PIF’s EV maker Ceer secures advanced drive systems through new partnership
Partnership represents a significant milestone for Rimac Technology as it expands its scope from low-volume, high-performance applications to large-scale projects
Venture marks Rimac’s first partnership in the GCC region
Updated 2 min 42 sec ago
Nour El-Shaeri
RIYADH: Saudi Arabia’s first electric vehicle brand, Ceer, is set to equip its flagship models with high-performance, fully integrated Electric Drive Systems through a newly announced partnership with Croatia-based Rimac Technology.
The automobile manufacturer, a joint venture between Saudi Arabia’s Public Investment Fund and Foxconn, aims to leverage Rimac’s expertise in performance powertrain technology to enhance its upcoming EV lineup.
The agreement was formalized at a signing ceremony in Croatia attended by Ceer CEO James DeLuca and Rimac Technology CEO Mate Rimac.
“We are delighted to be the first company and large-scale project in the GCC to partner with Rimac Technology to equip Ceer flagship vehicles with the most advanced high-performance electric drive systems and solutions,” said DeLuca.
“Rimac’s global reputation and know-how in designing leading-edge performance powertrain systems aligns perfectly with our strategic objectives of partnering with global industry leaders as we fulfill our commitment to delivering world-class, high-performance electric vehicles and revolutionizing the automotive industry in Saudi Arabia,” he added.
The partnership represents a significant milestone for Rimac Technology as it expands its scope from low-volume, high-performance applications, such as the Rimac Nevera and Aston Martin Valkyrie, to large-scale projects.
Rimac has recently increased its focus on electrification partnerships, including a long-term collaboration with BMW to supply high-voltage battery systems.
“The collaboration with Ceer further solidifies Rimac Technology’s global electrification ambitions,” said Rimac.
“This year alone we’ve announced several key partnerships, including with the BMW Group and Ceer, which will produce tens of thousands of electric drive systems and battery systems for leading OEMs (original equipment manufacturers) worldwide.” he added.
This venture marks Rimac’s first partnership in the Gulf Cooperation Council region, positioning it to support Ceer’s vision of advancing the EV market in Saudi Arabia.
Cityscape Global 2024 to pave the way for innovation in real estate, minister says
Updated 10 min 23 sec ago
REEM WALID
RIYADH: Cityscape Global 2024 is expected to drive innovation and sustainable advancements within Saudi Arabia’s real estate market, broadening growth opportunities, according to a top official.
The opening day of the event, which is taking place in Riyadh from Nov. 11 – 14, saw the Saudi Minister of Municipalities and Housing, Majid bin Abdullah Al-Hogail, explain that the Kingdom is working to develop the sector further to achieve the nation’s ambitions.
This comes as Saudi Arabia’s real estate is a vital element of the country’s economy, contributing around 7 percent of gross domestic product and supporting numerous additional sectors.
“The Kingdom’s hosting of the Cityscape Global for the second time is an affirmation of the Kingdom’s position, which has become a leading model in the field of innovation and real estate development and a global center that leaves a clear imprint in building the cities of the future,” Al-Hogail said.
“Today, we are not only hosting a real estate event, but we are opening the doors to new horizons of innovation and sustainable advancement to achieve the future of our ambitious country under the slogan ‘The Future of Life,’” he added.
Saudi Minister of Municipalities and Housing Majid bin Abdullah Al-Hogail speaking at the event. X/@CSGlobalKSA
The minister went on to say that the number of local developers at the exhibition has doubled to more than 100, and the total of high-level real estate firms participating is up from from 54 to 69.
“Of course, this increase comes in light of the accelerating growth witnessed by the sector since the beginning of this year,” he added.
Al-Hogail further highlighted that this growth has brought about a rise in real estate deals, the value of which has exceeded SR630 billion ($167 billion) since the beginning of the year, making this sector one of the most important economic engines contributing to the development of the economy.
“All these efforts aim to accelerate the development of real estate refinancing market programs in the Kingdom and expand through local and international capital market channels so that we can ensure the continued growth of this sector, which I undoubtedly expect to reach more than SR1.3 trillion, for the housing sector alone, in 2030,” he said.
Toward the conclusion of his speech, the minister also underlined that the total value of launches and strategic agreements in Cityscape Global 2024 exceeds SR180 billion.
In terms of announcements, Saudi National Housing Co. launched a new identity and strategy, which CEO Mohammad Saleh Al-Buty said included a “major expansion in pioneering projects.”
