OSLO: Some want to save the planet even in the afterlife.
In Oslo, a funeral home offers the dearly departed a trip to their final resting place in an eye-catching electric hearse, as electric vehicles take over the roads in the Scandinavian country.
"Many people drive an electric car in Norway and some want to leave this planet in a green way," says undertaker Odd Borgar Jolstad, demonstrating his customised Tesla in the tranquility of the Grefsen cemetery overlooking the capital.
"So this is our little contribution to the environment," he smiles.
Rich or not, young and old, hip urbanites and rural dwellers alike: Norwegians, including Crown Prince Haakon, are increasingly switching to electric cars.
The choice is especially green in this country, where most of the electricity produced is environmentally friendly, derived from hydro power.
From the affordable Nissan Leaf to the luxurious Tesla, more than half of new cars sold in the country in March were run on batteries rather than fuel.
"We will probably pass 50 percent" for the full year as well, says Christina Bu, secretary general of the Norwegian EV (electric vehicle) Association.
That is unprecedented in Norway and elsewhere, and the share is expected to increase further with the arrival of new models offering ever-increasing range.
While the Nordic country is the biggest oil producer in Western Europe, it is officially aiming for all new cars sold to be zero emission by 2025.
"There are of course some challenges but it's definitely possible," Bu says.
To meet that goal, Norway will have to switch into higher gear for its recharging infrastructure, setting up stations along motorways, in rural zones and private parking lots, she notes.
But do Norwegians, who owe their immense wealth to North Sea oil, really have a greater environmental conscience than others?
Probably not — the speedy electrification of the country's automotive fleet is attributed mainly to generous state subsidies.
Electric cars are almost entirely exempt from the heavy taxes imposed on petrol and diesel cars, which makes them competitively priced.
A VW Golf with a standard combustion engine costs nearly 334,000 kroner (34,500 euros, $38,600), while its electric cousin the e-Golf costs 326,000 kroner thanks to a lower tax quotient.
Per Kolner, a retired business leader in his late 60s, is already on his fifth electric car.
He bought his first one because of the high cost of city road tolls.
"First it was actually the cost," he says, standing in front of his spanking new Tesla 3.
"Tolls kept popping up all around and on my way to and from my work every day I had to pass them four times, which made about 10 to 15 dollars a day just in toll fees."
Electric cars have long been able to whiz through toll plazas without paying.
But even denizens of this wealthy state grumble about the cost.
As Norway's car fleet grows increasingly cleaner and is therefore subjected to fewer taxes, the state's revenue from car-related taxes is now 2.6 billion euros lower than in 2007, according to the government.
Some benefits have already disappeared: road tolls are no longer completely free, just reduced, and the same goes for parking and recharging stations in public parking lots.
Electric cars are also allowed to use bus lanes freely. However, as their large numbers slow down bus traffic, in the most congested parts of Oslo they can use bus lanes only if there are at least two or more people in the vehicle.
The duration of the exemptions — guaranteed until 2021 — is increasingly being questioned.
"We subsidise electric vehicles in Norway because they have somewhat lower CO2 emissions than conventional cars," notes Bjart Holtsmark, a researcher at Statistics Norway.
"But there are a lot of other social costs related to car driving: congestion, accidents, noise and so forth. And with respect to those types of problems there are very small differences related to these types of cars."
According to Norway's biggest insurer Gjensidige, new electric cars are involved in 20 percent more accidents involving personal injuries than diesel models, in part because of their faster acceleration.
Meanwhile, electric cars are attracting more than just private consumers, with commercial clients following the trend as well as taxis and postal and fire services, among others.
But on Oslo's streets, the electric hearse still raises eyebrows.
"Often, when we drive around, people walking by — and even some drivers — take out their phones to take pictures," says Jolstad, wearing a dark suit as befits the job he has held for three decades.
From princes to undertakers, Norway’s motorists go electric
From princes to undertakers, Norway’s motorists go electric
- Norwegians, including Crown Prince Haakon, are increasingly switching to electric cars
- Electric cars have long been able to whiz through toll plazas without paying
70% of Saudi employers say technological literacy is increasingly important skill, report finds
- World Economic Forum predicts net gain of 78m jobs by 2030, as half of employers globally plan to reshape businesses to benefit from technology-related opportunities
- However, largest job growth is expected to be among frontline roles such as farm workers, delivery drivers and construction workers
DUBAI: Macroeconomic conditions, geopolitical tensions and advancements in technology are among the factors shaping the global workforce, as the World Economic Forum projects 170 million jobs will be created worldwide by 2030.
The latest edition of the forum’s “Future of Jobs” report also predicted the displacement of 92 million jobs, leaving a net gain of 78 million over the next five years.
