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Arab News
3 days ago
- Business
- Arab News
‘Retailtainment' shaping growth of shopping malls in Saudi Arabia
RIYADH: Shopping malls in Saudi Arabia have strong growth prospects, as consumers increasingly prefer the convenience of retail and entertainment offerings combined under one roof, experts have told Arab News. Strengthening the Kingdom's retail sector, including the development of shopping destinations, is one of the crucial goals outlined in the Vision 2030 program, as Saudi Arabia aims to become a global hub of business and tourism by the end of the decade. In June, a report by global real estate consultancy Knight Frank revealed that Riyadh is leading the Kingdom's retail transformation, with mall rents up 4 percent in a year and 2.2 million sq. meters of new retail space planned by 2030. According to the analysis, average mall rent in the Saudi capital rose to SR2,848 ($765) per sq. meter by the end of March, with occupancy rates up 5 percent to reach 92 percent in the first quarter of 2025. Speaking to Arab News, Olivier de Cointet, senior adviser at management consulting firm Arthur D. Little, said that shopping malls are set to thrive in the Kingdom as they evolve into social venues rather than mere shopping destinations. 'With retailtainment, which is the fusion of retail and entertainment, becoming an essential part of the customer experience, malls play a significant role in supporting the Kingdom's vision to become a business and tourist destination hub,' said Cointet. He added: 'These destinations enhance Saudi Arabia's appeal as a business and tourism hotspot and keep more consumer spending within the Kingdom.' Anthony Spary, head of retail, leasing, and offices at CBRE for the Middle East and North Africa region, echoed similar views, saying that shopping malls in the Kingdom could serve as social hubs for both locals and visitors, promoting cultural exchange and providing a platform for both international and homegrown brands. Today's consumer expects seamless integration between all channels, and this benefits physical as well as digital retail in terms of driving footfall, experience, and convenience. Sundeep Khanna, partner at ADL 'Malls often feature concepts such as family entertainment centers, cinemas, cultural events as well as unique anchor attractions, all of which will draw tourists and encourage repeat footfall with residents,' said Spary. Joe Abi Akl, partner and head of Oliver Wyman's Retail and Consumer practice for India, the Middle East and Africa, said that shopping malls in Saudi Arabia have allocated nearly half of their gross leased area to non-retail activities, which could help them serve as social and entertainment destinations. 'Shopping malls, with a pipeline exceeding 6 million sq. meters of GLA, play a vital role in this vision by offering integrated, experience-led environments. With more than 40 percent of mall space planned for non-retail activities, they're not just commercial centers, but social and cultural anchors that enrich the Kingdom's appeal as a leisure and lifestyle destination,' said Abi Akl. These comments align with Saudi Arabia's efforts to become a global hub for tourism and business by the end of the decade, with the Real Estate General Authority projecting the property market to reach $101.62 billion by 2029, representing a compound annual growth rate of 8 percent from 2024. Shaping retail spending CBRE's Spary said the rising number of shopping malls in the Kingdom is expected to boost retail spending as they provide consumers with convenience and a wide variety of product choices. 'Saudi Arabia offers a unique retail landscape in the region, providing a blend of strip malls, line retail, as well as community and regional shopping districts. This new wave of shopping malls will only add to this offering and create a more varied mix for the consumer,' added Spary. These views regarding consumer spending align with the findings of a recent report published by global consulting firm AlixPartners, which said the Kingdom's consumer market is evolving rapidly, characterized by adaptability, shifting spending patterns, and resilience in the face of global economic challenges. AlixPartners noted that the groceries and clothing categories are expected to remain key spending sectors in 2025, with consumers prioritizing value-driven deals and savings. Craig Watson, head of retail at JLL in the Kingdom, stated that the development of several high-quality retail centers will transform the consumer experience across Saudi Arabia, offering a wide array of choices and ultimately boosting overall spending. 'When regions go through extensive and rapid growth, the consumer is always the winner, with increased supply providing new and exciting concepts to experience. The retail mix, success, and execution of these places will ultimately determine the share of wallet and who benefits most,' said Watson. In February, during the Retail Leaders Circle, Abdellah Iftahy, senior partner at McKinsey and Co., said that the Kingdom's retail sector is undergoing a significant transformation, driven by a digitally savvy young population and increasing consumer confidence. He added that by 2035, 75 percent of retail spending is expected to come from the Saudi youth. E-commerce vs. shopping malls Although the growth of e-commerce in Saudi Arabia may pose challenges for traditional retail formats, it can also complement the development of malls in the Kingdom, according to experts. Watson notes that the Kingdom has emerged as a major e-commerce hub in the Middle East and North Africa, driven by its young, tech-savvy population and expanding internet coverage. He believes the growth of the e-commerce sector will not negatively impact the operations of shopping malls nationwide. • Strengthening the Kingdom's retail sector, including the development of shopping destinations, is one of the crucial goals outlined in the Vision 2030 program. • Riyadh is leading the Kingdom's retail transformation, with mall rents up 4 percent in a year and 2.2 million sq. meters of new retail space planned by 2030. 