Apple supplier Foxconn unveils electric vehicles/node/1949966/business-economy
Apple supplier Foxconn unveils electric vehicles
Picture by Taiwan’s Central News Agency (CNA) on October 18, 2021 shows Foxconn founder Terry Gou getting out of an electric car unveiling at the Nangang exhibition centre in Taipei
The models unveiled on Monday - a sedan, an SUV and a bus - are concept vehicles
Updated 18 October 2021
(AFP)
Taiwanese tech giant Foxconn unveiled three electric vehicles on Monday, boosting its bid to be a major player in the rapidly expanding EV market as it seeks companies to partner with.
The world's largest contract electronics maker, Foxconn already plays a lynchpin role in assembling Apple's iPhones as well as gadgets for a myriad of top international brands.
But it has been moving fast to diversify beyond electronics assembly and has ploughed money into electric vehicles, including a joint venture with local automaker Yulon Motor and purchasing a struggling auto plant in Ohio.
The models unveiled on Monday - a sedan, an SUV and a bus - are concept vehicles that Foxconn hopes it could build with other manufacturers.
"Foxconn is no longer a new kid in town," chairman Young Liu declared at the unveiling ceremony in Taipei.
Foxconn's founder Terry Gou drove their "Model E" sedan to the presentation and said the company's EVs "demonstrate Taiwan's overall industrial strength".
A white sports utility vehicle -- "Model C" -- is expected to hit the market in Taiwan in 2023 with a price tag of under Tw$1 million ($357,000), the firm said.
Its "Model T" electric bus could start operating in southern Kaohsiung city as early as next year if it passes the transport ministry's review, vice premier Shen Jong-chin said.
Foxconn has funnelled about Tw$10 billion ($355 million) into electric car development in 2020 and the company says its investment will rise over the next two years.
Liu said the company "has gradually built an electric vehicle supply chain and distribution network", with one new partnership announced almost every month this year.
Among its recent partners is Fisker, one of a host of US-based electronic car startups hoping to one day challenge Tesla's supremacy.
The two companies announced plans to jointly develop electric cars sold under the Fisker brand with a goal to start producing vehicles in late 2023.
It has been widely reported for years that Apple has a secret electronic car project, something Foxconn could be in an ideal place to partner on given its existing relationship with the Californian giant.
The unveiling of Foxconn's models comes as car makers suffer from a global shortage of semiconductors after the coronavirus pandemic caused purchases of electronics and computer parts to sky-rocket.
Taiwanese high-tech chip foundries are some of the world's biggest and most advanced and have been ramping up production to meet the demand.
Saudi Arabia adds over 1,000 hotel keys as summit opens with major deals
Updated 13 sec ago
Nour El-Shaeri
RIYADH: Saudi Arabia’s hospitality sector saw a boost on the opening day of the Future Hospitality Summit, with more than 1,000 new hotel keys announced across several high-profile agreements.
Key signings on Sunday included new hotel developments in Jeddah, Madinah, and Qassim, underscoring sustained investor confidence in the Kingdom’s ambitious tourism expansion plans.
Among the notable announcements was BWH Hotels’ partnership with Optimal Real Estate and Rsoukh Trading Co. to develop five new properties across Jeddah and Madinah. The move signals a major step forward in the group’s regional expansion strategy.
“We signed five hotels between Jeddah and Madinah,” said Mujahid Pasha, director of development Middle East at BWH Hotels, in an interview with Arab News on the sidelines of the event.
“The partnership only brings five hotels, but these five hotels represent about 1,000 keys in total,” Pasha added.
The centerpiece of BWH’s announcement is a 540-room Best Western Premier property in Madinah, located just 600 meters from the Prophet’s Mosque.
“This is one of the big hotels we just signed today,” said Pasha. “We talk about an upper, upscale offering, which is our Best Western Premier brand.”
Another highlight is a luxury WorldHotels Elite property on King Road in Jeddah — often referred to as the “Golden Mile” due to its prime location. The development will include 215 guest rooms and approximately 300 office units as part of a broader mixed-use complex.
“WorldHotels is our luxury and high-end offering,” said Pasha. “The King Road doesn’t have any luxury offerings, so we wanted to use that brand.”
