Saudi Arabia’s Public Investment Fund launches electric vehicle infrastructure company

PIF said on Sunday that it has partnered with SEC to launch an electric vehicle infrastructure company. (PIF)
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Updated 08 October 2023
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Saudi Arabia’s Public Investment Fund launches electric vehicle infrastructure company

  • Company plans to establish its presence in more than 1,000 locations, installing over 5,000 fast chargers across Saudi Arabia by 2030

RIYADH: Saudi Arabia’s Public Investment Fund said on Sunday that it has partnered with the Saudi Electricity Company (SEC) to launch an electric vehicle infrastructure company.
“PIF will own a 75 percent stake in the Company, while SEC will hold the remaining 25 percent stake,” the soveriegn wealth fund said in a statement.

The company aims to deliver the best electric vehicle fast-charging infrastructure across Saudi Arabia, further unlocking the local automotive ecosystem and accelerating the adoption of electric vehicles.

It plans to establish a presence in more than 1,000 locations, installing over 5,000 fast chargers by 2030 in cities across the Kingdom and on the roads that connect them, in line with applicable regulations and standards.

It aims to enhance Saudi Arabia’s automotive ecosystem, through collaboration with electric vehicle companies, by supplying the necessary charging stations to meet future demand.

It also aims to promote private sector participation in the development of its network of charging stations and support the localization of research,development, and manufacturing of technologically advanced materials, ultimately building domestic expertise and resilience.

The co-Head of MENA Direct Investments at PIF, Omar Al-Madhi, said: “The Electric Vehicle Infrastructure Company will spearhead the EV transition by deploying best-in-class, widely available EV charging infrastructure to drive the growth of the EV ecosystem. 

Through our partnership with SEC, we will be able to accelerate the creation of synergies across the EV supply chain, driving economic growth and diversification in line with Vision 2030, and positioning Saudi Arabia as a leader in the new electrified era of the automotive industry.” 

The chief executive officer at SEC, Khalid bin Hamad Al-Gnoon, said: “SEC, as part of the nation’s wider energy ecosystem, develops and implements strategies that aim to enhance Saudi Arabia’s position as a sustainable energy leader, in line with the Kingdom’s efforts to promote advanced energy solutions and increase the value added by the energy sector.”

The launch of the company is in line with PIF’s strategy to expand Saudi Arabia’s automotive capabilities to promote the country’s competitiveness on the world stage, and position it as a global leader.

It will aim to further Saudi Arabia’s economic diversification efforts, driving non-oil GDP growth and creating new jobs.  


Erdogan says Turkiye can ‘crush’ all terrorists in Syria

Updated 2 min 46 sec ago
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Erdogan says Turkiye can ‘crush’ all terrorists in Syria

ANKARA: Turkish President Tayyip Erdogan on Wednesday urged all countries to “take their hands off” Syria and said Turkiye had the capacity and ability to crush all terrorist organizations in the country, including Kurdish militia and Islamic State.
Speaking in parliament, Erdogan said the Kurdish YPG militia was the biggest problem in Syria now after the ousting of former President Bashar Assad, and added that the group would not be able to escape its inevitable end unless it lays down its arms.


World must keep pressure on Israel after Gaza truce: Palestinian PM

Updated 6 min 32 sec ago
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World must keep pressure on Israel after Gaza truce: Palestinian PM

OSLO: The international community will have to maintain pressure on Israel after an hoped-for ceasefire in Gaza so it accepts the creation of a Palestinian state, Palestinian Prime Minister Mohammed Mustafa said on Wednesday.
A ceasefire agreement appears close following a recent round of indirect talks between Israel and Hamas, with US Secretary of State Antony Blinken saying late Tuesday that a deal to end the 15-month war was “on the brink.”
“The ceasefire we’re talking about ... came about primarily because of international pressure. So pressure does pay off,” Mustafa said before a conference in Oslo.
Israel must “be shown what’s right and what’s wrong, and that the veto power on peace and statehood for Palestinians will not be accepted and tolerated any longer,” he told reporters.
He was speaking at the start of the third meeting of the Global Alliance for the Implementation of the Two-State Solution to the Israeli-Palestinian Conflict, gathering representatives from some 80 states and organizations in Oslo.
Norwegian Foreign Minister Espen Barth Eide, the host of the meeting, said a “ceasefire is the prerequisite for peace, but it is not peace.”
“We need to move forward now toward a two-state solution. And since one of the two states exists, which is Israel, we need to build the other state, which is Palestine,” he added.
According to analysts, the two-state solution appears more remote than ever.
Prime Minister Benjamin Netanyahu, firmly supported by US President-elect Donald Trump, is opposed to the creation of a Palestinian state.
Israel is not represented at the Oslo meeting.
Norway angered Israel when it recognized the Palestinian state, together with Spain and Ireland, last May, a move later followed by Slovenia.
In a nod to history, Wednesday’s meeting was held in the Oslo City Hall, where Yasser Arafat, Yitzhak Rabin and Shimon Peres received the Nobel Peace Prize in 1994.
The then-head of the Palestinian Liberation Organization, Israeli prime minister and his foreign minister were honored for signing the Oslo accords a year earlier, which laid the foundation for Palestinian autonomy with the goal of an independent state.


