Latest news with #SaudiMade
Leaders
28-04-2025
- Business
- Leaders
Riyadh Hosts Saudi-Egyptian Industrial Forum to Deepen Strategic Cooperation
The Saudi-Egyptian Industrial Forum officially opened today in Riyadh, held under the patronage of Minister of Industry and Mineral Resources Bandar Alkhorayef. The forum seeks to strengthen strategic industrial cooperation and deepen integration between Saudi Arabia and Egypt. Jointly organized by the Federation of Saudi Chambers of Commerce and the Federation of Egyptian Industries, the event attracted a high-level delegation, including Deputy Minister for Industrial Affairs Eng. Khalil bin Salamah, CEO of the Saudi Export Development Authority Abdulrahman Althukair, and over 300 influential industry leaders and investors from both countries. In his remarks, Eng. Bin Salamah highlighted the importance of advancing economic collaboration and industrial integration. He called for expanding partnerships in five key sectors outlined in Saudi Arabia's National Industrial Strategy: pharmaceuticals, automotive, building materials, textiles, and food industries. Saudi-Egyptian Industrial Forum He also pointed to growing strategic ties between the two nations, citing initiatives such as 'Saudi Made,' 'Future Factories,' and 'Made in Egypt,' alongside broader cooperation in goods and services. Additionally, bin Salamah encouraged Egyptian investors to explore opportunities in the Kingdom, referencing Saudi Arabia's ambitious plan to launch 24,000 new factories over the next ten years. Hassan Alhwaizy, Chairman of the Federation of Saudi Chambers of Commerce, described the forum as a pivotal moment in the evolving industrial alliance, stressing the critical role of economic cooperation in shaping a resilient bilateral partnership. Federation of Egyptian Industries Mohamed El-Sewedy, Chairman of the Federation of Egyptian Industries, noted that ongoing global challenges are accelerating the need for deeper industrial integration, positioning both nations to better access the opportunities of the African market. Bandar Al-Ameri, Chairman of the Saudi-Egyptian Business Council, emphasized the significant growth in trade between the two countries. He highlighted the recent signing of a mutual investment protection and promotion agreement as a major strategic step toward solidifying long-term economic ties. Related Topics : Egypt Signs MoU with KSA to Develop Real Estate Projects Saudi Arabia, Egypt Deepen Industrial Cooperation Saudi Arabia is the largest investor in Egypt with total investments of $55 billion in 5,350 projects Egypt Signs MoU with KSA to Develop Real Estate Projects Short link : Post Views: 2
Asharq Al-Awsat
28-04-2025
- Business
- Asharq Al-Awsat
Riyadh Hosts Saudi-Egyptian Industrial Forum
The Saudi-Egyptian Industrial Forum kicked off in Riyadh on Monday under the patronage of Minister of Industry and Mineral Resources Bandar Alkhorayef. The forum aims to bolster strategic industrial cooperation and integration between the two countries. Organized by the Federation of Saudi Chambers of Commerce in collaboration with the Federation of Egyptian Industries, the forum witnessed the participation of Deputy Minister for Industrial Affairs Eng. Khalil bin Salamah, Saudi Export Development Authority CEO Abdulrahman Althukair, and 300 prominent Saudi and Egyptian industry leaders and investors. Bin Salamah underscored the significance of strengthening economic cooperation and industrial integration between Saudi Arabia and Egypt. He advocated for enhanced industrial partnerships within five priority sectors identified in the Kingdom's National Industrial Strategy: pharmaceuticals, automotive, building materials, textiles, and food industries. He highlighted the evolving strategic integration between the two countries across initiatives like "Saudi Made,Future Factories," and "Made in Egypt," as well as in the broader goods and services sector. Bin Salamah urged Egyptian industrialists to capitalize on the industrial investment opportunities available in the Kingdom, citing its ambitious plans to establish 24,000 new factories over the next decade. Federation of Saudi Chambers of Commerce Chairman Hassan Alhwaizy hailed the forum as a crucial milestone in Saudi-Egyptian industrial collaboration, emphasizing the strategic partnership underpinning their economic relations, particularly in the industrial sector. Federation of Egyptian Industries Chairman Mohamed El-Sewedy stated that current global challenges are accelerating the need for industrial integration between the two countries, strengthening their partnership to tap into the African market's potential. Saudi-Egyptian Business Council Chairman Bandar Al-Ameri highlighted the substantial growth in trade exchange between Saudi Arabia and Egypt in recent years, fueled by developing economic partnerships between their respective business communities. He emphasized that signing the agreement to protect and encourage mutual investments represents a strategic achievement serving their shared interests.