The event features panels, investment showcases, and strategic signings shaping the future of hospitality. AN photo by Loai El-Kelawy
Three additional hotels will be introduced under BWH’s SureStay brand—its economy and midscale portfolio—including two SureStay Studios and one SureStay Hotel.
“These brands are not in the region as well. The first in the region will be in Saudi Arabia,” Pasha noted, confirming that two of the SureStay properties will be in Jeddah and one in Madinah.
BWH Hotels, which operates 18 brands globally, is leveraging its diverse portfolio to target a broad range of travelers and budgets.
In another development, Amsa Hospitality announced a new four-star hotel project in Qassim in collaboration with Alkayan Alarabi. The property will be located within the Al-Kayan Avenue mall on Al-Imam Al-Bukhari Road.
“This is a new hotel, newly developed, with 174 keys including suites, meeting rooms, gym, two restaurants, and a spa,” said Amsa CEO Muin Serhan.
Designed to serve both business and leisure travelers, “the hotel is currently under development and is expected to complete development by the end of this year with official operations expected later in the first quarter of next year,” Serhan added.
Rounding out the day’s announcements, IHG Hotels & Resorts and Ashaad Co. signed an agreement to develop three new hotels in Jeddah and Alkhobar, further adding to the Kingdom’s growing hospitality portfolio.
Beyond real estate deals, the summit spotlighted the industry’s growing focus on talent development. Organizers launched the inaugural NextGen Investment Forum, aimed at addressing workforce challenges in the tourism and hospitality sectors.
“For the first time at FHS Saudi, we proudly introduce the NextGen Investment Forum, a new platform dedicated to addressing one of the most critical issues and urgent challenges in our history—investing in our people,” said Jonathan Worsley, chairman and CEO of The Bench, which organizes the hospitality event.
Worsley emphasized the hospitality sector’s global economic impact.
“Hospitality and tourism is a massive industry, a massive force in today’s contribution to global gross domestic product,” he said.
“It’s the world’s third largest economic sector,” Worsley added, citing 357 million jobs worldwide and a $1.1 trillion contribution to global GDP.
According to summit figures, the industry will require 100 million additional jobs over the next five years to meet rising demand. In Saudi Arabia alone, a $110 billion investment in the sector is set to deliver 362,000 hotel rooms by 2030.
“We need an additional 1 million jobs in the Kingdom by 2030,” Worsley stated. “The foundations of sustainable growth must begin with education and training.”
The NextGen forum aims to bridge the gap between education and industry by fostering dialogue on training, investment, and talent retention.
“We’re bridging the gap between academia and what the industry needs—exploring funding and investment opportunities in hospitality education and enhancing the industry’s appeal to retain talent and reduce turnover,” Worsley said.
During a panel discussion on global tourism trends, Harry Theoharis, member of the Hellenic Parliament and candidate for secretary-general of the UN World Tourism Organization, praised Saudi Arabia’s transformation.
“Saudi Arabia’s tourist plans, if anything, are one of the biggest success stories,” he said.
“We’ve seen Saudi Arabia transform itself from a very specific and niche market of religious tourism, which was the staple of Saudi Arabia, to a very vibrant, very energetic, very young-oriented destination attuned to the wills of the young population,” Theoharis added.
More than 1,000 global tourism leaders, investors, and operators have convened in Riyadh for the Future Hospitality Summit, held from May 11–13 at the Mandarin Oriental Al Faisaliah. Centered on the theme “Where Vision Shapes Opportunity,” the event features panels, investment showcases, and strategic signings shaping the future of hospitality in Saudi Arabia and beyond.
Closing Bell: Saudi main index slips to close at 11,346
Updated 11 May 2025
Reem Walid
RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 17.52 points, or 0.15 percent, to close at 11,346.59.
The total trading turnover of the benchmark index was SR3.32 billion ($896 million), as 108 of the stocks advanced and 128 retreated.
The Kingdom’s parallel market, Nomu, also lost 508.04 points, or 1.82 percent, to close at 27,423.45. This comes as 30 stocks advanced while 45 retreated.
The MSCI Tadawul Index followed suit and lost 0.22 points, or 0.02 percent, to close at 1,451.79.
The best-performing stock of the day was SHL Finance Co., whose share price surged 8.74 percent to SR19.90.
