Latest news with #PIF
Zawya
3 hours ago
- Business
- Zawya
Talal H. AlMarri appointed as CEO of Expo 2030 Riyadh Company
Riyadh Saudi Arabia: Expo 2030 Riyadh Company (ERC) has announced the appointment of Talal H. AlMarri as Chief Executive Officer (CEO). ERC, a wholly owned Public Investment Fund (PIF) company, responsible for the development and operations of Expo 2030 Riyadh. As CEO of ERC, AlMarri will spearhead the company's delivery of Expo 2030 Riyadh— one of the most anticipated global events of the decade. Expo 2030 Riyadh will serve as a platform for global collaboration, bringing together nations to address humanity's most pressing challenges through innovation and technology. Additionally, the event will act as a catalyst for economic growth, creating new opportunities for Saudi Arabia and the wider global community. Across his career, AlMarri has a proven track record in stakeholder engagement and operational excellence. At Aramco, he held various leadership roles, including President and CEO of Aramco Europe, Senior Vice President of Community services and Senior Vice President of Industrial Services. As President and CEO of Aramco Europe, he led initiatives to increase digital transformation efforts and managed European investments. He held postings in London and Seoul during his tenure. With his extensive experience in spearheading large-scale initiatives and driving innovation, AlMarri will play a pivotal role in steering the company's efforts to ensure that Expo 2030 Riyadh becomes a landmark event and will play a key role in showcasing Saudi Arabia's ambitions and progress, in alignment with Vision 2030. The establishment of ERC aligns with PIF's strategic mandate to achieve economic impact for Saudi Arabia while securing sustainable returns. PIF leads the development of transformative landmark real estate initiatives across Saudi Arabia, which drive economic transformation and diversification, advancing urban innovation and enhancing quality of life. ERC will benefit from PIF's diverse local and global ecosystem.
Straits Times
9 hours ago
- Automotive
- Straits Times
Viewpoint: An EV revolution is happening in the heart of Opec
Drivers in Dubai are starting to pick electric vehicles over petrol-powered cars. PHOTO: AFP Viewpoint: An EV revolution is happening in the heart of Opec UNITED ARAB EMIRATES – Think of the most important markets for electric vehicles (EVs) and you will have a list of the usual suspects: Norway, China, Germany, the United Kingdom. But Dubai? It seems improbable, but the second-biggest exporter in the Organisation of Petroleum Exporting Countries (Opec) deserves a place alongside those other markets. Fully-electric vehicles comprised 10 per cent of the value of cars imported into the United Arab Emirates (UAE) in 2024 , according to trade data. Throw in hybrids and plug-in hybrids, and more than a quarter of the market is switching to batteries. That is a troubling sign for the UAE and its oil-exporting neighbours in the Persian Gulf. If nations that owe their very existence to the transformative power of crude are switching to lithium-ion, then the prospects for their key export are looking distinctly shaky. The UAE is, to be sure, an outlier. But it is not completely alone. In Qatar, one in eight vehicles imported in 2024 was battery-powered or hybrid, with similar proportions in Iraq and Iran. The share was 10 per cent in Bahrain and 7 per cent in Kuwait. EVs are springing up everywhere across the region. About 35,000 were registered in the UAE as of October 2024, according to government data. Tesla has stores in four of the UAE's emirates as well as Qatar, and in April, it announced a division in Saudi Arabia. It is playing catch-up with China's BYD, already in all of those markets plus the other three Gulf monarchies. Saudi Arabia's relative paucity of imports belies its ambitions as a manufacturer. The kingdom's Public Investment Fund (PIF) has poured more than US$8 billion (S$10.3 billion) into its majority-owned Lucid Group, a US-headquartered EV-maker. Lucid has built an EV plant in King Abdullah Economic City on the shores of the Red Sea that aims to churn out 150,000 cars a year, though sales so far have not come close to such ambitious projections. Nearby, a joint venture between the PIF and Hon Hai Precision Industry, or Foxconn, is building another US$1.3 billion EV plant, while a third joint venture between PIF and Hyundai Motor broke ground in May 2025 with plans to manufacture both EVs and conventional cars. This budding love affair with EVs might not be quite as surprising as it first seems. Two of the biggest barriers towards switching to electric are range anxiety and upfront costs, but neither applies much in the monarchies of the Gulf Cooperation Council. They are some of the most urbanised societies on the planet, so outside of Saudi Arabia, few people are driving