Arab News
03-04-2025
- Automotive
- Arab News
PIF's Lucid's quarterly deliveries rise, Amazon-backed Rivian's fall sharply
BENGALURU: Electric automaker Lucid posted a 58 percent jump in first-quarter deliveries on Wednesday as it lowered prices of its vehicles, while peer Rivian Automotive reported a 36 percent decline. The Public Investment Fund-backed Lucid has also offered incentives including cheaper financing to woo customers away from less expensive hybrid vehicles amid high interest rates. However, the company estimated revenue between $232 million and $236 million for the first quarter ended March 31, below Wall Street estimates of $256.3 million, according to LSEG-compiled data. Shares of Lucid and Rivian were down around 5 percent in extended trading. Lucid delivered 3,109 vehicles during the first quarter, compared with 1,967 in the same period last year. It produced 2,212 vehicles during the quarter ended March 31, up 28 percent, with more than 600 additional vehicles in transit to the Gulf country for final assembly. Rivian has been battling tough demand as consumers opt for cheaper hybrid and gas-powered vehicles in an uncertain economic and political environment. 'I would say the sector at the moment is out of favor. Over the medium to long term, EVs are still inevitable, and so it's just going to take some time for these companies to continue to ramp up,' said Andres Sheppard, senior equity analyst at Cantor Fitzgerald. Rivian CFO Claire McDonough had said in February vehicle deliveries would be lower this year due to soft demand, partially because of the impact of fires in Los Angeles. Demand could be further pressured as US President Donald Trump's tariff policies are expected to accelerate inflation and increase prices of automobiles, making consumers wary of committing to big purchases. Rivian CEO RJ Scaringe had said earlier this year the company expects higher costs from tariffs on Mexico and Canada as it has a supply chain footprint in these countries. The company delivered 8,640 vehicles in the quarter ended March 31, down from 13,588 a year earlier. But the deliveries exceeded analysts' estimate of 8,200, according to Visible Alpha. Rivian produced 14,611 vehicles in the first quarter, compared with 13,980 a year ago. It reaffirmed its annual deliveries forecast. Lucid and Rivian will report their first-quarter results on May 6. In January, Lucid Motors has become the first global automotive company to join the Kingdom's 'Made in Saudi' program, which grants the firm the right to use the 'Saudi Made' label on its products. Lucid's participation in the program follows the launch of its first international manufacturing plant in Saudi Arabia in September 2023. Located in King Abdullah Economic City, the facility is the Kingdom's first-ever car manufacturing plant and can currently assemble 5,000 Lucid vehicles annually during its first phase. Once fully operational, it is expected to produce up to 155,000 electric cars per year.