'As is the case with every region, the overwhelming majority of retail sales is derived from brick-and-mortar transactions. Malls will need to adapt by integrating technology, enhancing the customer experience and offering unique in-person experiences that cannot be replicated online,' said Watson. According to Spary, many consumers still prefer the tactile experience of shopping in person, and malls can integrate e-commerce by offering click-and-collect services. 'Malls can serve as experiential spaces where brands showcase their products, attracting customers who enjoy the physical shopping experience. Taking into account both cultural shopping preferences as well as the impact of the climate on consumer behavior, increasing e-commerce penetration will add to the overall omnichannel approach that retailers are adopting across the region,' said Spary. Sundeep Khanna, partner at ADL, said that the growth of the e-commerce sector is not cannibalising shopping malls, but is actually complementing them. 'Today's consumer expects seamless integration between all channels, and this benefits physical as well as digital retail in terms of driving footfall, experience, and convenience,' said Khanna. Attracting international brands Spary told Arab News that the transformation and upgrade of retail offerings in the market of Saudi Arabia will pave the way for new international brands to enter and grow within the Kingdom, contributing to the country's wider economic goals. According to the CBRE official, the entry of new brands will not only enhance consumer choices but also stimulate a competitive environment that encourages brand expansion and attracts investment. 'CBRE is currently seeing record levels of demand from international brands looking to expand into the region. This demand is likely to continue given the robust and ever-maturing nature of this market,' said Spary. Cointet noted that Saudi Arabia has become an attractive destination for global fashion, luxury, and food and beverage retailers, drawn by the population's strong spending power and the rise of premium mall spaces such as Riyadh Park and Mall of Arabia. 'Mall expansion goes hand-in-hand with pro-investment reforms — for example, Saudi Arabia now allows 100 percent foreign ownership in the retail sector, encouraging international companies and developers to invest directly,' added Cointet. The Arthur D. Little official further stated that the expansion of shopping malls in the Kingdom will also provide local brands with unprecedented opportunities to establish a national and international footprint. 'This is critical for developing the Saudi economy and I anticipate we will see more Saudi-owned brands enter the world stage in the coming years,' added Cointet. Potential challenges The experts also highlighted some of the challenges in Saudi Arabia's retail landscape, particularly surrounding shopping malls, including oversupply. 'Whilst there's certainly a risk of oversupply with many large projects due to be delivered over the course of the next two to three years, the need for continuous innovation and adaptation to changing consumer trends will be crucial for the sustainability of shopping malls in the Kingdom,' said Spary. The CBRE official further said that new attractions, entertainment options, and cultural elements will play a pivotal role in reshaping the retail landscape in the market. Spary added that the integration of these features will create a more engaging and immersive experience for consumers, ultimately redefining how shopping is perceived and enjoyed in the Kingdom. Cointet expressed a slightly different view, stating that the demand for malls in Saudi Arabia is expected to rise in the coming years due to population growth. He explained that this challenge could be addressed by developing large-format mega malls that serve as destinations in themselves, alongside smaller community malls designed to offer convenience at the local level. In April, a separate analysis by S&P Global said that oversupply, changing retail preferences, and pressure on rental yields amid elevated capital expenditure by landlords could exert pressure on the Kingdom's retail sector. According to the US-based agency, the volume of retail projects in the pipeline raises the risk of potential oversupply, particularly in secondary locations where demand may not be sufficient to absorb new retail spaces. Discussing the risk of oversupply, Cointet said: 'Saudi Arabia's aggressive development pipeline of new retail space underway — raises the risk of too much supply coming to market, which could pressure occupancies and rents in some areas, or even threaten the launch of some of the programs.' He added: 'Landlords and developers may need to differentiate their properties with unique experiences, dining, and entertainment offerings — and even offer lease incentives — to avoid saturation and keep shoppers engaged in an evolving retail landscape.'