great distances. High disposable incomes make it easy to pay for a battery car, especially as cheaper Chinese models flood the market. Lacking domestic vehicle industries to protect, they are less likely to raise tariffs like the US and Europe have done. Low-density suburbs give plenty of opportunities for owners to charge cheaply at home. The heavily subsidised petrol that the world's petrostates give to their citizens is not nearly the deterrent you might expect either. Most of the Gulf countries have made attempts to link their fuel prices to market rates over the past decade, discouraging the extreme wastefulness of domestic consumption and freeing up more crude for export. While petrol is still absurdly cheap by global standards, electricity now receives far more generous subsidies as governments attempt to stimulate industrial activities that can carry their economies through the looming downturn in oil demand. That translates into rock-bottom charging costs for owners. 'Electricity is so cheap here that you won't even notice the difference on your bill,' one Dubai-based owner of an Xpeng car wrote in a social media post in May . An owner of a BYD Qin estimated savings of 36,000 dirhams (S$12,600) over five years due to paying 'basically nothing' for electricity. It might be tempting to think of the burgeoning Gulf EV market as an idiosyncratic case. That would be a mistake. The popularity of battery propulsion in a region built on the thirst of internal combustion engines is a warning that a fundamentally better technology is now displacing petrol for good. With oil prices gyrating after the Israeli attack on Iran on June 12, who wants the cost of filling up his or her petrol tank to become collateral damage in the Middle East's wars? The world's refiners are already gearing up for an imminent future where chemicals consume more petroleum than petrol-powered vehicles. In decades to come, oil monarchies will not pay their bills by providing the fuel for your car, but feedstock for the plastics in its dashboard and seat foam. Road fuel still consumes more than half of the world's oil. Judging by the electrification of crude's heartlands, decline is now imminent. BLOOMBERG David Fickling is a Bloomberg Opinion columnist covering climate change and energy. Join ST's Telegram channel and get the latest breaking news delivered to you.
Time of India
11 hours ago
- Automotive
- Time of India
An EV revolution is happening in the heart of OPEC
Think of the most important markets for electric vehicles, and you'll have a list of the usual suspects: Norway, China, Germany, the UK. But Dubai? It seems improbable, but OPEC 's second-biggest exporter deserves a place alongside those other markets. Fully-electric vehicles comprised 10% of the value of cars imported into the United Arab Emirates last year, according to trade data. Throw in hybrids and plug-in hybrids, and more than a quarter of the market is switching to batteries. That's a troubling sign for the UAE and its oil-exporting neighbors in the Persian Gulf. If nations that owe their very existence to the transformative power of crude are switching to lithium-ion, then the prospects for their key export are looking distinctly shaky. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Invest today with in Shriram's ULIP Shriram Life Insurance Undo The UAE is, to be sure, an outlier. But it's not completely alone. In Qatar, one in eight vehicles imported last year was battery-powered or hybrid, with similar proportions in Iraq and Iran. The share was 10% in Bahrain, and 7% in Kuwait. In Singapore — no oil producer, but a crucial node for the global trade in petroleum — one in three imported cars were battery-powered, rising to 56% including all types of hybrid. EVs are springing up everywhere across the region. About 35,000 were registered in the UAE as of last October, according to government data. Tesla Inc. has stores in four of the UAE's emirates as well as Qatar, and in April announced a division in Saudi Arabia. It's playing catch-up with China's BYD Co., already in all of those markets plus the other three Gulf monarchies. Bloomberg Saudi Arabia's relative paucity of imports belies its ambitions as a manufacturer. The Kingdom's Public Investment Fund, or PIF, has poured more than $8 billion into its majority-owned Lucid Group Inc., a US-headquartered EV-maker. Lucid has built an electric vehicle plant in King Abdullah Economic City on the shores of the Red Sea that aims to churn out 150,000 cars a year, though sales so far haven't come close to such ambitious projections. Live Events Nearby, a joint venture between the PIF and Hon Hai Precision Industry Co., or Foxconn, is building another $1.3 billion EV plant, while a third JV between the PIF and Hyundai Motor Co. broke ground last month with plans to manufacture both EVs and conventional cars. This budding love affair with