carbon markets with new deal for climate action
  • Agreement will play in ensuring the carbon markets established in the Kingdom are transparent, robust, and credible
  • Saudi Arabia has set a net-zero emissions goal for 2060, adopting a circular carbon economy approach

JEDDAH: A memorandum of understanding between two key entities is set to boost Saudi Arabia’s carbon markets and support the Kingdom’s climate objectives.

The signing of the deal between Regional Voluntary Carbon Market Co. and the Clean Development Mechanism Designated National Authority was witnessed on Oct. 30 by the Kingdom’s Energy Minister Prince Abdulaziz bin Salman, and Yasir Al-Rumayyan, governor of the country’s Public Investment Fund, on the sidelines of the eighth edition of the Future Investment Initiative in Riyadh.

The pact was inked by RVCMC Chair Rania Nashar and CDMDNA Director of Technical Affairs Maria Al-Jishi, acknowledging the essential role the agreement will play in ensuring the carbon markets established in the Kingdom are transparent, robust, and credible, according to the Saudi Press Agency.

Climate change poses a significant challenge for Saudi Arabia, the Middle East, and the global community. Reducing emissions is a top priority for the Kingdom, and voluntary carbon markets are essential for achieving climate targets.

Saudi Arabia has set a net-zero emissions goal for 2060, adopting a circular carbon economy approach that emphasizes reducing, reusing, recycling, and removing carbon.

As part of the Saudi Green Initiative, the Kingdom aims to cut carbon emissions by 278 million tons annually by 2030 and to source 50 percent of its energy from renewable sources.

There is also a strong push to involve the private sector in environmental sustainability projects, particularly in renewable energy, waste management, and eco-friendly construction.

High-integrity carbon credits can help finance climate action by funding projects that reduce and remove carbon emissions, helping accelerate the transition to low-carbon and more sustainable economies worldwide.

The Kingdom has embarked on various initiatives to reduce its carbon footprint and diversify its economy beyond oil.

Mitigative efforts include ambitious targets of 44 million tons of carbon dioxide captured annually by 2035 and 2 million tons of CO2 seized and utilized daily to produce glycol, urea, and green methanol, as well as clean fuels, according to the 14th IEA-IEF-OPEC Symposium on Energy Outlooks.

RVCMC, a partnership between PIF and the Saudi Tadawul Group Holding Co., was established in October 2022 during the sixth edition of the FII Initiative in the Saudi capital.

Some eight months later, the company announced the successful auction of over 2.2 million tons of carbon credits in the largest-ever voluntary carbon credit auction, held in Nairobi, Kenya in June 2023.

The auction offered high-quality CORSIA-eligible and verra-registered carbon credits, enabling buyers operating in various industries to play their part in the global transition.


Cruise Saudi charts course for major expansion in Kingdom’s maritime industry

Cruise Saudi charts course for major expansion in Kingdom’s maritime industry
Updated 31 October 2024
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Cruise Saudi charts course for major expansion in Kingdom’s maritime industry

Cruise Saudi charts course for major expansion in Kingdom’s maritime industry

RIYADH:Public Investment Fund-owned Cruise Saudi is preparing for substantial growth in the Kingdom’s maritime tourism sector, announcing plans to launch a new cruise later this year.

Founded in 2021 to develop the necessary infrastructure and services for a comprehensive cruise market in Saudi Arabia, the company currently oversees three ports that have collectively welcomed over 370,000 guests from around the world.

In an interview with Arab News at the Future Investment Initiative in Riyadh, CEO Lars Clasen detailed the company’s strategy to advance the cruise industry within the Kingdom, revealing a clear roadmap for significant operational expansion by 2030.

“Ultimately, we plan to have 10 destinations available. We have four in development at this very moment. On top of the three we have operational right now, there are three further in the pipeline,” he said.

The company aims to attract 1.3 million passengers annually by 2035.

To support this growth, Cruise Saudi is developing additional ports, including a new island destination set to open soon. “We will very soon, also in December, open up an island which offers a wonderful beach and water sport activities exclusively to cruise guests,” Clasen announced.

He elaborated: “It’s an island, some 200 miles south of Jeddah in the Red Sea, and it’s exclusively developed for cruise guests. This will be our next destination, our fourth destination, which we will be offering.”

The upcoming cruise line, Aroya, will primarily target the Arabian market, focusing on guests from Saudi Arabia and neighboring Gulf Cooperation Council countries. “We have the tagline ‘Remarkably Arabian.’ Successful cruise lines target their product offerings and the guest experience to specific source markets.”

Aroya is designed to accommodate over 3,000 guests, positioning it as a premium mainstream option. In contrast, the ultra-luxury Aman at Sea will target a global audience.

Despite geopolitical challenges currently limiting cruise traffic to the Red Sea, Clasen remains optimistic about the industry’s recovery, stating: “Right now, cruise ships are not really visiting the Red Sea due to the geopolitical situation, but we hope that traffic will return very soon.”

Cruise Saudi is committed to developing essential infrastructure alongside its cruise offerings. Clasen emphasized the need for a comprehensive approach: “When I say cruise industry, it’s not just about (establishing) a cruise line; we are also developing ports, terminals, and shore excursions.”

He identified the cruise industry as a substantial global business opportunity, asserting: “The cruise industry is a fairly large industry worldwide.”

Clasen further highlighted the long-term nature of the cruise business, noting that the lifespan of a cruise vessel can extend up to 40 years. He revealed the significant investments necessary for launching a cruise line, estimating the cost of a new cruise ship at around $1 billion, or approximately SR4 billion.

In terms of job creation, Cruise Saudi has set ambitious targets, aiming to generate 50,000 direct and indirect jobs in the cruise sector by 2035.

He reiterated Cruise Saudi’s commitment to sustainability, stating that energy efficiency standards will guide the development of new terminals and vessels. “We put a lot of emphasis on sustainability. When developing a terminal, we do it according to the latest energy efficiency and sustainability standards and measures. When we order a cruise ship, we order a cruise ship with engine configuration that will help us get closer to net zero,” he added.

Looking ahead, Clasen expressed confidence in the company’s growth trajectory, hinting at future capital market opportunities. “We’re just getting started, and I won’t exclude that (tapping into the capital market). Definitely not. But it’s too early. First, we’d like to introduce our products to the market, gain some traction, and become commercially successful,” he concluded.