Saudi Arabia, the Arab world’s biggest economy, has launched its first electric vehicle brand “Ceer”, which aims to contribute to the kingdom’s car manufacturing sector.
The launch was announced on Thursday by Saudi Crown Prince Mohammed bin Salman, who is also the chairman of the kingdom’s sovereign wealth fund, the Public Investment Fund.
A part of PIF’s strategy to diversify Saudi Arabia’s gross domestic product by investing in promising growth industries, Ceer will attract more than $150 million in foreign direct investment and create up to 30,000 direct and indirect jobs, the fund said in a statement.
Ceer vehicles are expected to be available by 2025 and the company is projected to directly contribute $8 billion to Saudi Arabia’s economy by 2034.
“Saudi Arabia is not just building a new automotive brand, we are igniting a new industry and an ecosystem that attracts international and local investments, creates job opportunities for local talent, enables the private sector and contributes to increasing Saudi Arabia’s GDP over the next decade as part of PIF’s strategy to drive the economic growth in line with Vision 2030,” said Prince Mohammed, who is also the country's prime minister.
Ceer will also support Saudi Arabia’s efforts to reduce carbon emissions and drive sustainability to address the impact of climate change.
The initiative is in line with the PIF’s strategy to unlock the capabilities of promising sectors locally that can help in the diversification of the economy and support the country in achieving the objectives of Vision 2030.
Shipments of EVs are expected to rise by almost 35 per cent annually this year as governments introduce regulations and incentives to help the industry's growth, US consultancy Gartner said.
About 6.4 million EV units are expected to be sold this year, 1.6 million more than 2021, it said recently.
Cars will account for 95 per cent of total EV sales in 2022, while the remaining will be split between buses, vans and heavy lorries, the statement said.
PIF is making various efforts as part of its commitment to develop 70 per cent of Saudi Arabia’s renewable energy capacity in line with Vision 2030.
Saudi Arabia, Opec’s top oil producer and the world’s biggest crude exporter, has set ambitious targets to fight climate change and cut carbon emissions to overhaul its economy and reduce its reliance on oil.
The country has set a target of achieving net-zero carbon emissions by 2060.
Ceer will design, manufacture and sell a range of vehicles — including saloons (sedans) and sports utility vehicles — for consumers in Saudi Arabia and the entire Middle East and North Africa region.
The company is a joint venture between PIF and Taiwan’s Hon Hai Precision Industry (Foxconn). It will license component technology from German car maker BMW for use in the vehicle development process.
Foxconn will develop the electrical architecture of the vehicles, resulting in a portfolio of products that will lead in the areas of infotainment, connectivity and autonomous driving technologies, the statement said.
Each vehicle will be designed and manufactured in Saudi Arabia, and tested to the highest global automotive quality control and safety standards, PIF said.
“Foxconn is excited about our partnership with PIF to create a new automotive company that will focus on designing and manufacturing electric vehicles in and for Saudi Arabia,” said Young Liu, chairman of Hon Hai Technology Group.
“We will leverage Foxconn’s technological expertise to support Ceer’s vision of creating a range of iconic electric vehicles that are built around the themes of connectivity, infotainment and autonomy.
“We want to make electric vehicles mainstream, and that is what Ceer is going to achieve in Saudi Arabia and the wider region.”
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The stats
Ship name: MSC Bellissima
Ship class: Meraviglia Class
Delivery date: February 27, 2019
Gross tonnage: 171,598 GT
Passenger capacity: 5,686
Crew members: 1,536
Number of cabins: 2,217
Length: 315.3 metres
Maximum speed: 22.7 knots (42kph)
Name: Colm McLoughlin
Country: Galway, Ireland
Job: Executive vice chairman and chief executive of Dubai Duty Free
Favourite golf course: Dubai Creek Golf and Yacht Club
Favourite part of Dubai: Palm Jumeirah
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
Global state-owned investor ranking by size
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MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
The biog
Name: Younis Al Balooshi
Nationality: Emirati
Education: Doctorate degree in forensic medicine at the University of Bonn
Hobbies: Drawing and reading books about graphic design
Frankenstein in Baghdad
Ahmed Saadawi
Penguin Press
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It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
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if you go
Getting there
Etihad (Etihad.com), Emirates (emirates.com) and Air France (www.airfrance.com) fly to Paris’ Charles de Gaulle Airport, from Abu Dhabi and Dubai respectively. Return flights cost from around Dh3,785. It takes about 40 minutes to get from Paris to Compiègne by train, with return tickets costing €19. The Glade of the Armistice is 6.6km east of the railway station.
Staying there
On a handsome, tree-lined street near the Chateau’s park, La Parenthèse du Rond Royal (laparenthesedurondroyal.com) offers spacious b&b accommodation with thoughtful design touches. Lots of natural woods, old fashioned travelling trunks as decoration and multi-nozzle showers are part of the look, while there are free bikes for those who want to cycle to the glade. Prices start at €120 a night.
More information: musee-armistice-14-18.fr ; compiegne-tourisme.fr; uk.france.fr
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Recent winners
2002 Giselle Khoury (Colombia)
2004 Nathalie Nasralla (France)
2005 Catherine Abboud (Oceania)
2007 Grace Bijjani (Mexico)
2008 Carina El-Keddissi (Brazil)
2009 Sara Mansour (Brazil)
2010 Daniella Rahme (Australia)
2011 Maria Farah (Canada)
2012 Cynthia Moukarzel (Kuwait)
2013 Layla Yarak (Australia)
2014 Lia Saad (UAE)
2015 Cynthia Farah (Australia)
2016 Yosmely Massaad (Venezuela)
2017 Dima Safi (Ivory Coast)
2018 Rachel Younan (Australia)
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The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
The%20specs
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About Okadoc
Date started: Okadoc, 2018
Founder/CEO: Fodhil Benturquia
Based: Dubai, UAE
Sector: Healthcare
Size: (employees/revenue) 40 staff; undisclosed revenues recording “double-digit” monthly growth
Funding stage: Series B fundraising round to conclude in February
Investors: Undisclosed
Company%20profile
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From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
