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Aug 10, 2023

Ultra

https://arab.news/4w6q2 ALKHOBAR: Saudi Arabia is entering a new era in the electric cars market — and at the helm is Alhareth Al-Hisan, the lively 22-year-old who just inaugurated the Kingdom’s first

https://arab.news/4w6q2

ALKHOBAR: Saudi Arabia is entering a new era in the electric cars market — and at the helm is Alhareth Al-Hisan, the lively 22-year-old who just inaugurated the Kingdom’s first ever ultra-fast charging station, which handles 200 kilowatts.

Arab News spoke to Al-Hisan during the event to collect his thoughts on the launch of his startup, Ishan, which is the Arabic word for “charge.”

During the last two years, he worked tirelessly to secure the necessary permits to help cars juice up.

At Shorofat Park in Alkhobar this week, vehicles lined up to get a taste of what is to come.

Having lived the majority of his life in the UK, Saudi national Al-Hisan is offering the country a European sensibility to elevate the lives of drivers in his home country. Choosing Alkhobar as the launch of the charging station was deliberate — it’s the cradle of oil and gas, and liquid gold has been pumped into the economy and the car-dependent country since the start.

As an architecture student, he was always adamant at utilizing urban spaces efficiently and admits that cars have never been a passion of his but he saw a need in the market and decided to step in.“I decided to go on an entrepreneurial path. My project is basically three things; first of all, I get experience so that I can build a bigger project … (second) to gain money — because I will not be able to do my project without having money. The third one is to have a good impact. And this will enable me to check all three,” he told Arab News.

He believes that the environment, people’s quality of life and their safety will all benefit — and their wallets will also thank them.

“If I were to help in the spread of electric vehicles in Saudi Arabia, people would be more safe, we’ll have better cars, people will have a better environment, people will have more money in their pockets,” he told us.

The biggest hurdle is securing permits. The Kingdom does have a system for it currently, but it is rigorous and cumbersome with a stack of seemingly never-ending regulations. Normally, Al-Hisan would say that the paperwork was “too much” but he felt like in this instance, it was wise of the country to be so strict so that they do not repeat the mistakes the US made.

“It is positive to have these strict guidelines because they are mindful that they want to have an almost universal charging station,” he said.

The major reason why electric cars have not become dominant in the Kingdom is because the country does not have adequate working charging stations yet.

The major players in the area have local car charging stations — but they often do not work since they have not been able to secure the permits to operate and thus, cars will arrive but the charger will not charge.

Defying all odds, Al-Hisan has a working station and hopes people will come to try it.

While it is easier to create the roadmap since nothing is set in stone yet, it is always a hard road to enter an emerging market.

“We have to do the same as what has happened in the Netherlands because we don’t want to get into the same issue that the US because the US now, they are in a whole mess with the infrastructure for electric vehicles,” he said.

“They have given the support to buy electric vehicles in the US, they get a discount and tax breaks, but the main issue they face is the distribution, so they had to deal with Tesla because they have the most spread and diverse network of electric vehicles. If we follow the US example it will be a mess. We have to do it the European way,” added Al-Hisan.

Something that also sets him apart from his giant competitors is that he is focused solely on the charging of electric vehicles.

“We are immersed and we know exactly what to do because we own electric vehicles. (Others) do several other things. They do petrol construction, they do importing of devices. We are specialized in electric vehicle chargers. This is the only thing we do. This is why I can say that we are very good at it. Why?Because we don’t know how to do anything else,” he said.

Changing car-dependent user habits is not on his mind as he trusts that Saudi residents are intelligent enough to recognize that this is the future, and diversifying beyond petrol is not only practical but is the only way to secure a sustainable economy and environment.

“You have to add a positive impact – that is the purpose of us as human beings. Because if my ancestors didn’t attempt improving their minds and our lives, we wouldn’t be in what we are in today. So I only have to try,” he said.

SAO PAULO: Saudi Investment Minister Khalid Al-Falih on Saturday visited Argentina, where he met with Foreign Minister Santiago Cafiero and discussed cooperation and joint business initiatives.

The two ministers also promoted a round of negotiations between Saudi businesspeople and Argentinian companies.

The meeting was part of a plan established by Saudi Arabia and Argentina in November 2022, when Cafiero visited Riyadh and a roadmap was negotiated in order to enhance bilateral relations.

Argentina has been a fundamental partner of Saudi Arabia in a number of sectors, especially food production.

The Kingdom has been investing in energy ventures and infrastructure in the South American country.