The largest job growth is expected to be among frontline roles such as farm workers, delivery drivers and construction workers. The WEF also expects increased demand for healthcare and educational professionals, and in the fields of artificial intelligence and energy, particularly renewable energy and environmental engineering.
The report said skills gaps are the leading barrier to business transformation. Nearly 40 percent of skills required for jobs are set to change and 63 percent of employers cited this as a key challenge they face.
Half of employers globally said they planned to reshape their business to benefit from technology-related opportunities and this will be reflected in the job market, with 77 percent of employers intending to upskill their employees.
Despite this growing demand for technological skills, human skills, such as creative and analytical thinking and agility, will remain essential, the WEF said.
However, 41 percent of employers said they plan to reduce workforce size because AI is capable of automating some tasks, with cashiers, administrative assistants and secretaries expected to see the largest declines in the next five years.
Companies in the Middle East and North Africa region are more positive about the availability of talent for recruitment by 2030 than their global peers, the report found, with 46 percent of regional employers expecting the hiring outlook to improve.
“The big trends creating new jobs globally — such as increasing digitalization, adoption of artificial intelligence and the transition away from a carbon-heavy economy — are the same ones driving economic transformation across the Middle East,” Till Leopold, the WEF’s head of work, wages and job creation, told Arab News.
Employers in the region, most notably in Saudi Arabia and the UAE, are also planning to accelerate the process of automation. For example, the proportion of work tasks expected to be mostly automated through the use of technology is projected to reach 45 percent by 2030 in the Kingdom and 43 percent in the UAE, both well above the global average of 34 percent.
As companies invest more in the latest technology, more 70 percent of employers in Saudi Arabia and 87 percent in the UAE identified technological literacy as a skill on the rise, along with growing demand for skills in networks and cybersecurity, and AI and big data.
The report stressed the need for “urgent and collective action across government, business and education” as employment continues to evolve, with key priorities including efforts to bridge skills gaps, invest in reskilling and upskilling initiatives, and enable easy access to the fastest-growing jobs and skills development.
“It is essential that public- and private-sector leaders work together to ensure people across the region are equipped with the right skills to benefit from these opportunities, including technology literacy, resilience and creative thinking,” said Leopold.
Saudi Arabia’s Hafr Al-Batin forum seals $4.5bn in investments
RIYADH: The Hafr Al-Batin Investment Forum 2025, held in Saudi Arabia’s Eastern Province, concluded with the signing of seven agreements totaling SR17 billion ($4.5 billion) across key sectors, underscoring the region’s growing economic potential.
The event, organized by the Hafr Al-Batin Chamber of Commerce in collaboration with the Federation of Saudi Chambers and hosted at the University of Hafr Al-Batin, aimed to position the province as a competitive hub for both local and international investors, in alignment with Saudi Arabia’s Vision 2030.
The forum was inaugurated by Eastern Province Gov. Prince Saud bin Nayef Al-Saud, who emphasized the province’s strategic advantages for investors.
He highlighted Hafr Al-Batin’s competitive investment landscape, noting its diversified economic opportunities and advantageous location, making it an ideal destination for investors looking to capitalize on sustainable growth prospects.
He also underscored the region’s infrastructure developments, which are critical for attracting investment and creating job opportunities for Saudi nationals.
The agreements signed during the forum marked a significant milestone in Hafr Al-Batin’s economic development, with the forum serving as an important platform for showcasing the region’s investment opportunities.
These agreements are expected to contribute to the province’s growing role in the Kingdom’s economic agenda, aligning with Vision 2030’s objectives of economic diversification and job creation. The event also highlighted Hafr Al-Batin’s efforts to attract foreign capital and foster local content within its industries.
In conjunction with the forum, the Eastern Province Development Authority launched a master plan for Hafr Al-Batin aimed at attracting SR47 billion in private sector investments. This plan is projected to contribute SR11 billion to Saudi Arabia’s gross domestic product and create more than 60,000 job opportunities for local residents.
One of the key announcements at the forum was the unveiling of the Middle East’s largest livestock city, a SR9 billion project designed to support Saudi Arabia’s goals of achieving self-sufficiency in livestock production and enhancing food security.
The city, backed by the Hafr Al-Batin Livestock and Marketing Association, will be developed on an expansive 11 million sq. meter site. Once operational, the project is expected to meet 30 percent of Saudi Arabia’s demand for red meat while generating over 13,000 jobs.
It will include state-of-the-art livestock farms, fodder production plants, a veterinary hospital, and advanced meat processing facilities. Sustainability will be a core feature, with the city powered by renewable energy, generating 15 billion kilowatt-hours of green electricity annually, producing 140,000 liters of milk per day, and 100 tonnes of fodder per hour. The facility will also feature an automated abattoir spanning 170,000 sq. meters, contributing 1.5 million sq. meters of leather production each year.
