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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.

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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.

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Abu Dhabi To Develop $1 Billion eSports Island Facility

Positioned along the picturesque Al Raha beach, the venue is poised to become a focal point for gaming enthusiasts worldwide.

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abu dhabi uae to develop $1 billion esports island facility
True Gamers

Despite the economic slowdown of global eSports, the Middle East has emerged as a beacon of innovation and investment, particularly in infrastructure aimed at attracting top talent. According to a report by BCG, the region’s population exhibits a remarkable fondness for gaming, with over 60% actively participating and some of the highest figures of mobile game downloads in the world.

The latest addition to the UAE’s burgeoning eSports landscape is Abu Dhabi’s ambitious eSports Island project. Positioned between the Al Bandar and Al Dana developments along the picturesque Al Raha beach, the island is poised to become a focal point for esports enthusiasts worldwide.

True Gamers — a key player in the gaming industry — has pledged a substantial investment of $280 million to develop Abu Dhabi’s eSports Island. Upon completion, the project is anticipated to cost a staggering $1 billion.

true gamers esports island details

The island will boast state-of-the-art amenities geared towards training aspiring eSports professionals and hosting international tournaments. The GG Bootcamp, equipped with cutting-edge gaming infrastructure, will provide a comprehensive training facility, dedicated rest areas and even nutrition programs.

At the heart of the eSports Island lies the True Gamers (TG) Arena, envisioned as a premier venue for hosting high-profile competitions with thousands of spectators. Adaptable spaces are designed to cater to various gaming formats and genres, and the arena will also serve as a hub for digital exhibitions and conferences. Additionally, the Digital Tower will offer a collaborative workspace for developers, and the island will host tourists and event goers in 200 rooms with in-built gaming computers.

Also Read: Top 10 Best Video Games Set In The Middle East

Establishing an eSports hub in Abu Dhabi will reinforce the UAE’s position as a global market leader, capitalizing on the region’s growing appetite for gaming. As international tournament organizers increasingly focus on the Middle East, the unveiling of Abu Dhabi’s eSports Island heralds a new era of innovation and growth for the industry.

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