During their meeting, Al-Falih and Cafiero signed two agreements, one concerning the promotion of direct investments, and the other on geological cooperation.

The Saudi Public Investment Fund is partially funding an aqueduct between the Argentinian cities of Cordoba and Santa Fe. Other infrastructure projects were discussed between the two ministers.

“In the agricultural sector, in food production, we have been making progress, as well in scientific and technological development, with an increase in productivity and environmental protection,” Cafiero said during the meeting, referring to joint initiatives and potential actions, Argentinian news agency Telam reported.

He added that the COVID-19 pandemic, the climate crisis and the Russia-Ukraine war have caused food insecurity, and Argentina “is a global player and can be a solution.”

Alfredo Abboud, secretary-general of the Argentinian Chamber of Commerce and Services for the UAE, said Saudi Arabia and other Gulf nations have been looking at South America with special interest in recent years because of the region’s food-production potential.

“Both Brazil and Argentina are well positioned at this moment as food producers due to their vast farmable lands and well-developed industrial agribusiness,” he told Arab News.

Before traveling to Buenos Aires, Al-Falih and his delegation were in Brazil — Saudi Arabia’s most important commercial partner when it comes to animal protein — where a number of deals were signed.

The pandemic has been a turning point for the whole world in terms of food security, and the Gulf nations — especially Saudi Arabia and the UAE — have in South America their most important allies in that matter, Abboud said.

“They’re interested in cultivating strong bonds with other countries. Helping us to develop infrastructure is part of that process, given that we’re not fully mature in that area,” he added.

Earlier this year, Argentina and the Saudi Fund for Development signed a $500 million agreement for food and energy endeavors.

The deal included the Nestor Kirchner Gas Pipeline, whose first branch will connect the Vaca Muerta reserve in the region of Patagonia to Buenos Aires province.

The pipeline was announced by President Alberto Fernandez’s administration as the country’s most important infrastructure project in 40 years, given that it is expected to greatly improve energy generation in the most productive economic centers of Argentina.

The negotiations between Argentinian companies and Saudi businesspeople included potential deals in areas such as agriculture, fertilizers, energy (including renewables) and new technologies.

Julio Husain Made, who heads the Argentine-Arab Chamber of Commerce, accompanied business leaders of different economic segments to the meeting.

“We were there with businesspeople from the electro-medical industry, which exports its products to several Arab nations and can expand its presence in Saudi Arabia,” he told Arab News.

Representatives of clothing companies, pharmaceutical companies and home-appliance makers were also present in order to look for opportunities to take Argentinian brands to the Kingdom, he said.

The ministers also discussed opportunities in new technologies and startups, a segment that has been growing in both nations.

“Between 2022 and 2023, the sector of startups has grown and we have almost dominated the Middle East, so we have many startups in Saudi Arabia but not enough to absorb all the investors’ enthusiasm,” said Al-Falih, who invited Argentinian businesspeople to visit the Kingdom and seek funding there.

Husain Made said he felt that the Saudis had “great excitement” about doing business in Latin America and especially in Argentina.

“We have totally complementary economies, so there’s huge potential to develop initiatives together,” he added.

The Argentine-Arab Chamber of Commerce will promote a mission of Argentinian businesspeople to Saudi Arabia in the near future, Husain Made said.

Al-Falih’s tour of several Latin American countries began with Brazil. On Friday he visited Chile, where he met with Foreign Minister Alberto van Klaveren and Economy Minister Nicolas Grau, and discussed potential partnerships in renewable energies and water management.

Saudi Arabia and Chile signed an agreement to improve cooperation and identify economic fields in which direct investments could benefit both countries.

RIYADH: Aiming to accelerate the growth of the sports sector in Saudi Arabia and the Middle East and North Africa region, the Kingdom’s Public Investment Fund has established a new sports investment company.

SRJ Sports Investments Co. will focus on acquiring and developing new events intellectual property, commercializing notable competitions and organizing major global events in Saudi Arabia.

The PIF-owned company will target firms specialized in providing fan engagement activities and disruptive technology across the sector, reinforcing the Kingdom’s position as a global leader in sports and entertainment destination.

As a long-term investor, the entertainment, leisure, and sports sector is one of the sovereign wealth fund’s 13 priority sectors for investment.

Commenting on the development, Raid Ismail, head of MENA Direct Investments at PIF said: “The company will complement other PIF investments in the sports sector, all of which are contributing to a more vibrant society, in line with PIF’s strategy and Saudi Vision 2030.”