Arab News
16-03-2025
- Automotive
- Arab News
Frankly Speaking: Assessing Lucid and the Kingdom's EV ambitions
RIYADH: Faisal Sultan, vice president and managing director of Lucid Middle East, is confident about the company's trajectory and its growing presence in Saudi Arabia — a nation eager to establish itself as a key player in the global electric vehicle (EV) market. Lucid Motors has had a transformative year despite a leadership change following Peter Rawlinson's departure as CEO after 12 years in the post. Appearing on the Arab News current affairs program 'Frankly Speaking,' Sultan said the firm has been left on a strong footing. 'What Lucid is today is because of him,' Sultan told 'Frankly Speaking' host Katie Jensen. 'The company is in a growth stage and therefore Peter decided to hand it over to the team that he has established to take it forward.' Lucid, a pioneering EV manufacturer headquartered in the US, has set ambitious goals for its expansion in the Middle East, particularly in Saudi Arabia. Backed by the Saudi Public Investment Fund (PIF), which holds a significant stake in the company, Lucid is spearheading the development of the Kingdom's first EV manufacturing facility. The firm's assembly plant in Jeddah's King Abdullah Economic City, which opened in September 2023, is already operational. Construction is underway for a full-scale factory, expected to be completed by the end of 2026. 'I'm very proud of the team, what we've been able to accomplish in Saudi Arabia — the first-ever international automotive manufacturing plant in the Kingdom,' said Sultan. 'We are definitely going to move and expand on that. We're building a complete build unit factory now after the semi-knocked-down assembly factory, and that is currently under construction. It's on time and it's going to be completed, as previously stated, by the end of next year. 'It will have a capacity of 150,000 and we'll start producing some cars in early 2027 from there for global consumption.' Lucid Motors has joined the 'Made in Saudi' program, becoming the first global automotive company to do so, allowing it to use the 'Saudi Made' logo on its products, signifying quality and national pride, and reflecting the Kingdom's commitment to becoming a leader in innovative manufacturing. 'The 'Made in Saudi' badge is a very prestigious thing,' said Sultan. 'And it's a really emotional thing for our teammates out of Saudi Arabia because they feel very proud to be a part of history and to be the first automotive manufacturer that can say that we have a Saudi-made vehicle, which is now being exported to other countries. 'Even the public has perceived it as a medal.' Saudi Arabia's Vision 2030 economic diversification strategy places great emphasis on sustainability and clean energy, with the aim of electrifying 30 percent of vehicles on its roads by the end of the decade. Sultan believes this goal is attainable, given the steady increase in EV adoption and the government's strong policy support. 'Our estimates are, basically, about 6 to 7 percent of vehicles that are being sold in the country are already electric vehicles,' he said. 'But I think that's going to grow to 30 percent because of initiatives like the Saudi Green Initiative that really puts in the drive, the motivation, the policies, all of them coming together.' More can be done, however, to boost the uptake of EVs. 'One of the biggest challenges when you talk about EV adoption is the infrastructure,' said Sultan. 'And if the infrastructure is not there, it's not going to happen. So we're working with many companies, many partnerships that Lucid has. We're working with the government entities to make sure that the chargers are there.' Lucid's vehicles are often compared to other luxury EVs, particularly Elon Musk's Tesla range. However, Sultan is keen to clarify that Lucid is operating in a different league. 'We don't really consider Tesla as our main competitor,' he said. 'Because if you look at a Lucid's interior, and you look at the offerings that we have, how luxurious the car is, Tesla doesn't produce a car like that. 'They do have a technological electric vehicle but that is really not the segment. Now people do take that misconception and try to compare it. But it's an upgrade for a Model S person to come into a Lucid Air. They're upgrading.' Sultan says he is not concerned about Tesla entering the Saudi market, pointing to the healthy competition that already exists between other EV brands. 'There's the Chinese brand BYD. More competition is better because it gives the consumer the difference. And I think we need to just continue to have our powertrain capabilities that are much higher. For example, our motors give you per kilogram more horsepower.' Saudi Arabia is also launching its first ever domestic EV brand, Ceer, raising further questions about potential competition for Lucid within the Kingdom. However, Sultan sees Ceer as a complementary force rather than a rival. 'Saudi Arabia has been trying to do this for a while,' he said. 