He added: “Today, from this place, I am pleased to inform investors about investment opportunities for the year 2025 with a value exceeding SR75 billion in residential projects and others.”
Saud-based Retal Urban Development Co. also announced major projects for 2024.
“In the name of ambition and achievement, and out of our keenness to achieve and realize hopes, Retal announces a group of projects for the year 2024 worth more than SR14 billion,” the firm’s CEO Abdullah Al-Braikan said.
Retal Urban Development Co. CEO Abdullah Al-Braikan. X/@CSGlobalKSA
Moving on to Diriyah Development Co., the developer announced the launch of 59 new luxury apartments and villas for the Signature Collection of The Ritz-Carlton Residences, Diriyah, marking the latest release of its luxury branded residences.
This launch follows the successful sell-out of the initial 106 Ritz Carlton Residences.
Diriyah Development Co. also launched the first luxury residential group, “Raffles Residences Diriyah”, affiliated with Raffles Hotels and Resorts, during its participation in the Cityscape Global exhibition in Riyadh, as part of the company’s continued provision of high-quality living standards with international standards in Diriyah.
The new residence will offer 90 luxury residences, ranging from one, two and three-bedroom suites to duplex villas and townhouses, with residents enjoying full access to the hotel’s world-class facilities.
During the announcement, Mohamed Saad – from the firm’s DevCo. division – introduced a new collection featuring 59 fully furnished apartments and villas, available in one- to four-bedroom configurations.
Mohammad Al Habib Real Estate Co. also announced a new development during the event, which will be located in Riyadh, while founder and Chairman of Mountain View Amr Soliman also shed light on his firm’s first project to date in the Kingdom.
“Mountain View One”, situated in the north of Riyadh, will have an investment value of $320 million, with 500 villas.
Mohammad Al-Othman, CEO of Kaden, used the event to announce the Jeddah Front project which spans 1 million sq. meters and involves total investments of up to SR10 billion.
“The waterfront will feature 5,000 residential units, housing approximately 20,000 residents. It also includes recreational spaces covering 140,000 sq. meters and a business sector area reaching 138,000 sq. meters,” Al-Othman said, adding that there will also be around 800,000 hotel units.
CEO of Tilal Real Estate Co. Abdulrahman Al-Bassam, who also spoke during the event, tackled the “Heart of Khobar” project, which is set to be valued at above SR6 billion upon completion of its phases.
“On this occasion, we are pleased to announce the signing of the operational agreement for the project with 25Hours from the Accor Group. This project will be the second of its kind after Trojena in NEOM,” Al-Bassam said.
Co-founder of Flow Adam Neumann also disclosed the company’s first local real estate fund worth SR1.1 billion, with Sico and Safa as partners.
Closing Bell: Saudi main index gains, closes at 12,106 points
Updated 11 November 2024
Nour El-Shaeri
RIYADH: Saudi Arabia’s Tadawul All Share Index rose by 0.03 percent or 3.25 points to reach 12,106.41 points on Monday.
The total trading turnover of the benchmark index was SR7.49 billion ($1.99 billion), as 92 stocks advanced, while 133 retreated.
The MSCI Tadawul Index increased by 2.44 points, or 0.16 percent, to close at 1,521.20.
The Kingdom’s parallel market, Nomu, dropped by losing 87.15 points, or 0.30 percent, to close at 29,161 points. This comes as 39 stocks advanced, while as many as 41 retreated.
The index’s top performer, Alandalus Property Co., saw a 5.47 percent increase in its share price to close at SR24.70.
Other top performers included Rasan Information Technology Co. and Dar Alarkan Real Estate Development Co., with share prices rising by 5.16 percent to SR83.60 and 5.09 percent to SR17.76, respectively.
Al-Omran Industrial Trading Co. and Dr. Soliman Abdel Kader Fakeeh Hospital Co. also recorded positive trajectories today, with share prices rising by 4.18 percent to SR39.85 and 3.74 percent to SR61.10, respectively.
On the announcement front, Arabian Drilling has secured a 10-year contract extension for one of its land rigs with Saudi Aramco, the company announced today in a bourse filing.
The extension is set to commence immediately after the current agreement concludes in the fourth quarter of the year. The estimated backlog associated with the new contract is valued at approximately SR440 million.