RIYADH: In a bid to help Saudi enterprises take maximum advantage of the government’s various financing initiatives, the Kingdom’s Small and Medium Enterprises General Authority, also known as Monsha’at, has organized Finance Week starting on Aug. 6 to promote the growth of their facilities in the market.

The authority has established the event in collaboration with several Saudi banks, government agencies and sectors concerned with financing solutions and investment funds.

The activities of Finance Week will contribute to raising the level of knowledge of SMEs in the country, the Saudi Press Agency reported.

RIYADH: Oman’s annual inflation rate slightly eased to 0.69 percent by the end of June compared to 0.9 percent recorded in the previous month, the latest data from the country’s National Center for Statistics and Information revealed.

Oman’s inflation was driven by increases in key components of the consumer price index, with a notable surge in food and beverages by 2.18 percent.

This was predominantly due to price escalations across several food categories, including dairy products and eggs which grew by 9.78 percent, followed by seafood at 5.19 percent in June.

Other products that saw a rise in price include cooking oils and fats which increased by 4.81 percent, along with fruit, bread, and cereals which went up by 4.3 percent and 2.34 percent, respectively.

However, meat and vegetable prices were reduced by 0.12 percent and 5.65 percent, respectively, the report showed.

Additionally, price increases were recorded in sectors like hospitality which rose by 3.68 percent, and home furnishings and maintenance also increased by 2.93 percent. Meanwhile, miscellaneous goods and services rose by 2.33 percent.

Tobacco prices also saw an increase of 2.11 percent, along with culture and entertainment prices which were up by 1.73 percent.

The country’s healthcare sector also saw a price rise of 1.28 percent, while apparel and footwear prices grew by 0.56 percent, besides education which recorded a marginal rise of 0.05 percent.

The utility segment also saw a marginal rise of 0.02 percent. Conversely, the transportation and communication sectors experienced price decreases of 1.74 percent and 0.22 percent, respectively.

Al-Buraimi recorded the highest inflation rate among all the governorates in Oman at 1.3 percent.

In contrast, both North Al-Sharqiyah and South Al-Sharqiyah reported the lowest inflation rate at 0.2 percent while Muscat experienced an uptick in inflation by 1 percent and Al-Dakhiliyah and Dhofar governorates each recorded 0.7 percent.

Al-Dhahirah followed closely with a 0.6 percent inflation rate, and North Al-Batinah registered 0.4 percent.

Furthermore, Oman marked a significant year-on-year surge of 23.3 percent in its foreign direct investments during the first quarter of 2023 to reach 21.2 billion Omani rials ($55.5 billion).

At the end of the first quarter of 2023, the oil and gas extraction sector dominated foreign direct investments, boasting a significant rise to 15.8 billion rials compared to the same period last year which recorded 11.69 billion rials.

In contrast, the manufacturing industry observed a slight downturn in investment, dipping to 1.57 billion rials, down from 1.67 billion rials in the first quarter of 2022.

RIYADH:

Residents in Qatar will soon have access to buy now, pay later services as the country’s central bank issued a notification asking interested companies to apply for licenses to offer this facility.

In a statement issued on Sunday, the Qatar Central Bank stated that firms willing to operate in this sector must apply for a license, adding that the application process will open in September.

This move aims to license and regulate the BNPL services in the country as it embarks on a journey to support diversification and innovation within the financial sector under Qatar National Vision 2030.

The licensing also aligns with the financial sector strategy and QCB’s continuous efforts to regulate and develop the country’s financial sector.

The BNPL system is an alternative payment method that allows customers to purchase products and services and split the total cost into affordable time-specific repayment options.

“This payment method not only allows customers to indulge in their desired purchases without straining their budget, while providing multiple benefits like easy budgeting and planning future payments,” the bank said in a statement.

“Additionally, most BNPL services do not charge late or other fees if the installments are paid on time, making it accessible to a wider range of customer segments,” it added.

In fact, BNPL has become the preferred mode of payment in the region, said top financial technology players speaking at a panel discussion on the system’s evolution at the DIFC Fintech in June 2022.

During the event, the industry leaders pointed out how this finance option has revolutionized the fintech industry.

In March, QCB announced that it is embarking on a fintech journey to propel diversification and innovation within financial services in line with the Qatar National Vision 2030.

At the time, the bank disclosed that this journey constitutes diversification and innovation of the financial services industry as a central pillar of the Qatari economy, positioning the country as an attractive hub for foreign direct investment, talent and building a knowledge-based economy.

In addition, this strategy has been designed considering several critical principles, including leveraging investments Qatar has made and the country’s geographical and global reach.