Khaleej Times
28-05-2025
- Business
- Khaleej Times
UAE: 72% survey respondents prefer mobile banking apps
Driven by customers' growing appetite for seamless digital and in-person services, the UAE banking sector is undergoing a profound transformation, according to a new study. Conducted with 24 UAE banks by Arthur D. Little (ADL), the survey released on Wednesday reveals that 72 per cent of UAE respondents now prefer mobile apps as their primary banking channel, drawn to their convenience, intuitive interfaces, and personalised financial tools. This digital surge reflects a broader global trend, with the UAE's mobile banking adoption rate outpacing many developed markets, where mobile app usage averages 65 per cent, per a 2024 Statista report. Despite this digital dominance, physical branches remain vital for complex financial needs. Around 35 per cent of UAE customers still visit branches for services like loan applications and mortgages, valuing the trust and expertise of in-person interactions. High-income customers, in particular, show a nuanced preference: 70 per cent favor digital solutions for routine banking but rely on face-to-face advisory for high-value decisions. Additionally, 43 per cent of respondents regularly use self-service kiosks for tasks like cash withdrawals and account inquiries, indicating a demand for hybrid solutions that blend automation with human touch. Mobile wallet adoption is also on the rise, especially among younger and tech-savvy middle-income groups. The UAE's mobile payment market is projected to grow by 8.2 per cent annually through 2030, driven by innovations like contactless payments and digital remittances, according to a 2025 PwC report. This trend underscores the need for banks to enhance digital self-service options, such as advanced kiosks for loan processing and card issuance, alongside robust mobile wallet functionalities. Martin Rauchenwald, partner and global head of financial services at ADL, said by integrating advanced digital platforms with high-quality in-branch advisory, banks can build trust and loyalty. Seamless omnichannel strategies are key to meeting evolving customer expectations.' Rezwan Shafique, principal at ADL Middle East, added that investments in AI-powered personalization and digital literacy programs are critical to bridging the digital divide and enhancing user experiences across mobile apps, online portals, and branches. The survey highlights the growing demand for 'phygital' banking — merging digital efficiency with personalized human interactions. UAE banks are urged to adopt hybrid models, leveraging AI-driven wealth management tools and optimised remittance platforms while maintaining trusted in-branch consultations. According to banking industry experts, with the UAE's financial sector contributing 14.2 per cent to the national GDP in 2024, per the UAE Central Bank, these strategies are essential for banks to stay competitive.