Ghassan Mirdad, CEO of Arabian Drilling, highlighted the significance of the extended partnership with Saudi Aramco.
“We are very pleased with the contract extension as we continue to build on our long-term partnership with Aramco and deliver exceptional service,” Mirdad said.
“The material backlog of approximately SR440 million will support our future growth,” he added.
Arabian Drilling closed Monday’s trading session with a 2.11 percent increase in its share price to reach SR116.20.
The Middle East Paper Co. announced that its subsidiary, Juthor, has signed an agreement with Austria-based Andritz AG for the procurement, supply, and installation of a main production line machine.
The contract encompasses the purchase of a complete tissue paper production line, with an annual capacity of 60,000 tonnes and a speed of 2,100 meters per minute.
The agreement value represents less than 25 percent of MEPCO’s total revenue, as reported in its most recent audited financial statement. The duration of the deal is set for 24 months, with the monetary impact expected to begin in the fourth quarter of 2026.
MEPCO also released its financial results for the first nine months of the year, recording SR775.4 million in revenue, a 20 percent increase compared to the same period last year.
The company recorded losses of SR33.7 million, an improvement on the SR50.1 million last year.
MEPCO’s share price dropped by 0.51 percent by Monday’s close to settle at SR38.95.
Middle East Specialized Cables Co. also released its financial results for the same period to record a 24.9 percent year-on-year revenue increase.
The company saw SR830.4 million in sales and SR68.7 million in net profits, a 78.9 percent increase from last year.
Revenue growth was mainly driven by higher sales order volumes across all sectors, particularly in the oil and gas segment. The company secured a greater number of bids and orders compared to the same period last year.
The net profit surge was attributed to increased sales volume, improved profit margins, and enhanced operational efficiency during the current period.
The company’s share price dropped 2.37 percent by Monday’s close to settle at SR37.10.
Riyadh aims for global status with strategic infrastructure, major events
Riyadh mayor said the city’s infrastructure now rivals that of the world’s most advanced cities
Major projects continue to be the key drivers behind Riyadh’s urban growth
Updated 12 min 46 sec ago
Miguel Hadchity
RIYADH: Saudi Arabia’s capital is rapidly transforming into a global urban hub, driven by ambitious infrastructure projects and a strategic focus on economic diversification, according to the city’s mayor.
Speaking at the Cityscape Global 2024 conference, Riyadh Mayor Prince Faisal bin Abdulaziz bin Ayyaf emphasized the city’s significant development, noting that its infrastructure now rivals that of the world’s most advanced cities.
“Riyadh is building on a very solid foundation with infrastructure that rivals cities worldwide,” Prince Faisal said, highlighting the city’s pivotal role in Saudi Arabia's broader economic diversification efforts.
The mayor pointed to the substantial impact of government spending on the city, particularly in job creation. He revealed that the cost of creating employment opportunities in Riyadh is around 30 percent lower than in other parts of the Kingdom.
Major projects, he added, continue to be the key drivers behind Riyadh’s urban growth. This transformation is particularly evident in the ongoing development of the Riyadh Metro, which is slated to become fully operational later this year. The $22.5 billion transport system will connect critical areas of the city, enhancing mobility through an expansive metro network.
Prince Faisal also underscored Riyadh’s growing ability to host and manage large-scale events, which are crucial to solidifying the city’s global identity.
“I believe that hosting millions of visitors has an impact on every resident of Riyadh, and the way the city manages them is fascinating,” he said.
As part of its global ambitions, Riyadh is preparing to host major international events such as Expo 2030, alongside numerous sports tournaments. These events not only contribute to the city’s economic growth but also help foster a sense of community among its residents.
Looking ahead, Prince Faisal shared a bold vision for Riyadh’s role as a global city by 2030. He envisions a seamless experience for visitors, from flying with Riyadh Air and taking the metro to the New Murabba Project, to attending events in Qiddiya and relaxing in the expansive green spaces of King Salman Park.
The Cityscape Global 2024 conference, held from Nov. 11-14 in Riyadh, further highlights the city’s drive to become an international business hub, with over 400 exhibitors and more than 500 speakers showcasing the future of urban living.
Saudi Arabia’s NEOM appoints 3 global partners to complete 1st phase of The Line
The Line, which stretches across 170 km, is expected to accommodate 9 million visitors upon completion
The city will run on 100% renewable energy, and 95% of the land will be preserved for nature
Updated 11 November 2024
Nirmal Narayanan
RIYADH: Saudi Arabia’s $500-billion megacity NEOM has appointed Delugan Meissl Associated Architects, Gensler, and Mott MacDonald to deliver the planning, designing, and engineering for the initial phase of The Line.
