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
Closing Bell: Saudi main index rises to close at 11,202
- Parallel market Nomu gained or 0.72% to close at 27,248.13
- MSCI Tadawul Index rose 1.07% to close at 1,434.07
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 134.37 points, or 1.21 percent, to close at 11,202.64.
The total trading turnover of the benchmark index was SR5.08 billion ($1.35 billion), as 218 of the stocks advanced and 31 retreated.
The Kingdom’s parallel market Nomu gained 195.03 points, or 0.72 percent, to close at 27,248.13. This comes as 57 of the listed stocks advanced while 30 retreated.
The MSCI Tadawul Index gained 15.19 points, or 1.07 percent, to close at 1,434.07.
The best-performing stock of the day was Saudi Industrial Development Co., whose share price increased 10 percent to SR30.14.
Other top performers included Naseej International Trading Co., whose share price rose 9.99 percent to SR 96.00, as well as Fawaz Abdulaziz Alhokair Co., also known as Cenomi Retail, whose share price rose 9.97 percent to SR 22.39. According to Tadawul, Cenomi Retail’s shares also jumped by 100 percent in two months despite a sell recommendation from research houses.
Specialized Medical Co. recorded the most significant drop, falling 1.88 percent to SR22.92.
Americana Restaurants International PLC — Foreign Co. saw its stock prices fall 1.26 percent to SR2.35.
Nahdi Medical Co. also saw its stock prices decline 1.24 percent to SR127.20.
On the announcements front, Etihad Atheeb Telecommunication Co., also known as GO Telecom, has announced its annual consolidated financial results for the period ending March 31.
According to a Tadawul statement, the firm recorded a net profit of SR223 million during the year, reflecting a 14.36 percent increase compared to the same period a year earlier. The climb is attributed to an increase in revenue of SR446 million, offset by a rise in the cost of revenue of SR320 million, an upsurge in expected credit losses on trade receivables of SR24.6 million, and a growth in general and administrative expenses of SR24 million.
There was also a decrease in financing costs by SR690,000 due to the recognition of commission income on Islamic deposits during the current year, amounting to SR20 million.
GO Telecom has decided to distribute SR10.1 million worth of cash dividends to the company’s shareholders for the fiscal year ending on March 31. According to a Tadawul statement, the number of shares eligible for dividends stands at 33.99 million, with a dividend per share of 30 halals and a dividend percentage to the share par value of 3 percent.
GO Telecom ended the session at SR105.00, up 2.49 percent.
The Saudi Exchange has approved Saudi Azm for Communication and Information Technology Co.’s request to transfer from Nomu — Parallel market to the main market, with a capital of SR30 million and 60 million shares.
The company’s shares will remain listed on Nomu – Parallel market until the deadline for publishing the transfer document.
The issuer is required to publish the transfer document within three trading days after the Saudi Exchange announces its approval of the transfer request. The transfer document will be accessible to the public for 10 trading sessions through the websites of the issuer, Tadawul, and the financial adviser.
Tadawul also approved Obeikan Glass Co.’s request to transfer from Nomu — Parallel market to the main market, with a capital of SR320 million and 32 million shares.
Saudi IPO proceeds hit $2.8bn in H1 as flynas leads market activity
- Leading the activity was the public offering of low-cost carrier flynas, which raised SR4.1 billion
- Umm Al-Qura for Development and Construction Co. raised $523.1 million
RIYADH: Saudi Arabia’s equity capital market maintained strong momentum in the first half of 2025, with six companies raising a combined $2.8 billion through initial public offerings on the main Tadawul exchange.
According to an analysis by Forbes Middle East, leading the activity was the public offering of low-cost carrier flynas, which raised SR4.1 billion ($1.1 billion) in what marked one of the region’s largest aviation listings.
The rise in IPO listings comes amid broader financial reforms in Saudi Arabia, as the Capital Market Authority introduces new frameworks — including regulations for special purpose acquisition companies — aimed at expanding funding avenues and enhancing private-sector participation.
In its analysis, Forbes stated: “The momentum underscores investors’ growing appetite for sectoral diversification across aviation, healthcare, finance, and industry, while affirming Riyadh’s long-term bet on privatization and public market expansion under Vision 2030.”
The flynas IPO drew overwhelming demand, with institutional subscriptions oversubscribed nearly 100 times, and the retail tranche covered 349.7 percent. The offering comprised 51.3 million ordinary shares, representing 30 percent of the company’s post-offering capital.
“In 2024, flynas generated $2 billion (SR7.6 billion) in revenue, marking an 18.8 percent increase from the previous year, while net profit rose 8 percent to $115.6 million (SR433.5 million),” the analysis added.
As of June 14, the airline was operating 139 routes, connecting over 70 domestic and international destinations across 30 countries, with a weekly schedule exceeding 2,000 flights.
Diverse listings
Forbes also highlighted several other notable IPOs that reflect diversification across key sectors.