Yahoo
21-05-2025
- Business
- Yahoo
Why TMC The Metals Company Skyrocketed Today
A news article over the weekend appears to have highlighted the potentially massive opportunity for deep sea mining. On April 24, the Trump administration issued an executive order to speed up the permitting for deep sea mining operations. One study put the value of undersea metals at $20 trillion. 10 stocks we like better than TMC The Metals Company › Shares of Vancouver-based TMC The Metals Company (NASDAQ: TMC) rocketed 22.7% higher on Monday as of 1:07 p.m. ET. The Metals Company was mentioned in a Wall Street Journal article this past weekend, highlighting an April 24 executive order from the Trump administration directing the National Oceanic and Atmospheric Administration (NOAA) to grant permits to mining companies to extract critical metals from the sea floor. The metals include manganese, cobalt, copper, and nickel. While the executive order happened in late April and The Metals Company surged on the news, apparently this WSJ piece has increased the company's visibility and the overall massive financial opportunity for the company, sending the stock another leg higher. The WSJ piece pointed to a 2024 analysis by consulting firm Arthur D. Little that estimated the worth of undersea metals at $20 trillion globally. And while the administration's executive order came over the objections of the International Seabed Authority, the WSJ also highlighted a 2021 MIT study and a recent U.K. National Oceanography Center study, which each showed the environmental impact might not be as bad as feared. Of note, The Metals Company, which was founded in 2011, has been specifically formed for the deep sea opportunity off the coast of California. Following the executive order, TMC applied for a permit just five days later -- the first company to do so. And after the order and application, the company raised $37 million in equity at $3 per share from a strategic investor, which the company said was enough to fund itself through the potential issuance of the permit. On its first-quarter update, chairman & CEO Gerard Barron said, "We have invested over a half a billion dollars and more than a decade preparing for this moment." TMC's market cap is around $2 billion now, even though the company isn't making any revenue and is generating losses while raising more capital. So, the stock is extremely speculative here and not meant for conservative investors. Still, as an early mover in this potentially massive opportunity, TMC has a huge amount of upside if many things go right -- if it obtains the requisite permits, if it can extract these metals off the sea floor in a cost-effective way, and if the prices of these metals generate a requisite return. So for investors interested in these types of "lottery ticket" opportunities, The Metals Company is a name to add to your list, especially after the April 24 executive order. Before you buy stock in TMC The Metals Company, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and TMC The Metals Company wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $642,582!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $829,879!* Now, it's worth noting Stock Advisor's total average return is 975% — a market-crushing outperformance compared to 172% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of May 19, 2025 Billy Duberstein and/or his clients have no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Why TMC The Metals Company Skyrocketed Today was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Arab News
17-05-2025
- Business
- Arab News
Saudi entertainment industry set to power economic diversification
RIYADH: Saudi Arabia's growing entertainment sector is set to become a key catalyst for growth across various industries and a central pillar in the Kingdom's broader economic diversification strategy, according to experts. Strengthening the industry is vital as Saudi Arabia continues to shift away from its long-standing dependence on oil revenues, aligning with its ambitious efforts to build a more resilient and diversified economy. The rapid growth of the Kingdom's entertainment sector is underscored by recent data and forecasts, including a report by AlixPartners which revealed that 33 percent of Saudi consumers plan to increase spending on out-of-home entertainment — significantly higher than the global average of 19 percent. Supporting this trend, data from the Ministry of Commerce showed that commercial registrations in the Kingdom's arts and entertainment sector rose by 20 percent in 2024 compared to 2023. Notably, innovative arts and entertainment activities saw a 30 percent increase, reaching 4,188 registered entities, while amusement park activities grew by 26 percent, totaling 6,108 registrations. In an interview with Arab News, Shahid Khan, partner and global head of Media, Entertainment, Sports, and Culture at consulting firm Arthur D. Little, highlighted the sector's potential to generate a ripple effect across hospitality, tourism, and retail, as well as real estate, and technology. 