EVs might not be quite as surprising as it first seems. Two of the biggest barriers toward switching to electric are range anxiety and up-front costs, but neither applies much in the monarchies of the Gulf Cooperation Council. They're some of the most urbanized societies on the planet, so outside of Saudi Arabia few people are driving great distances. High disposable incomes make it easy to pay for a battery car, especially as cheaper Chinese models flood into the market. Bloomberg Lacking domestic auto industries to protect, they're less likely to raise tariffs like the US and Europe have done. Low-density suburbs give plenty of opportunities for owners to charge cheaply at home. The heavily subsidized gasoline that the world's petrostates give to their citizens isn't nearly the deterrent you might expect, either. Most of the Gulf countries have made attempts to link their fuel prices to market rates over the past decade, discouraging the extreme wastefulness of domestic consumption and freeing up more crude for export. While gasoline is still absurdly cheap by global standards, electricity now receives far more generous subsidies as governments attempt to stimulate industrial activities that can carry their economies through the looming downturn in oil demand. That translates into rock-bottom charging costs for owners. 'Electricity is so cheap here that you won't even notice the difference on your bill,' one Dubai-based owner of an Xpeng Inc. car wrote in a social-media post last month. An owner of a BYD Qin estimated savings of 36,000 dirhams ($9,800) over five years due to paying 'basically nothing' for electricity. It might be tempting to think of the burgeoning Gulf EV market as an idiosyncratic case. That would be a mistake. The popularity of battery propulsion in a region built on the thirst of internal combustion engines is a warning that a fundamentally better technology is now displacing gasoline for good. With oil prices gyrating after last week's Israeli attack on Iran, who wants the cost of filling up their gas tank to become collateral damage in the Middle East's wars? The world's refiners are already gearing up for an imminent future where chemicals consume more petroleum than gasoline-powered vehicles. In decades to come, oil monarchies won't pay their bills by providing the fuel for your car, but feedstock for the plastics in its dashboard and seat foam. Road fuel still consumes more than half of the world's oil. Judging by the electrification of crude's heartlands, decline is now imminent.
Mid East Info
15 hours ago
- Business
- Mid East Info
PIF launches new company to deliver Expo 2030 Riyadh - Middle East Business News and Information
Expo 2030 Riyadh Company will develop Expo as a model for sustainable tourism, and preserve the event's legacy Expo 2030 Riyadh is projected to contribute almost $70 billion to Saudi GDP PIF leads development of transformative giga-projects and landmark real estate initiatives across Saudi Arabia RIYADH – June, 2025 – PIF today announced the launch of Expo 2030 Riyadh Company (ERC), wholly owned by PIF, to build and operate the facilities of Expo 2030 Riyadh – Saudi Arabia's first World Expo – as well as preserving the legacy of the event. The masterplan for Expo 2030 Riyadh covers an area of 6 million square meters, making it one of the biggest World Expo sites. The Expo will be to the north of the city, near the future King Salman International Airport, and with direct connections to the Saudi capital's landmarks. Expo 2030 Riyadh is projected to attract more than 40 million visits. After the Expo event, ERC plans to lead the transformation of the Expo's gated area into a global village to serve as a multicultural hub for retail, food and beverage, surrounded by an international residential community with world-class amenities, and setting new standards in sustainable tourism. PIF continues with its strategic mandate: to achieve economic impact for Saudi Arabia while securing sustainable returns. PIF is one of the world's most impactful investors, driving Saudi Arabia's economic diversification while also enabling the creation of key sectors and opportunities that help shape the global economy. PIF leads the development of transformative giga-projects and landmark real estate initiatives across Saudi Arabia. Saad Alkroud, Head of the Local Real Estate Investment Division at PIF said: 'ERC benefits from PIF's diverse local and global ecosystem and the establishment of the company aligns with PIF's local real estate strategy, which drives economic transformation and diversification, advancing urban innovation and enhancing quality of life, driven by the ambitious goals of Saudi Vision 2030.' ERC is swiftly launching operations to fulfill its mandate, and will partner with the local and global private sector to achieve its goals for construction, cultural programming and event