Latest news with #PIF
Observer
6 hours ago
- Business
- Observer
New tech office boosts Oman's digital transformation drive
MUSCAT: Elm, a digital solutions leader owned by Saudi Arabia's Public Investment Fund (PIF), has officially launched its new office in Muscat, underscoring its long-term ambition to participate in Oman's digital transformation and expand its regional footprint. The move marks Elm's first physical presence in Oman, a market it views as strategically aligned with its growth objectives and expertise in e-government platforms, cybersecurity, digital identity, and artificial intelligence-driven services. With a client base that spans government, corporate, and individual sectors in Saudi Arabia, Elm's entry into Oman reflects growing regional collaboration in the technology space. The office was inaugurated during a ceremony under the auspices of Eng Said bin Hamoud al Maawali, Minister of Transport, Communications and Information Technology, and attended by Ibrahim bin Saad Bishan, Ambassador of Saudi Arabia to Oman, as well as key officials from both countries. Elm's expansion aligns with Oman Vision 2040, which prioritises the digital economy and government modernisation. The company says it aims to introduce custom solutions to help Omani institutions accelerate digital transformation across sectors such as logistics, public services, and national security. The Muscat office is part of Elm's broader strategy to export its homegrown capabilities developed in Saudi Arabia. In recent years, Elm has gained prominence for building and managing platforms such as Absher (a government service portal), and Tawakklna (a Covid-19 health platform), which have become integral to the Saudi government's digital infrastructure. Elm's expansion aligns with Oman Vision 2040, which prioritises the digital economy and government modernisation. Elm's Executive Vice President of Marketing and Official Spokesperson, Majid bin Saad al Arifi, said the decision to establish a base in Oman reflects the company's confidence in the local ecosystem. 'The opening of Elm's office in the Sultanate of Oman represents a strategic step that reflects our strong belief in the capabilities and digital potential of this market,' said Al Arifi. 'Through our presence, we aim to build high-value partnerships and provide tailored technological solutions that enhance government performance and promote a sustainable digital economy — delivering meaningful impact to citizens, investors, and our institutional partners alike,' he added. Elm's entry comes at a time when Oman is actively seeking private sector collaboration to fast-track its digital agenda, offering streamlined regulatory frameworks and incentives for foreign investment in the ICT sector. Elm's presence is also expected to generate skilled employment opportunities and knowledge transfer, as the company often works closely with local partners and public entities to localise its services. The Muscat office will serve as a regional hub to coordinate projects, engage with stakeholders, and adapt solutions to Oman's unique priorities — reinforcing the economic and technological ties between Muscat and Riyadh.
New Straits Times
17 hours ago
- Politics
- New Straits Times
Timor-Leste and Asean: Partnership, unity and global engagement
TIMOR-LESTE'S journey to peace and sovereignty has been long and difficult, but it has always been grounded in a clear vision: to be an active, constructive member of the international and regional community. Our pursuit of full Asean membership is a deliberate choice rooted in respect, responsibility, and a desire to contribute to southeast Asia's peace, prosperity and unity. Timor-Leste honours Asean and the values it represents. Our application to join is not symbolic: it is a statement of intent. We seek to belong and to contribute. Asean embodies diversity governed by dialogue and consensus. These are principles that align deeply with our current trajectory of democratic consolidation. Asean's strength lies in its centrality — its ability to provide a stable, inclusive platform for regional and global diplomacy. Timor-Leste fully accepts the responsibilities of membership, to internalise Asean norms, and to participate in its mechanisms, such as the Asean Regional Forum (ARF) and the East Asia Summit (EAS). Prime Minister Datuk Seri Anwar Ibrahim, current Asean chair and a global leader, secured the unanimous endorsement of all regional and extra-regional leaders for Timor-Leste Asean membership. We are indebted. President Prabowo Subianto of Indonesia reinforced his support during the recent Asean Summit in Kuala Lumpur. We acknowledge and appreciate the support of all member states, which provides us with the confidence to complete our preparations for Asean integration. Beyond Asean, Timor-Leste envisions a bridging role to the Pacific Islands Forum (PIF). As a nation vulnerable to climate change, we share common cause with Pacific Island nations. We will work to connect Asean's climate and sustainability goals with those of the Pacific, especially in forums like the Asia Zero Emissions Community (AZEC), which fosters regional cooperation on clean energy, decarbonisation and environmental stewardship. In doing so, Timor-Leste can help promote the ecological resilience of two overlapping regions facing shared existential challenges. We recognise that membership requires more than political will. Asean's working language is English, and Timor-Leste is committed to strengthening English-language proficiency among our diplomats and civil servants. While Tetum and Portuguese remain central to our identity, the practical tools of diplomacy demand regional alignment. We will focus on building our institutional capacity through training in Asean-based learning centres — particularly in Malaysia, Indonesia and Singapore. This ensures that our integration is not only symbolic but operational, allowing us to contribute substantively to Asean discussions and negotiations. Though we maintain close historical ties with Portugal and Lusophone countries, Timor-Leste is actively localising its governance and policy frameworks to reflect Asean's institutional models. This includes harmonising our legal codes, trade procedures and diplomatic practices. We do not see this as the loss of identity but as a regional adaptation to ensure compatibility, trust and coherence within Asean's evolving political and economic ecosystem. Timor-Leste's membership should serve as an encouraging example for other countries on Asean's periphery. Papua New Guinea (PNG), a significant state in the Pacific, has long expressed interest in Asean. President Prabowo's mention of PNG as a potential future member reflects a growing consensus that Asean can expand strategically and inclusively. Timor-Leste is prepared to assist PNG in navigating the necessary political and economic adjustments and sharing our lessons and journey through Asean's rigorous pathways to accession. As we prepare for full membership, we reaffirm our commitment to engaging Asean's dialogue partners constructively and neutrally. Timor-Leste will work closely with the United States, India, China, Australia, Japan, South Korea, India, the European Union, Canada, the United Kingdom, Russia and New Zealand. These relationships must remain balanced and mutually reinforcing. We aim to contribute to regional security and economic growth without becoming an arena for major power competition. We are mindful of the Five-Point Consensus on Myanmar, and although not yet a member, Timor-Leste will align with Asean's collective position in advocating peaceful resolution through pro active, inclusive dialogue. This milestone will not mark the end of our journey, but the beginning of a deeper phase of regional integration. Our small nation brings with it a powerful story of resilience, unity and reconciliation. We do not claim to have all the answers, but we offer the sincerity, commitment and determination that Asean needs in an increasingly volatile world. Timor-Leste is prepared to serve Asean's ideals and contribute to its future. We will defend its centrality, uphold its consensus-driven diplomacy, and extend its principles into the wider Pacific.
Zawya
3 days 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
3 days 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
3 days 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.