In a press statement, the giga-project revealed that DMAA has been enlisted as the urban designer, leading The Line’s concept and detailed blueprint.
The Austrian architecture firm will also collaborate with specialists across various sectors, such as microclimate and ecology, mobility and logistics, and sustainability.
To reduce the country’s dependence on crude revenues, developing giga-projects like NEOM is crucial for Saudi Arabia, as the Kingdom is steadily diversifying its economy by strengthening sectors like tourism.
The National Tourism Strategy of Saudi Arabia aims to attract 150 million visitors by 2030 and increase the sector’s contribution to the nation’s gross domestic product from 6 percent to 10 percent.
The Line, which stretches across 170 km, is expected to accommodate 9 million visitors upon completion. The city will run on 100 percent renewable energy, and 95 percent of the land will be preserved for nature.
“As development and construction of The Line progresses, we have established a unique partnership that brings world-leading city design and engineering expertise to deliver phase one,” said Denis Hickey, chief development officer at The Line.
He added: “Collaboration is at the core of this, with a city-wide best practice group that will showcase how innovation can change the way we consider, design and build cities forever. This reflects NEOM’s vision and global ambition.”
According to the press statement, design firm Gensler has been appointed city planning consultant for phase one. The company will work on design coordination and planning, providing leadership and governance across the project in crucial areas, including planning policies and frameworks, land use, and design compliance.
Gensler has also been appointed as the city asset design architect for critical infrastructure, including transport hubs and the public realm.
NEOM added that Mott MacDonald has been enlisted as the city infrastructure engineer. The company will drive management and control of vertical and horizontal structures and city utility systems for phase one.
Mott MacDonald’s role will also focus on the efficiency and sustainability of the design for a functional, constructible, and operable city.
In October, NEOM announced the opening of Sindalah, the luxury island destination located within the project.
NEOM added that Sindalah will welcome up to 2,400 people per day by 2028 and create 3,500 jobs, which will help to strengthen the ongoing development of the Kingdom’s hospitality and tourism industries.
Global leaders rally for urgent climate action as COP29 opens in Baku
Updated 11 November 2024
Nirmal Narayanan
RIYADH: Global leaders called for increased funding, more carbon markets, and greater international cooperation to address the escalating environmental crisis, as the 29th UN Climate Summit officially began in Azerbaijan.
During the opening day of COP29, Azerbaijan’s Minister of Ecology and Natural Resources, Mukhtar Babayev, took over the presidency from Sultan Ahmed Al-Jaber, who led the previous summit in Dubai last year.
In his address at the gathering in Baku, Babayev stated that the world is already experiencing the negative impacts of climate change and stressed the importance of international collaboration to combat these challenges.
He emphasized that the primary goal of the COP29 presidency is to agree on a fair, ambitious, and collective climate finance target that is both effective and sufficient to address the scale and urgency of the crisis.
“We understand the political and financial constraints. These numbers may sound big, but they are nothing compared to the cost of inaction. These investments pay off,” he said.
Azerbaijan’s Minister of Ecology and Natural Resources, Mukhtar Babayev. UN Climate Change
Babayev also highlighted the importance of finalizing Article 6 of the 2015 Paris Agreement, which focuses on the development of carbon markets where countries, companies and individuals can trade greenhouse gas emissions credits.
That deal called for limiting the global temperature increase to 1.5 degrees Celsius above pre-industrial levels.
“We are determined to get Article 6 in high-integrity carbon markets over the line. Article 6 is long overdue, and it will help protect the planet by matching buyers and sellers efficiently. We need to get this right, and we need to get this done on time, including transitioning away from fossil fuels in a just and orderly manner,” added the COP29 president.
Babayev also underscored the critical need for increased funding for climate efforts, urging governments, the private sector, and multilateral financial institutions to collaborate to meet the Paris Agreement’s goals.
“COP29 is a moment of truth for the Paris Agreement. It will test our commitment to the multilateral climate system. We must now demonstrate that we are prepared to meet the goals we have set for ourselves,” said Babayev.
He added that the world should accelerate investments in the energy sector today to save tomorrow.