Syrians in uproar after volunteers paint over prison walls

Updated 7 min 1 sec ago
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Syrians in uproar after volunteers paint over prison walls

DAMASCUS: Families of missing persons have urged Syria’s new authorities to protect evidence of crimes under president Bashar Assad, after outrage over volunteers painting over etchings on walls inside a former jail.
Thousands poured out of prisons after Islamist-led rebels toppled Assad last month, but many Syrians are still looking for traces of tens of thousands of relatives and friends who went missing.
In the chaos following his ouster, with journalists and families rushing to detention centers, official documents have been left unprotected, with some even looted or destroyed.
Rights groups have stressed the urgent need to preserve “evidence of atrocities,” which includes writings left by detainees on the walls of their cells.
But a video appearing to show young volunteers paint over such writings at an unnamed detention center with white paint and adorning its walls with the new Syrian flag, the depiction of a fireplace or broken chains has circulated on social media in recent days, angering activists.
“Painting the walls of security branches is disgraceful, especially before the start of new investigations into human rights violations” there, said Diab Serriya, a co-founder of Association of Detainees and Missing Persons of Saydnaya Prison (ADMSP).
It is “an attempt to destroy the signs of torture or enforced disappearance and hampers efforts to... gather evidence,” he said.
Jomana Hasan Shtiwy, a Syrian held in three different facilities under Assad, often changing cells, said the writings on the walls held invaluable information.
“On the walls are names and telephone numbers to contact relatives and inform them about the fate of their children,” she said on Facebook.
In each new cell, “we would write a memory so that those who followed could remember us,” she said.
A petition appeared on Tuesday calling for the new Syrian authorities to better protect evidence, and give investigating the fate of those forcibly disappeared under Assad “the highest priority.”
It slammed what it called “the insensitive treatment of the sanctity” of former detention centers.
“Some have gone as far as to paint cells, obscuring their features, which for us represents... a great wronging of detainees,” said signatories, including ADMSP.
The president of the International Committee for the Red Cross said last week determining the fate of those who went missing during Syria’s civil war would be a “huge challenge.”
Mirjana Spoljaric said the ICRC was following 43,000 cases, but that was probably just a fraction of the missing.
The Syrian Observatory for Human Rights, a Britain-based war monitor, says more than 100,000 people have died in detention from torture or dire health conditions across Syria since 2011.


Thousands to be evacuated after Mount Ibu eruption

Updated 17 min 54 sec ago
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Thousands to be evacuated after Mount Ibu eruption

TERNATE: Thousands of islanders are set to be evacuated after a volcano erupted in eastern Indonesia, spewing a towering column of smoke and ash into the atmosphere, officials said Wednesday.
Mount Ibu, located on the remote island of Halmahera, erupted for a fifth time this year on Wednesday, sending a column of smoke four kilometres (2.5 miles) into the sky.
The volcano's alert status was subsequently raised to the highest level by Indonesia's Geological Agency.
"Following the increase in Mount Ibu's (alert) level, today we will evacuate residents in five villages," said local disaster management head Wawan Gunawan Ali.
He added that local authorities were planning to evacuate approximately 3,000 residents from nearby villages on Wednesday evening.
Many residents had already gathered in a village hall, ready for evacuation, an AFP reporter on the ground reported.
Mount Ibu has shown a significant increase in volcanic activity since last June, following a series of earthquakes.
In the first weeks of January alone, the volcano, which is one of Indonesia's most active, erupted four times.
Residents living near Mount Ibu and tourists have been advised to avoid a five to six kilometre exclusion zone around the volcano's peak and to wear face masks in case of falling ash.
As of 2022, around 700,000 people were living on Halmahera island, according to official data.
Indonesia, a vast archipelago, experiences frequent seismic and volcanic activity as it lies along the Pacific Ring of Fire.
Last November, Mount Lewotobi Laki-Laki, a 1,703-metre (5,587-foot) twin-peaked volcano on the tourist island of Flores erupted more than a dozen times in one week, killing nine people in its initial explosion.
Mount Ruang in North Sulawesi province erupted more than half a dozen times last year, forcing thousands from nearby islands to evacuate.