'Major events and attractions are drawing both international and domestic tourists — contributing directly to the Kingdom surpassing its original target of 100 million annual visitors by 2030, an achievement reached seven years ahead of schedule,' said Khan. Major events and attractions are drawing both international and domestic tourists. Shahid Khan, partner and global head of Media, Entertainment, Sports, and Culture at consulting firm Arthur D. Little He added: 'This surge in tourism fuels demand for hospitality infrastructure, including hotels, restaurants, and local transport, while extending average visitor stay and spend.' The Arthur D. Little official added that the growth in the entertainment sector could also propel the retail industry, with entertainment-led foot traffic expected to drive commercial activity in malls, high streets, and mixed-use developments. Guillaume Thibault, partner and head of Sports and Entertainment at Oliver Wyman for India, the Middle East, and Africa, echoed similar sentiments, noting that Saudi Arabia's entertainment industry will spur growth in adjacent sectors by driving demand for complementary services. He added that emerging entertainment destinations are helping cities like Riyadh and Jeddah position themselves as lifestyle hubs with the potential to compete on a global scale. 'Large-scale events and festivals drive hotel occupancy and airline bookings, while lifestyle venues anchor foot traffic in malls and high streets. Technology adoption accelerates through the demand for ticketing, crowd management, and immersive experiences,' said Thibault. He added: 'Entertainment is a key downstream activator for mega-events and is intricately intertwined with the urban fabric of these mega events, enhancing the hospitality, tourism, and retail sectors.' Looking ahead, the Ministry of Investment projects that the entertainment sector could generate 450,000 jobs and contribute 4.2 percent to Saudi Arabia's GDP by 2030. Impacts: retail spending, real estate and FDI Thibault emphasized that Saudi Arabia's youthful population — most of whom are under the age of 35 — will be a key driver of growth in the Kingdom's entertainment sector and could significantly boost retail spending. He noted that for young Saudis, entertainment is not viewed as a seasonal luxury, but rather as a regular and essential part of their spending habits. 'As more venues and formats become available, consumers are reallocating discretionary income from international travel to local entertainment. This 'localization of lifestyle' is increasing the frequency and variety of spending, from dining and merchandise to experiential add-ons,' said Thibault. Khan expressed similar views and added that rising disposable income among people in Saudi Arabia is empowering consumers with the means to pursue experience-rich lifestyles. 'This financial capacity is enabling a broader cultural shift — especially among younger Saudis — toward valuing experiences over possessions, and prioritizing social, live, and recreational activities as a core part of modern living,' he said. Khan added: 'What was once a limited and largely outbound market is now being redirected into the local economy — creating a dynamic, self-sustaining entertainment ecosystem at home.' Commenting on its impact on the real estate sector, Thibault stated that the entertainment industry is reshaping property demand by revitalizing underutilized land, promoting mixed-use development models, and enhancing the attractiveness and viability of secondary cities. Thibault further noted that developers are increasingly incorporating dedicated entertainment zones and hybrid residential complexes into their plans, viewing them as key drivers of footfall and community engagement. 'This enhances land value, accelerates absorption rates, and encourages long-term leasing. Moreover, large entertainment projects are contributing to the emergence of new urban centers that align with the Kingdom's regional development goals,' said Thibault. Khan pointed out that the entertainment sector has already reshaped the Kingdom's real estate landscape, both directly and indirectly. He said that the entertainment boom has contributed to a rise in property values across the Kingdom, especially in areas adjacent to major attractions. Khan further said that large-scale entertainment destinations — such as those under Qiddiya, Diriyah, AlUla, and others — are also catalyzing new hospitality and retail clusters, creating demand for hotels, serviced apartments, dining spaces, and lifestyle-driven real estate. 'In addition, the rise of cultural and live event venues across second-tier cities and emerging districts is stimulating regional real estate development, encouraging urban sprawl and infrastructure investment beyond the major metropolitan areas,' said Khan. In terms of the potential of attracting foreign direct investments, Thibault said that the Kingdom's entertainment sector presents a 'rare greenfield' opportunity in a G20 economy, supported by policy backing, untapped demand and significant scale. 'As regulatory clarity improves and exit mechanisms mature, we anticipate a rise in joint ventures, venture capital deployment in entertainment startups, and the entry of global operators, making entertainment a cornerstone of the Kingdom's FDI narrative,' said the Oliver Wyman official. Khan said that Saudi Arabia's sovereign wealth fund is playing a catalytic role — both directly and through its giga-projects and portfolio companies — by investing in and forming strategic partnerships with foreign players across the entertainment spectrum. He added that the efforts of PIF are facilitating market entry and localization of globally leading companies in key areas such as theme parks, live entertainment, attractions, and hospitality. Large-scale events and festivals drive hotel occupancy and airline bookings. Guillaume Thibault, partner and head of Sports and Entertainment at Oliver Wyman for India, the Middle East, and Africa In September, the PIF launched the National Interactive Entertainment Co. to create immersive storytelling experiences rooted in the Kingdom's heritage and Islamic history. The newly established firm, known as QSAS, will focus on developing, owning, and operating world-class interactive exhibitions throughout the Kingdom, the wealth fund said in a statement at that time. 