“We are on a road to ruin. But these are not future problems. Climate change is already here. Whether you see it or not, people are suffering in the shadows. They are dying in the dark, and they need more than compassion, more than prayers, and more than paperwork. They are crying out for leadership and action,” said Babayev.
He added: “No single country or initiative can solve this crisis. This is everyone’s conference. Success or failure will be collective. Azerbaijan can build a bridge, but you all need to walk across it. In fact, we need to start running. Let us move forward in solidarity for a green world.”
Babayev took over the presidency from the UAE’s Sultan Ahmed Al-Jaber. UN Climate Change
Impacts of climate change
During the opening ceremony, Simon Stiell, executive secretary of the UN Framework Convention on Climate Change, warned that global warming is affecting every aspect of human life, urging immediate action to mitigate further damage.
“Do you want your grocery and energy bills to go up even more? Do you want your country to become economically uncompetitive? Do you really want even further global instability, costing precious lives? This crisis is affecting every single individual in the world in one way or another,” said Stiell.
He added: “We must agree on a new global climate finance goal. If at least two-thirds of the world’s nations cannot afford to cut emissions quickly, then every nation pays a brutal price.”
Stiell emphasized that climate finance is not charity but a matter of self-interest for every nation, including the wealthiest.
“We must work harder to reform the global financial system, giving countries the fiscal space they so desperately need,” he said.
Stiell also highlighted the importance of finalizing Article 6 and said that international carbon markets will play a crucial role in accelerating the energy transition journey.
“We need to move forward on mitigation, so targets from Dubai are realized. We mustn’t let 1.5 degrees Celsius slip out of reach. And even as temperatures rise, the implementation of our agreements must claw them back,” said Stiell.
He noted that clean energy infrastructure investments are expected to reach $2 trillion in 2024, nearly double that of fossil fuels.
Stiell also emphasized the global responsibility to accelerate the transition to renewable energy and ensure that the benefits are shared by all countries and people.
“We must agree on adaptation indicators. You can’t manage what you don’t measure. We need to know if we’re on a pathway to increasing resilience. We must continue to improve the new mechanisms for financial and technical support on loss and damage,” he said.
Simon Stiell, executive secretary of the UN Framework Convention on Climate Change. UN Climate Change
Stiell also stressed the importance of transparency to meet climate goals, with Biennial Transparency Reports, due this year, expected to provide a clearer picture of progress in the climate action journey.
Stiell added: “Now is the time to show that global cooperation is not down for the count. It’s rising to this moment. So, let’s rise together.”
Journey since COP28
In a brief address during the opening ceremony, Sultan Al-Jaber, president of COP28, reflected on the successes of last year’s summit, noting the momentum gained through climate initiatives launched in Dubai.
“By delivering the historic, comprehensive, balanced, and groundbreaking UAE Consensus, we accomplished what many thought was impossible. In the months since COP28, the initiatives we launched have gathered real momentum and pace,” said Al-Jaber.
He added that the world is set to break another record on renewable energy growth this year, adding over 500 gigawatts to global capacity.
“Fifty-five companies have now joined the oil and gas decarbonization charter, committing to zero methane emissions by 2030, and net zero by or before 2050,” said Al-Jaber.
During COP28, nearly 200 countries agreed to work toward an ambitious set of global energy objectives as part of the outcome known as the UAE Consensus, pledging to achieve net zero emissions from the global energy sector by 2050.
The promise also includes transitioning away from fossil fuels, tripling renewable energy capacity, and doubling the rate of energy efficiency improvements by the end of this decade.
Al-Jaber, who is also the UAE Minister of Industry and Advanced Technology, stressed the importance of cross-sector cooperation to meet climate goals.
“Earlier this month in Abu Dhabi, we convened experts in climate, energy, artificial intelligence, finance, and investment in an integrated effort to drive low-carbon growth. When sectors work together, we can lift economies and lower emissions. We can make climate and socio-economic progress together at the same time,” he said.
Al-Jaber also highlighted the progress of Alterra, the world’s largest global catalytic climate fund, which has already allocated $6.5 billion of its $30 billion fund.
“We have also made progress on the loss and damage fund. $853 million has been pledged to date. The consensus we achieved in Dubai was truly historic. History will judge us by our actions, not by our words,” said Al-Jaber.
“Let positivity prevail and let it power the process. Let actions speak louder than words. Let results outlast the rhetoric. We are what we do, not what we say,” he added.