Umm Al-Qura for Development and Construction Co. raised $523.1 million by selling 130.7 million shares at $4 each — representing 9.09 percent of its total capital.
The company leads the Masar destination project, a major development transforming the western gateway of the Holy City, featuring hotels, residential units, retail spaces, and infrastructure.
Aligned with Saudi Arabia’s drive to boost religious tourism, the IPO proceeds will support ongoing construction, improve transport connectivity, and attract global hospitality brands in line with national tourism goals.
Among the companies to list this year was Riyadh-headquartered SMC Healthcare, which raised $500 million through its Tadawul debut, reflecting growing investor appetite for healthcare stocks as the Kingdom expands private sector involvement in the industry. The IPO comprised 75 million shares priced at $6.70 each, representing 30 percent of the company’s total share capital.
Derayah Financial, an asset management and brokerage firm, is another company that secured $399.6 million through its offering. Shares were priced at $8 each and attracted strong interest from both retail and institutional investors, supported by the company’s digital-first model and established brand presence.
In February, Derayah offered 20 percent of its share capital — 49.9 million shares — through a listing on the Main Market, providing investors access to its expanding digital investment platform.
The stock was listed in March. By the end of the first quarter, Derayah reported 555,000 client accounts, while assets under management rose 5 percent year-to-date to $4.8 billion.
This year also saw United Carton Industries Co. raise $160 million by offering 12 million shares at $13.30 each, representing 30 percent of its capital. The company is expanding capacity to meet rising demand for corrugated packaging, a key input in Saudi Arabia’s growing industrial sector.
Arabian Co. for Agricultural and Industrial Investment, also known as Entaj, raised $120 million through a February IPO. The poultry producer floated 9 million shares, leveraging strong demand amid the Kingdom’s drive to enhance local food security. Entaj nearly doubled its daily processing capacity to 600,000 birds by the end of 2024.
Regional dominance
The rise in listings reinforces Tadawul’s position as the Arab world’s most valuable stock exchange. According to the Arab Federation of Capital Markets, the Saudi exchange accounted for 62 percent of total market capitalization across regional bourses in 2024, far ahead of the Abu Dhabi Securities Exchange, which held 18.6 percent.
Tadawul's benchmark TASI index ended December 2024 at 12,037 points, up 3.39 percent month-on-month. Average daily trading value reached SR5.2 billion, while total monthly trading volume stood at SR119.6 billion, according to the Arab Monetary Fund.
Analysts expect IPO momentum to continue in the second half of 2025, especially in energy-adjacent sectors, fintech, and transportation, as the Capital Market Authority accelerates approvals and Vision 2030-linked corporates seek broader capital access.
The Saudi stock market was among the region’s top performers in December, buoyed by improved liquidity and investor confidence. TASI closed the month at 12,037 points, with daily trading values averaging SR5.2 billion and total trading reaching SR119.6 billion, the Arab Monetary Fund reported.
Aramco cuts July propane, butane prices amid market shifts
- Oil giant set propane at $575 per tonne and butane at $545 per tonne
RIYADH: Saudi Aramco has lowered its official selling prices for propane and butane for July 2025, reflecting changing global market dynamics.
In a statement released on Sunday, the oil giant set propane at $575 per tonne and butane at $545 per tonne—both down $25 from the previous month. The adjustment continues a downward trend driven by evolving supply-demand conditions.
Propane and butane, classified as liquefied petroleum gases, are essential fuels for heating, transport, and petrochemical production. Aramco’s monthly pricing serves as a key benchmark for LPG shipments from the Middle East to the Asia Pacific.
The global LPG market is undergoing a reshuffle as China shifts away from US imports due to steep tariffs, increasingly turning to Middle Eastern suppliers. In turn, American cargoes are being rerouted to Europe and other parts of Asia.
This realignment is putting pressure on global LPG prices and weakening demand for US shale byproducts, impacting both American shale producers and Chinese petrochemical firms. Meanwhile, the trend is spurring greater interest in alternative feedstocks like naphtha.
Middle Eastern exporters are benefiting from the shift, stepping in to fill the gap left by falling US exports to China. Buyers in Asia, including Japan and India, are also taking advantage of the softer prices to strike more favorable supply deals.
Egypt to offer Hurghada airport to private sector by end of 2025
- President El-Sisi issued directives to proceed with developing Egyptian airports through international partnerships
- Plan supports Egypt Vision 2030
RIYADH: Egypt plans to offer Hurghada International Airport to the private sector by the end of 2025 as part of a broader strategy to modernize its aviation sector and attract foreign investment, President Abdel Fattah El-Sisi said.
The announcement came during a meeting in Al-Alamein City with Minister of Civil Aviation Sameh El-Hefny and EgyptAir In-Flight Services Chairperson Soheir Abdullah, where El-Sisi reviewed the national roadmap for enhancing civil aviation infrastructure and operations.