'The entertainment sector is emerging as a key gateway for FDI in Saudi Arabia, underpinned by strong market fundamentals, government-backed infrastructure, and a robust regulatory push aligned with Vision 2030,' said Khan. In January, Saudi Arabia's General Entertainment Authority unveiled 29 investment opportunities targeting six key sectors of the industry. The targeted sectors include facilities, destinations, water parks, adventure parks, virtual reality parks, and e-gaming centers. Cinema and journey beyond Speaking to Arab News, Thibault noted that Saudi Arabia has rapidly emerged as one of the fastest-growing cinema markets in the world. He added that this momentum could pave the way for a new wave of industry growth by encouraging local content creation, supported through public-private co-investment models and enhanced by regulatory incentives for film production and post-production infrastructure. 'Elevating local narratives while attracting international studios can simultaneously boost soft power and develop a self-sustaining film economy,' said Thibault. Khan echoed similar views and said that Saudi Arabia currently has more than 600 screens and has witnessed a doubling of both ticket sales and box office revenues between 2019 and 2024. 'Expanding cinema access to underserved regions and enhancing operators' business models — by tapping into diversified revenue streams such as F&B, experiential offerings, and advertising — will be essential for long-term profitability and sector sustainability,' said Khan. He added: 'Additionally, forging international partnerships through co-productions, location incentives, and distribution alliances would further strengthen the overall industry while enabling knowledge transfer and job creation.' Thibault emphasized that Saudi Arabia should ambitiously expand its entertainment landscape beyond traditional formats such as cinema by investing in immersive, experience-driven offerings. These include esports arenas, mega-theme parks like those planned in Qiddiya, mixed-reality shows, adventure tourism, and platforms centered around heritage-based storytelling.
Trade Arabia
16-04-2025
- Business
- Trade Arabia
Saudi Arabia to lead $8bn regional feeder shipping boom
Saudi Arabia is expected be a future powerhouse in feeder shipping, a high-potential segment of maritime trade set to grow to $451 billion globally by 2030, a new report has said. The Middle East, East Africa, Turkey (MEEAT), and South Asia region alone is forecast to account for $8 billion of that total, making it one of the most strategically valuable feeder markets in the world, said the report from Arthur D Little (ADL). At the heart of this regional surge is Saudi Arabia. According to ADL's latest Viewpoint, Unlocking Opportunities in the Feeder Shipping Sector Saudi ports are poised to capture up to 45 percent of Red Sea feeder trade and 35 percent of Gulf trade, driven by infrastructure investment, geographic advantage, and Vision 2030's logistics transformation agenda. Red Sea throughput alone is projected to nearly double from 12 million TEUs in 2021 to 23 million by 2030, positioning the Kingdom as a linchpin for intra-regional and East–West container movement. Feeder shipping, the practice of transporting containers between smaller regional ports and major global hubs, is attracting growing interest from operators and investors due to returns on assets of 17 to 23 percent. This performance significantly outpaces returns in other freight and logistics segments such as rail, trucking, and traditional maritime transport. While historically overlooked, the sector has become an increasingly vital part of the global shipping ecosystem. 'Saudi Arabia sits at the intersection of macroeconomic shifts in global trade, regional port infrastructure growth, and heightened investor appetite for logistics assets that deliver strong, stable returns,' said Paolo Carlomagno, Partner at Arthur D. Little 'Its ability to combine geographic proximity to high-growth corridors with government-backed investment strategies creates a uniquely scalable feeder shipping environment that few markets globally can match.' ADL's analysis outlines a phased strategy for capturing this opportunity. New entrants to the Saudi market are encouraged to adopt asset-light models, chartering vessels and building lean, responsive operations before scaling through asset ownership and deeper integration with major liners, freight forwarders, and regional exporters. This approach helps reduce capital risk while allowing operators to adapt quickly to demand and align with specific Saudi trade flows in the Red Sea, Gulf, and Arabian Sea. 'Saudi Arabia offers a rare combination of volume potential, policy alignment, and port readiness that makes it a natural launchpad for feeder shipping operations,' said Alexandre Sawaya, Principal at Arthur D Little, Middle East. 'The Kingdom is no longer a peripheral player in maritime trade. It is fast becoming a focal point for regional connectivity and a strategic base for operators seeking scale and resilience.' The report also highlights feeder shipping's compatibility with Saudi Arabia's environmental priorities. Feeder vessels, being smaller and more agile, are easier to retrofit for clean fuels such as methanol, biodiesel hybrids, or hybrid-electric propulsion. This flexibility supports the kingdom's goals to reduce carbon emissions by 25 percent by 2030 and reach net-zero by 2060.
