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  • EV maker Lucid’s CEO quits as total losses hit $13bn

    Peter Rawlinson, the CEO of the Saudi Arabia-backed electric car maker Lucid Motors, has resigned after the Californian company’s total accumulated losses rose to almost $13 billion. Earlier this week, Lucid announced that its losses in 2024 were up almost 11 percent to $3.1 billion, from $2.8 billion the year before. Shares in Lucid, which began as a specialist battery maker in 2007, have lost more than 95 percent of their value since their November 2021 peak of nearly $58. They closed at $2.61 on Tuesday. Lucid has been majority-owned by Saudi Arabia’s Public Investment Fund since April 2019. PIF invested an additional $1 billion in the company in March last year and a further $1.5 billion in August, bringing its total investment to $8 billion for a 58 percent stake .

  • Lucid CEO Peter Rawlinson Surprisingly Steps Down Without a Planned Successor

    Lucid reported the 2024 financial results, confirming widening losses amounting to $2.7 billion for the year. This brings Lucid's accumulated deficit to $12.9 billion, with no hope of stopping money bleeding soon. On the plus side, Lucid guided for 20,000 EVs produced in 2025 as the Gravity SUV rolls out. The company also announced that CEO Peter Rawlinson stepped down without a successor. Last year, EV startups had a rocky ride, with some of them calling it quits. For 2025, the situation is not projected to get any better amid concerns about an economic slowdown triggered by tariffs affecting the automotive industry. Lucid Motors is among the struggling EV startups, with staggering losses that widen by the quarter and shrinking cash reserves despite the best efforts of its powerful backer, Saudi Arabia Private Investment Fund (PIF).

  • The Riyadh summit will shape global energy geopolitics

    All roads lead to Riyadh, which has replaced Geneva as the epicentre of global diplomacy in 2025.  Presidents Trump and Putin will meet in the Saudi capital amid the most dramatic U-turn in US foreign policy as Washington switches sides in the Ukraine war in favour of the Kremlin, bypassing the EU and the embattled Ukraine state. Egyptian President Abdul Fattah al-Sisi is in Riyadh to coordinate the Arab League’s counter offer to Trump’s Gaza plan. Saudi Arabia has even offered to act as a mediator to reduce the risk of war between the US, Israel and Iran. Potential sanctions relief on Russia, coupled with a Gaza settlement, will have a seismic impact on the global oil and gas market and impact the energy geopolitics of Europe, China, India and the Middle East.

  • NEOM: Understanding Saudi Arabia’s Visionary Project

    The NEOM Project, announced in 2017, occupies a strategic vantage point along the Red Sea. The word “NEOM” is derived from the Greek term “Neo” (new) and the Arabic word “Mostaqbal” (future), meaning a “New Future”. NEOM encompasses tourist destinations, industrial zones, data and research centers, such as The Line (a linear smart city), Oxagon (a floating industrial city), and Trojena (a sustainable mountain tourism destination). NEOM, situated strategically in Saudi Arabia’s Tabuk province, is within a six-hour flight of 40 percent of the world’s population. It presents investment opportunities across 15 sectors, creating scope for substantial job creation and attracting new residents.

  • Commentary: Trump is using the presidency to seek golf deals. Hardly anyone’s paying attention

    On 20 February, Trump hosted a meeting at the White House between Jay Monahan, the PGA Tour commissioner, and Yasir al-Rumayyan, chair of LIV Golf and head of Saudi Arabia’s sovereign wealth fund, along with the golf star Tiger Woods. It was the second meeting convened by Trump at the White House this month with PGA Tour officials involved in negotiating with the Saudi wealth fund. A day before his latest attempt at high-level golf diplomacy, Trump travelled to Miami to speak at a conference organized by the Saudi Public Investment Fund, which is managed by Al-Rumayyan but ultimately controlled by the kingdom’s de facto ruler and crown prince, Mohammed bin Salman.

  • Ramadan In Saudi Arabia: These Are The Key Timings To Know About

    As the Holy Month inches closer, the Arab world is preparing to celebrate time with family, connection and devotion. As called by tradition, Ramadan’s start is determined by the sighting of the crescent moon, which, according to Saudi Arabia’s Supreme Court, has called Muslims to observe on the evening of Friday, February 28, 2025. This corresponds to the 29th of Sha’ban 1446 AH in the Hijri calendar, marking the point for when Ramadan will begin. Additionally, if the moon is spotted after the Maghrib prayer, Ramadan will begin on March 1, 2025. Otherwise, it will start the day after. Along with fasting from dawn to sunset, key timings for prayers, Iftar and Suhoor will shape daily routines throughout the month.

  • Saudi Arabia says Israel seeking to ‘destabilize’ Syria with airstrikes

    Saudi Arabia condemned on Thursday recent Israeli strikes targeting Syria, accusing it of attempting to destabilize the situation in the country. The Kingdom’s foreign ministry issued a statement on X saying that Israel was attempting “to destabilize [Syria’s] security and stability in repeated violations to the international agreements and laws.” Israel on Tuesday struck southern Damascus and in southern Syria near the Jordan border, the latest in a series of Israeli attacks on what it says are Syrian military targets. Israel moved forces into a UN-monitored demilitarized zone within Syria after opposition groups toppled former President Bashar al-Assad in December.

  • Saudi Arabia opens first phase of Sports Boulevard

    Saudi Arabia has opened the first phase of Sports Boulevard, marking a major milestone in Riyadh’s transformation into a global athletics and lifestyle destination.  The project, led by the Sports Boulevard Foundation, is now 40 percent complete, with 83 km of the route set to be accessible to visitors starting Feb. 27, according to the Saudi Press Agency.  Chaired by Crown Prince Mohammed bin Salman, the board of directors of the SBF announced the launch of the phase, which includes five key destinations: Wadi Hanifah, the Promenade, a section at the intersection of Prince Mohammed bin Salman bin Abdulaziz Rd. and Prince Turki bin Abdulaziz Al-Awwal Rd., as well as the Princess Nourah bint Abdulrahman University internal loop, and the first phase of Sands Sports Park.

  • Saudi Arabia Sends 57th Relief Flight to Gaza

    The 57th Saudi relief airplane, operated by the King Salman Humanitarian Aid and Relief Center (KSrelief) in coordination with the Ministry of Defense, arrived Tuesday at El Arish International Airport in the Arab Republic of Egypt. The airplane carried shelter materials, food baskets, and medical equipment to be sent to the affected Palestinian people in the Gaza Strip. The aid is part of the Kingdom of Saudi Arabia's ongoing humanitarian efforts to support the Palestinian people during the crises and hardships they face.

  • Saudi Arabia’s housing supply likely to hit 3.9M units by 2028: Knight Frank

    The residential supply across Saudi Arabia’s five major markets totals 3.5 million units, according to a report by Knight Frank. "Based on our analysis, this figure is projected to reach nearly 3.9 million units by the end of 2028, reflecting the government’s ongoing efforts to enhance housing availability," it noted. To achieve this, government initiatives to increase housing supply within the low to mid-market segments, as well as programs such as “Wafi” and “Sakani”, have been pivotal in boosting home ownership among Saudi nationals. In fact, the Saudi homeownership rate reached 63.7% at the end of 2023. During 2024, the total number of real estate transactions across all asset classes in Saudi Arabia surged by 37% to just over 236,690 deals, while the total value of all deals grew by 27% to SAR 267.8 billion.