The forum drew a wide range of participants, including Prince Abdulrahman bin Abdullah bin Faisal, governor of Hafr Al-Batin, as well as high-ranking officials, business leaders, and investors from across the globe. The event was designed to showcase the province’s investment potential in sectors such as agriculture, livestock, healthcare, logistics, and infrastructure—critical areas for the region’s economic transformation.
Hassan Al-Huwaizi, chairman of the Federation of Saudi Chambers, emphasized the forum’s importance in advancing the Kingdom’s economic goals.
He pointed to the growth of Saudi Arabia’s trade and commerce ecosystem, driven in large part by Vision 2030’s transformative strategies, and highlighted the role of the Hafr Al-Batin Investment Forum as a vital platform for introducing the region’s opportunities to both national and international investors.
Sulaiman Al-Aqil, chairman of the Hafr Al-Batin Chamber of Commerce, described the forum as a pivotal moment in the province’s economic evolution.
The event featured participation from 24 government and private entities from 12 countries, four panel discussions with 19 speakers, and the release of a comprehensive economic study on Hafr Al-Batin’s investment potential.
With these agreements and initiatives, the forum not only highlighted the region’s expanding role in Saudi Arabia’s economic future but also reaffirmed the Kingdom’s commitment to becoming a leading global investment hub in line with Vision 2030’s objectives.
PIF invests $200m in new Saudi ETF by State Street Global Advisers
RIYADH: Saudi Arabia’s Public Investment Fund has invested $200 million in the newly launched SPDR J.P. Morgan Saudi Arabia Aggregate Bond UCITS exchange-traded fund.
In a press release, State Street Global Advisers, the US-based asset manager behind the ETF, called it the first fixed-income UCITS ETF focused on the Kingdom to launch in Europe.
This move comes as global investors look to capitalize on Saudi Arabia’s growing bond market, supported by economic and infrastructure developments under Vision 2030.
The ETF launch further underscores PIF’s strategy to enhance international access to Saudi Arabia’s diversified market and attract foreign investment. PIF’s portfolio also includes investments in ETFs listed in Hong Kong, Shanghai, Shenzhen, and Tokyo.
“PIF’s investment into the first internationally listed fixed-income Saudi ETF further deepens the Saudi market, while attracting investors and strengthening cross-geography partnerships, increasing international investment in Saudi Arabia,” said Yazeed Al-Humied, deputy governor and head of Middle East and North Africe Investments at PIF.
Undertakings for Collective Investment in Transferable Securities, or UCITS, are EU regulations that establish a standardized framework for investment funds marketed and sold to investors within the economic bloc.
Listed on the London Stock Exchange and Deutsche Börse’s Xetra in Frankfurt, the new fund tracks the J.P. Morgan Saudi Arabia Aggregate Index. This index provides exposure to the Kingdom’s financial instruments, including liquid dollar- and SR-denominated government and quasi-government bonds, as well as sukuk bonds.
“We are delighted to see such significant early-stage commitment from PIF into the SPDR J.P. Morgan Saudi Arabia Aggregate Bond UCITS ETF, a first of its kind in the industry. The creation of this fund sprung from our ambition to provide investors a compelling and innovative opportunity,” said Yie-Hsin Hung, CEO of State Street Global Advisers.
The ETF is accessible to investors in several European countries, including Austria, Denmark, and Finland, as well as France, Germany, and Italy. It is also available in Luxembourg, the Netherlands, and Norway, as well as Spain, Sweden, and the UK.
State Street Global Advisers, the asset management business of State Street Corp., has served governments, institutions, and financial advisers for over four decades, managing $4.73 trillion in assets.
The SPDR ETF range spans international and domestic asset classes, providing investors with flexible options aligned to diverse strategies.
Closing Bell: Saudi main index slides to close at 12,088
RIYADH: Saudi Arabia’s Tadawul All Share Index edged lower on Wednesday, dropping by 24.55 points, or 0.20 percent, to close at 12,088.74. The benchmark index saw a trading turnover of SR7 billion ($1.86 billion), with 127 stocks advancing and 112 declining.
The Kingdom’s parallel market, Nomu, also experienced a slight decline, falling by 32.97 points, or 0.11 percent, to settle at 30,776.15. Of the stocks listed on Nomu, 41 advanced while 42 retreated.
The MSCI Tadawul Index dropped 7.53 points, or 0.50 percent, to close at 1,506.86.
Among the top performers of the day was Nice One Beauty Digital Marketing Co., which made its debut on the main market on Jan. 8. The company’s share price surged by 30 percent, reaching SR45.50.
