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

5 months 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

Up Next

Dubai Is Set To Become A Metaverse & Blockchain Hub

Don't Miss

Dubai Is Set To Host The 10th Global Blockchain Congress

News

A Line-Up Of Over 100 Shows Comes To Snapchat This Ramadan

Snapchatters can watch a wide range of content, including entertainment, drama, and comedy.

Published

1 hour ago

March 25, 2023

Nour Nasir

a line-up of over 100 shows comes to snapchat this ramadan

As people across the Middle East celebrate the beginning of Ramadan this week, Snapchat has announced a new line-up of over 100 Ramadan shows to be added to the Discover platform, bringing drama, comedy, and more for the holy month. Snapchatters can also browse Spotlight to discover fresh creators and content from across the MENA region and beyond.

snapchat ramadan 2023 discover slate

Snapchat partners on the Discover line-up include the Saudi Broadcasting Authority, Augustus Media, MBC Group, Rotana Media Group, Dubai Media Inc, 7awi Group, Alfan Group, and more. Snap Inc. has revealed that shows will include “Netflorex, THAT, and Marahel, as well as MBC’s highly anticipated show Tash Returns, Studio 23, and prank show Ramez Never End”.

Snapchat’s Discover and Spotlight will also feature creator content from Saudi legacy Creator Bader Saleh, Ahmad Alzahabi’s cooking show “The Golden Balance”, and Muslim Girl, a US-based award-winning creator empowering Muslim women worldwide.

Also Read: ChatGPT Is Accelerating The AI Revolution In The Middle East

“This Ramadan, we are partnering with some of the region’s most trusted media partners and fan-favorite creators to showcase engaging content on Discover and Spotlight. Snapchatters spent 31 percent more time watching Ramadan content than the year prior. We are excited to help our community discover new creators and content in a personalized way, allowing them to watch and share their favorite content that captures the spirit of the holy month,” says Hussein Freijeh, General Manager at Snap Inc. in MENA.

To view Snapchat’s Discover shows, simply swipe right on the app, search for the show you want to watch, and then subscribe!