The move forms part of a national strategy designed in partnership with the International Finance Corp., which is advising on a new public-private participation model for the country’s airports. The framework is expected to be finalized by summer 2025 and will target 11 major airports while maintaining public ownership.
In an official post, Ambassador Mohamed El-Shenawy, spokesman for the presidency, said the meeting reviewed the comprehensive strategic vision for the advancement of the entire civil aviation sector, including air navigation, aircraft fleet development, airport upgrades, and enhancement of human resource capabilities.
“These efforts are part of the state’s broader plan to improve the efficiency of the aviation sector, increase its capacity, and enhance the quality of services provided to travelers, in support of the national goal to raise the number of tourists to 30 million,” the post added.
El-Sisi issued directives to proceed with developing Egyptian airports through international partnerships centered on efficiency and sustainability, while ensuring an attractive investment environment that guarantees economic feasibility and long-term growth.
The plan supports Egypt Vision 2030, the country’s national development blueprint, which includes transforming airports into regional aviation hubs equipped with the latest global systems.
El-Sisi also reviewed the “New Republic Air Gateway” project at Terminal 4 of Cairo International Airport. Once completed, the new terminal will increase the airport’s capacity by at least 30 million passengers, pushing total throughput beyond 60 million annually.
The project is designed in line with international standards for safety, security, and environmental sustainability.
The meeting also touched on Egypt’s achievements in air navigation, especially during recent regional airspace closures that increased daily traffic to over 1,600 flights.
According to the presidential spokesman, organizations including Eurocontrol, the International Civil Aviation Organization, and the International Air Transport Association praised Egypt’s air traffic controllers for maintaining operational stability and service continuity.
Additionally, the meeting highlighted EgyptAir’s recent successes. The national carrier was named “Best Airline Staff in Africa” for 2025 by Skytrax at the Paris Air Show.
Other accolades included Best Economy Class Meals, Most Improved Airline in Africa for a second consecutive year, and Best Cabin Crew in Africa.
The airline advanced 20 positions in the global ranking to 68th place out of more than 325 carriers.
The minister said EgyptAir plans to expand its fleet to 97 aircraft by 2028-29. Efforts are also underway to upgrade in-flight services, infrastructure, and ground operations, as well as enhance lounge amenities and punctuality.
These initiatives are aimed at strengthening the airline’s global competitiveness and overall passenger experience.
Oman’s GDP grows 4.7% as non-oil sectors expand
- Agriculture, services, and construction exports lead economic growth
- Industrial activities rose 2.8% to 1.97 billion rials
RIYADH: Oman’s gross domestic product at current prices grew by 4.7 percent year on year in the first quarter of 2025, reaching 10.53 billion Omani rials ($27.3 billion), compared with 10.06 billion rials during the same period in 2024.
Preliminary data released by Oman’s National Centre for Statistics and Information attributed the increase primarily to stronger performance in non-oil activities, which grew 4.1 percent to 7.13 billion rials compared to 6.85 billion rials a year earlier.
Across economic sectors, agriculture and fisheries posted the highest growth rate, expanding 11.1 percent to 326.6 million rials.
Industrial activities rose 2.8 percent to 1.97 billion rials, while services activities grew 4.2 percent with a total contribution of 4.84 billion rials to GDP.
Oil activities also contributed to the overall expansion, recording a 6.8 percent increase in value-added, reaching 3.71 billion rials by the end of the first quarter of 2025, up from 3.47 billion rials in the same period of 2024.
While crude oil activities declined 7.5 percent to 2.74 billion rials, natural gas activities saw a marked increase of 89 percent, with value-added rising to 970.8 million rials.
This performance comes as Oman continues to strengthen non-oil sectors and diversify its economy.
Earlier in June, Credit Oman reported that insured non-oil exports reached 61.2 million rials in the first quarter, a 6 percent increase from the same period last year, driven by higher shipments of construction materials, petrochemicals, mining products, and agricultural goods.
Overall, the sultanate’s broader non-oil exports rose 8.6 percent to 1.61 billion rials, accounting for 28.6 percent of total exports.
The government is also pursuing fiscal reforms to support long-term growth. Under a royal decree, Oman will become the first Gulf country to introduce personal income tax, imposing a 5 percent levy on taxable income exceeding 42,000 rials per year starting in 2028.
The measure is expected to apply to about 1 percent of the population.
Earlier in June, the country’s residential property market was reported to have shown renewed strength.
Official data from Oman’s National Centre for Statistics and Information indicated that residential property prices rose 7.3 percent year over year in the first quarter, led by a 6.5 percent increase in residential land values, which form the largest component of the real estate index.
Apartment prices rose 17 percent in May, while villas gained 6.4 percent, and other residential units increased 2.2 percent. The overall residential real estate price index advanced 5.5 percent quarter over quarter.
The gains reflect a broader regional upswing in property activity during early 2025.
