The state-controlled Saudi Electricity Company (SEC) has signed a deal with Japanese Tokyo Electric Power Company (Tepco), Nissan Motor and Takaoka Toko for the first electric vehicle pilot project in the world's largest oil exporter, it said late on Sunday.
Saudi Arabia is keen to develop its auto industry as part of efforts to diversify the economy beyond oil and has teamed up with Japan's Toyota Motor to conduct studies for that.
Tighter global emissions regulations are forcing automakers worldwide to shift to EVs, and some are tying up to share the high costs of developing batteries for them.
Under the agreement, fast-charger stations will be developed to charge EVs in 30 minutes. SEC will borrow three EVs from Nissan while Tepco and Takaoka Toko will provide three fast chargers. SEC did not give a time frame for the plan.
Such a move is part of the company's strategy to reduce reliance on oil and cut emissions, SEC said. State oil major Saudi Aramco is also working on technologies to make vehicles more efficient.
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Its chief executive Amin Nasser said in November improved efficiency would better sustain production in the long term with renewables hopefully growing and contributing to meeting rising demand which will require different sources of energy.
Mr Nasser told CNBC in October that EVs will take a good market share but it will be decades before they have a significant percentage of the energy mix.
Saudi Arabia hosted on Sunday a Saudi-Japanese business forum where agreements have been signed with companies including Saline Water Conversion Corporation and New Energy and Industrial Technology Development.
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
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COMPANY PROFILE
Name: Akeed
Based: Muscat
Launch year: 2018
Number of employees: 40
Sector: Online food delivery
Funding: Raised $3.2m since inception
Company profile
Company name: Nestrom
Started: 2017
Co-founders: Yousef Wadi, Kanaan Manasrah and Shadi Shalabi
Based: Jordan
Sector: Technology
Initial investment: Close to $100,000
Investors: Propeller, 500 Startups, Wamda Capital, Agrimatico, Techstars and some angel investors
IF YOU GO
The flights
FlyDubai flies direct from Dubai to Skopje in five hours from Dh1,314 return including taxes. Hourly buses from Skopje to Ohrid take three hours.
The tours
English-speaking guided tours of Ohrid town and the surrounding area are organised by Cultura 365; these cost €90 (Dh386) for a one-day trip including driver and guide and €100 a day (Dh429) for two people.
The hotels
Villa St Sofija in the old town of Ohrid, twin room from $54 (Dh198) a night.
St Naum Monastery, on the lake 30km south of Ohrid town, has updated its pilgrims' quarters into a modern 3-star hotel, with rooms overlooking the monastery courtyard and lake. Double room from $60 (Dh 220) a night.