'Lucid gave it the opportunity to ignite that spark. And now that we've done so, we have Ceer, our sister electric vehicle company that is now owned by Saudi Arabia itself, its first national brand. And we have Hyundai, which has also signed a deal with them. 'The three companies — the two companies EV, one company mixed — I think that will give them 500,000 production units by 2030, around that time frame, and a capacity at least. And I think that will get the supply chain coming in, it will get the whole ecosystem developed and then from there on they can build on it.' There are, however, several barriers to the wider adoption of EVs in Saudi Arabia, including the hefty price tag attached to many vehicles currently on the market, the limited number of charging stations, and the lag in changing public attitudes. 'A lot of it is actually just the change itself, because a lot of people are really worried,' said Sultan. 'They're used to doing things a certain way. You have a car, you go to the gas station, you fill your gas anywhere. For them, it is an adopted way of living. And I think that's one of the things, we have to inform the consumer how easy it is.' Sultan stresses that home charging solutions will be key in easing the transition to EVs. 'I think the focus should be at-home charging and it should not be on public charging. If people are thinking that they're going to be charging all the time on public charging, I think that's really the wrong way to think about charging. It should be on your home base.' Another lag on the expansion of the EV industry as a whole is the availability of the rare earth minerals needed to make batteries. Although Lucid already has a reliable supply chain for its batteries, Saudi Arabia's mineral riches — particularly lithium — have not escaped its notice. 'Our suppliers really need those materials,' said Sultan. 'We typically don't buy them directly in raw form. But yes, we're keeping an eye on that and we're very lucky because Saudi Arabia is also, under Vision 2030, looking at the mining and minerals sector.' The company is also open to the idea of sourcing its EV batteries from a Saudi partner in future, but Sultan expects such collaborations to involve established global players. 'We're open to all these partnerships,' he said. 'Currently we buy from LG Chem, Samsung, and Panasonic. Samsung and Panasonic are the two biggest suppliers for our batteries right now.' Lucid is also working on battery recycling solutions, with discussions underway to establish a recycling facility in Saudi Arabia. 'Some studies have shown that 95 percent of these batteries now can be recycled,' he said. 'The cost to recycle needs to come down, and it is (coming down). If you go back five, six years ago, it was a tremendous effort to get these things recycled. But we are getting a lot of development happening, a lot more companies jumping into this.' Looking ahead to the future, Lucid has seen strong demand for its vehicles in the Gulf Cooperation Council area and intends to expand its presence across these key markets. 'The current focus is really within the GCC area,' said Sultan. 'That's where we want to focus on because the market for a luxury four-door sedan and a luxury full-size SUV is the strongest in the UAE, Saudi Arabia, Kuwait, Qatar.' He added: 'In Saudi Arabia, Riyadh is our biggest market. And we want to have a couple more locations in Riyadh. In the Eastern Province, in the Dammam, Al-Khobar area, we don't have a presence. We're definitely going to have a presence there.' With Saudi Arabia's growing commitment to the EV sector, Lucid Motors appears well-positioned to play a central role in shaping the Kingdom's automotive future. And with state investment and environmental policies taking priority, public uptake of EVs is expected to boom.
Trade Arabia
20-02-2025
- Business
- Trade Arabia
Sadafco joins #MadeInSaudi pavilion at Gulfood
Saudia Dairy & Foodstuff Company (Sadafco), a leading manufacturer and distributor of dairy and food products in the Middle East, is showcasing its commitment to innovation, quality and market expansion at Gulfood 2025 in Dubai, one of the world's largest annual food and beverage trade exhibitions. As Gulfood 2025 approaches its final day on Friday, Sadafco concludes its participation within the #MadeInSaudi . 'We are excited to participate in Gulfood 2025, which aligns with our strategy to support Saudi Vision 2030,' said Patrick Stillhart, Chief Executive Officer of Sadafco. 'By expanding our product portfolio, widening our distribution network and improving our manufacturing processes, we are actively delivering on Saudi Arabia's agenda for economic growth and food security, while also helping to create a more sustainable food ecosystem in Saudi Arabia and the wider Middle East.' 'We're looking forward to sharing our growth story with the thousands of visitors to Gulfood this year as part of the #SaudiMade pavilion,' he added. – TradeArabia News Service
