News

Saudi Arabia To Build 150,000 EVs Annually By 2026

In a bid to cut dependence on oil production and meet sustainable goals, the Kingdom will utilize its 61% share of startup Lucid Motors.

Published

2 years ago

October 25, 2022

Nour Nasir

Lucid Motors

Although Saudi Arabia is well-known as one of the world’s largest oil producers, the Kingdom has recently unveiled plans to build and export electric vehicles.

As part of the country’s “Vision 2030” strategy, the oil-rich nation will export over 150,000 EVs in 2026 to meet emissions targets and continue building a stable economy.

Although oil accounts for over 50% of Saudi Arabia’s GDP, the government is keen to diversify the economy to avoid market volatility and keep the nation’s industrial output current in a post-carbon world.

The move comes as countries worldwide continue to reduce carbon emissions and their reliance on fossil fuels. 2022 is turning out to be a record year for renewables, with research indicating that alternative energy sources entirely covered rising global energy demands in the first half of the year.

As this trend is almost certain to continue, Saudi Arabia aims to reduce its reliance on oil production dramatically, lowering the percentage of GDP from oil from 50% to 17%.

The Lucid Motors Partnership

lucid motors manufacturing plant saudi arabia

Saudi Arabia recently hit the headlines after its decision with OPEC+ to cut oil production, and now the nation is aiming its sights on a new market with EVs. Earlier this year, the Kingdom announced that it had committed to purchasing 50,000+ EVs from Lucid Motors after Saudi Arabia’s Public Investment Fund (PIF) invested over $1 billion in the EV startup in 2018, resulting in a 61% stake in the company.

According to Khalid Al-Faith, Minister of Investments, construction begins at Lucid’s EV manufacturing plant in May 2023.

Related Topics:Automotive Lucid Motors Saudi Arabia

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Mamo Completes $3.4M Funding Round To Enhance Fintech Services

The startup will use the influx of cash to expand into Saudi Arabia and across the wider GCC while improving its product offering.

Published

1 day ago

July 25, 2024

Nour Nasir

Mamo

UAE-based fintech Mamo has announced the completion of a $3.4 million funding round that will help the startup extend its market presence and improve its product offering. Investors included 4DX Ventures, the Dubai Future District Fund and Cyfr Capital.

Mamo’s platform offers “payment collection, corporate cards and expense management” to help small and medium-sized businesses consolidate and streamline their operations. With the latest influx of capital, Mamo will further develop its comprehensive suite of services and begin testing its product lines in Saudi Arabia, further extending its footprint across the GCC.

Imad Gharazeddine, co-founder and CEO of Mamo, stated: “We’ve been in the market for a while now and are incredibly proud of what our team has achieved. The holistic and expansive nature of our product offering has helped us continue to grow sustainably. This additional funding will allow us to reach our medium-term goals even faster. The support from new and existing investors is a testament to our strong expertise and the ability to deliver on our customer promise”.

Daniel Marlo, General Partner of lead investor 4DX Ventures, added: “We have immense trust in Imad’s vision, leadership and Mamo’s innovative approach to provide a user-friendly and comprehensive financial solution for SMEs that makes financial management more accessible and efficient. We are proud to partner with them and support their mission”.

Also Read: A Guide To Digital Payment Methods In The Middle East

Amer Fatayer, Managing Director of Dubai Future District Fund’s investment team, also commented: “Mamo’s localized product lines serve as an infrastructure for SME payments and spend management in UAE, a segment that is underserved by the country’s current banking infrastructure. The team has taken a product-first approach to consolidating SMEs’ financial journeys and building a fintech solution deeply embedded in a business’s core operations”.

To date, Mamo has raised around $13 million in investment funding and now boasts a team of 30 people. The company’s intuitive financial services platform has allowed over 1,000 businesses to consolidate their financial operations and significantly reduce payment fees.