Other notable gainers included Al-Mawarid Manpower Co., which saw its stock rise 7.82 percent to SR135.20, and Al-Baha Investment and Development Co., which saw its share price climb 6.98 percent.
On the downside, National Co. for Learning and Education recorded the largest drop, falling 4.24 percent to SR185.20. Almoosa Health Co. also saw a decline of 3.84 percent, ending the session at SR140.40, while Alinma Retail REIT Fund Yanbu saw a 3.45 percent drop to SR4.76.
On the announcements front, Nice One Beauty Digital Marketing Co. revealed it is offering 34.65 million shares at SR35 each. SNB Capital is serving as the lead manager for the offering.
United Electronics Co. announced its estimated financial results for the year ending Dec. 31, 2024. The company reported a net profit of SR534.53 million, marking a 36.8 percent increase compared to 2023. The growth was driven by higher revenues and improved gross profits, thanks to a better sales mix and expansion in the consumer finance sector, despite an increase in selling, distribution, and administrative expenses. Extra’s stock ended the day at SR95.60, up 2.13 percent.
United International Holding Co. also posted its financial results for the period ending Dec. 31, 2024. The company recorded a net profit of SR222.38 million, a 4.8 percent increase over the previous year. This growth was attributed to higher credit loss provisions and increased selling, general, and administrative expenses. The company’s shares closed at SR187.80, down 2.60 percent.
Meanwhile, the Kingdom’s Capital Market Authority announced that Rawasi Albina Investment Co. is planning to issue up to SR500 million in debt instruments. The company's stock finished the session at SR4.35, down 1.15 percent.
Saudi Arabia dominates MENA VC landscape, securing $750m in 2024
RIYADH: Saudi Arabia has retained its position as the top destination for venture capital funding in the Middle East and North Africa region, raising $750 million in 2024, according to a new report.
This marks the second consecutive year the Kingdom has topped the regional VC rankings.
Data from regional venture platform MAGNiTT showed that Saudi Arabia accounted for 40 percent of the total VC capital deployed in MENA in 2024, with a 16 percent year-on-year increase in deal flow.
The Kingdom closed 178 deals, the most of any MENA nation, reflecting strong investor confidence and a thriving startup ecosystem.
The largest deal in the region was secured by Saudi-based e-commerce enablement platform Salla, which raised $130 million.
The UAE ranked second in regional funding with $613 million raised, while leading in deal volume with 188 transactions and 12 exits.
Emerging venture markets snapshot
MENA startups collectively raised $1.9 billion in 2024, reflecting a 29 percent decline compared to 2023.
Despite the drop, MAGNiTT noted that “funding levels in 2024 were still higher than 2020 levels, prior to the 2021 and 2022 boom years, signaling continued growth in the venture space.”
The Middle East accounted for $1.5 billion of the funding, spread across 461 deals — a 10 percent annual increase. Total investor participation in the region grew by 14 percent, reaching 392 investors, while exits totaled 24.
Venture capital performance in emerging venture markets — which include the Middle East, Africa, Southeast Asia, Pakistan, and Turkiye — slowed significantly in 2024.
Total VC funding in these regions fell by 40 percent, with deal volumes dropping 20 percent compared to 2023. Both metrics also dipped below 2020 levels.
Southeast Asia led among EVMs with $5.6 billion raised across 564 deals, while Africa recorded the weakest performance, raising $1.07 billion through 294 deals.
Mega deals and early-stage activity
Global VC trends, such as reduced late-stage funding, were reflected in EVMs. Mega deals — valued at $100 million or more — declined for the third consecutive year, falling 56 percent compared to 2023.
The first quarter of 2024 saw the lowest mega deal funding since the fourth quarter of 2019, with late-stage investments hardest hit.
However, early-stage activity showed resilience. The focus on seed and pre-series A funding increased, with $1 million to $5 million ticket sizes rising by 5 percentage points year on year.
According to MAGNiTT, this emphasis on early-stage investments is critical for sustaining future deal flow growth.
Philip Bahoshy, CEO of MAGNiTT, highlighted a potential recovery in the venture market. “In 2024, we witnessed a decline in funding across EVMs driven by reduced late-stage investment activity. However, the positive development is that 2024 also saw a gradual decline in interest rates, both in mature markets like the US and Emerging Markets,” he said.
“We anticipate these rate cuts to begin boosting capital availability within the next 6-9 months, paving the way for a stronger funding environment in 2025,” Bahoshy added.
The Middle East increased its share of deal transactions across EVMs to 35 percent in 2024, an 8-percentage-point rise.
Southeast Asia captured the largest share at 43 percent, while Africa’s share dropped to its lowest level in five years, at 22 percent.