Highlights from Sotheby’s first-ever international auction in Saudi Arabia 

Updated 21 min 57 sec ago
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Highlights from Sotheby’s first-ever international auction in Saudi Arabia 

  • A selection of lifestyle lots from the Kingdom’s first international auction 

DUBAI: On Feb. 8, Sotheby’s will host “Origins,” which it is billing as “the first international auction in Saudi Arabia’s history.” Alongside works from famed international artists such as Rene Magritte and Andy Warhol, and regional luminaries including Etel Adnan and Mohammed Al-Saleem, the auction will also feature a number of luxury items and sports-related lots. Many of the lots will be on display in the accompanying exhibition which runs from Feb. 1-8 in Diriyah’s Bujairi Terrace. Here, we highlight a few of the  items that will feature in the sale. 

Louay Kayyali’s ‘Then What??’ 

Anticipated to achieve an auction record, the expressive canvas from 1965 explores themes of exile, trauma and war, in relation to the plight of Palestinian refugees. The work will be offered from the Samawi Collection – one of the largest, and most long-standing, private collections of Modern and Contemporary Arab, Iranian and Turkish art.

Rene Magritte’s ‘L’Etat de veille’

One of the world’s best-known and best-loved Surrealist artists, René Magritte is famed for his intriguing images combining everyday objects in whimsical and thought-provoking contexts. “L’État de veille” belongs to a series of dreamlike gouaches featuring several emblematic motifs: a sky filled with clouds, window frames and a house façade.

Refik Anadol’s ‘Machine Hallucinations: Mars’

The auction also features extraordinary digital art, by one of the medium’s most sought-after artists, Refik Anadol. “Machine Hallucinations: Mars” (estimate: $800,000 – $1,200,000) is a real-time generative AI painting that builds from data from a space telescope with visual memories of Mars and endlessly reinterprets this to generate hallucinatory landscapes – a reflection on the relationship between technology, AI and space exploration.

Mohammad Al-Saleem’s ‘O' God, Honour Them and Do Not Honor an Enemy Over Them’

A true pioneer, Saudi arist Mohammad Al-Saleem greatly contributed to the evolution of art in the Kingdom and currently holds the world record for any Saudi artist (set at Sotheby’s in London in 2023). “O' God, Honour Them and Do Not Honor an Enemy Over Them” is inspired by the gradating skyline of Riyadh from the desert, with both the skyline and calligraphy blended into mosaic-like designs across the surface.

Michael Jordan’s 1998 playoffs shirt 

One of the auction’s top lots — expected to fetch around $1 million (SRA 3,753,740) — is this iconic No. 23 shirt, worn by the greatest basketball player of all time in the NBA playoffs of his final season with the Chicago Bulls, which has come to be known as ‘The Last Dance.’ It is, Sotheby’s states in the auction notes, “perhaps the most beloved period for the champion, as he reached the apex of his popularity and powers.” Artifacts from this period are, the auction house says, “both highly rare and coveted.” 

Ruby and diamond bracelet 

Among the many high-end jewelry pieces on offer at “Origins,” including an Art Deco sapphire and diamond bracelet, and a sapphire and diamond ring from Cartier, is this ruby and diamond bracelet attributed to US jewelry house Harry Winston, described as “an impressive and highly flexible piece crafted circa 1972.” It is expected to sell for between $210,000 and $300,000. 

Cristiano Ronaldo jerseys 

“Origins” will feature several shirts worn by one of the greatest football players in history: Cristiano Ronaldo. The Portuguese legend — who now lives in Riyadh and plays for Al-Nassr — has won FIFA’s Ballon D’or five times (only Lionel Messi has more) and has become synonymous with the number 7 shirt, such as this one, the Portugal jersey Ronaldo wore in the 2024 UEFA European Championships quarterfinal against France, which is expected to fetch over $50,000.  

Unique commissioned Cartier Crash 

“Cartier is renowned worldwide as the king of jewelers and the jeweler of kings,” the auction notes say. “Among their most famous creations is the Crash, the subject of an enduring mystique and cultural relevance.” These watches, with surrealist-inspired warped faces, were only ever produced in small quantities, and this particular model, which is expected to fetch between $130,000 and $260,000, is a true one-off, custom made in 2007 for “a top private client of the Maison.” 

Hermès handbags 

The auction will include several bags from the venerated French luxury fashion house famed for its exclusive handmade products/status symbols. Among them will be this limited edition Jaune de Naples Swift and Osier Wicker Mini Picnic Kelly, which is expected to fetch around $50,000 at auction, as well as “four exquisite Diamond Himalaya Birkin, Himalaya Kellys, and Constance of various sizes,” Sotheby’s says.