management. Expo 2030 Riyadh runs from Oct. 1, 2030 to March 31, 2031 and will further strengthen the city's attractiveness to international businesses. It marks the city's status as one of the world's fastest-transforming capitals, one that combines sustainability, connectivity and quality of life at scale. Riyadh was awarded the hosting rights for Expo 2030 in November 2024, winning the vote in the first round. During its construction phases, Expo 2030 Riyadh and its legacy are projected to contribute around $64 billion to Saudi GDP and generate approximately 171,000 direct and indirect jobs. Once operational, it is expected to contribute approximately $5.6 billion to GDP. Countries participating in Expo 2030 Riyadh will have the option of building permanent pavilions and being part of the event's legacy. The Expo will provide opportunities for long-term business and investment growth. ABOUT PIF: PIF is the investment engine driving economic transformation for Saudi Arabia and the world. With an ambitious program to deliver Vision 2030, PIF invests in projects, companies and partners to diversify the Saudi economy, stimulate growth in every major sector, and create new opportunities for investment and employment. And as a global investor and catalyst of change, PIF actively partners with the most pioneering organizations across the world to accelerate their growth, and transfer the technology and knowledge needed to build industry ecosystems of the future. Since 2017, PIF has established 103 companies and is driving the transition to a more sustainable economy through strategic investments and partnerships across the Saudi public and private sector. PIF is laying the foundations for local and international partners to invest in the economic and societal transformation of Saudi Arabia.
Korea Herald
a day ago
- Business
- Korea Herald
PIF launches new company to deliver Expo 2030 Riyadh
RIYADH, Saudi Arabia, June 19, 2025 /PRNewswire/ -- PIF today announced the launch of Expo 2030 Riyadh Company (ERC), wholly owned by PIF, to build and operate the facilities of Expo 2030 Riyadh – Saudi Arabia's first World Expo – as well as preserving the legacy of the event. The masterplan for Expo 2030 Riyadh covers an area of 6 million square meters, making it one of the biggest World Expo sites. The Expo will be to the north of the city, near the future King Salman International Airport, and with direct connections to the Saudi capital's landmarks. Expo 2030 Riyadh is projected to attract more than 40 million visits. After the Expo event, ERC plans to lead the transformation of the Expo's gated area into a global village to serve as a multicultural hub for retail, food and beverage, surrounded by an international residential community with world-class amenities, and setting new standards in sustainable tourism. PIF continues with its strategic mandate: to achieve economic impact for Saudi Arabia while securing sustainable returns. PIF is one of the world's most impactful investors, driving Saudi Arabia's economic diversification while also enabling the creation of key sectors and opportunities that help shape the global economy. PIF leads the development of transformative giga-projects and landmark real estate initiatives across Saudi Arabia. Saad Alkroud, Head of the Local Real Estate Investment Division at PIF said:"ERC benefits from PIF's diverse local and global ecosystem and the establishment of the company aligns with PIF's local real estate strategy, which drives economic transformation and diversification, advancing urban innovation and enhancing quality of life, driven by the ambitious goals of Saudi Vision 2030." ERC is swiftly launching operations to fulfill its mandate, and will partner with the local and global private sector to achieve its goals for construction, cultural programming and event management. Expo 2030 Riyadh runs from Oct. 1, 2030 to March 31, 2031 and will further strengthen the city's attractiveness to international businesses. It marks the city's status as one of the world's fastest-transforming capitals, one that combines sustainability, connectivity and quality of life at scale. Riyadh was awarded the hosting rights for Expo 2030 in November 2024, winning the vote in the first round. During its construction phases, Expo 2030 Riyadh and its legacy are projected to contribute around $64 billion to Saudi GDP and generate approximately 171,000 direct and indirect jobs. Once operational, it is expected to contribute approximately $5.6 billion to GDP. Countries participating in Expo 2030 Riyadh will have the option of building permanent pavilions and being part of the event's legacy. The Expo will provide opportunities for long-term business and investment growth. This material is distributed by Teneo Strategy LLC on behalf of the PIF. Additional information is available at the Department of Justice, Washington, DC.