Other top performers included SICO Saudi REIT Fund, which saw its share price rise 6.54 percent to SR4.40, as well as National Medical Care Co., whose shares surged 4.93 percent to SR149.
Middle East Specialized Cables Co. recorded the steepest decline, falling 8.33 percent to SR33. Fawaz Abdulaziz Alhokair Co. followed with a 6.62 percent drop to SR14.94, while Saudi Chemical Co. slipped 6.47 percent to SR8.39.
On the announcements front, MBC Group Co. reported its interim financial results for the period ending March 31. According to a statement on Tadawul, the company posted a net profit of SR263.5 million in the first quarter of 2025, marking a 117.2 percent increase compared to the same period in 2024. The surge in profit was primarily driven by a SR190 million rise in gross profit, attributed to higher revenues during the month of Ramadan.
MBC Group Co. ended the session at SR43.90, up 0.47 percent.
Al-Rajhi Co. for Cooperative Insurance also announced its interim financial results for the first quarter. A bourse filing showed that the company posted a net profit of SR90.7 million for the period ending March 31, representing an 18.4 percent decline compared to the same quarter last year. The drop in net profit was primarily attributed to a decrease in the insurance service result before re-takaful, total comprehensive income, and total investment income, as well as an increase in other operating expenses and gross written premiums.
Al-Rajhi Co. for Cooperative Insurance ended the session at SR123.40, down 2.76 percent.
Saudi Ground Services Co. has announced its interim financial results for the period ending March 31. According to a Tadawul statement, the company reported a net profit of SR97.6 million in the first quarter of 2025, marking a 37 percent increase compared to the same period in 2024. The growth was primarily driven by an SR18.3 million rise in revenue year on year.
Saudi Ground Services Co. ended the session at SR49.00, down 1.53 percent.
Saudi Chemical Co. has announced its consolidated financial results for the first quarter of 2025. A bourse filing showed the company reported a net profit of SR82.33 million for the period ending March 31, reflecting a 9.9 percent decline compared to the same quarter last year. The decrease was attributed to higher finance costs, the revaluation of derivative financial instruments related to interest rate exposure, and an increase in zakat and tax provisions.
Saudi Chemical Co. ended the session at SR8.95, down 6.47 percent.
Dallah Healthcare Co. has announced its interim financial results for the period ending March 31. According to a Tadawul statement, the company reported a net profit of SR155.56 million in the first quarter of 2025, marking a 30.3 percent increase compared to the same period a year earlier. The rise in profit was driven by higher revenues, along with non-recurring gains of SR51 million resulting from the company’s 33.33 percent stake in a real estate fund through an in-kind contribution of land.
Dallah Healthcare Co. ended the session at SR120, up 0.17 percent.
Tamkeen Human Resource Co. has announced its consolidated financial results for the first quarter of 2025. A bourse filing revealed the company recorded a net profit of SR26 million for the period ending March 31, representing a 40.54 percent increase compared to the same quarter last year. The surge in earnings was attributed to growth in the group’s revenues, gross profit, and operating profit.
Tamkeen Human Resource Co. ended the session at SR55.30, up 3.61 percent.
Umm Al Qura for Development and Construction Co. has announced its consolidated financial results for the first quarter of 2025. A bourse filing showed the company posted a net profit of SR159.6 million for the period ending March 31, reflecting a staggering 3,219.3 percent increase compared to the same quarter a year earlier. The sharp rise in profit was primarily driven by a significant surge in revenues.
Umm Al Qura for Development and Construction Co. ended the session at SR24.26, up 0.34 percent.
Taiba Investments Co. has announced its interim financial results for the period ending March 31. According to a statement on Tadawul, the company reported a net profit of SR131.3 million in the first quarter of 2025, marking a 36.6 percent increase compared to the same quarter last year. This growth is mainly attributed to the rise in operating revenues during the first quarter of 2025.
Taiba Investments Co. ended the session at SR43.25, up 1.5 percent.
First Saudi-made THAAD system parts completed in Jeddah
Updated 11 May 2025
MOHAMMED AL-KINANI
JEDDAH: Saudi Arabia has completed the first domestically manufactured components for the Terminal High Altitude Area Defense system launcher in Jeddah, marking a significant step forward in the Kingdom’s ongoing efforts to localize its defense industry.
The milestone was highlighted during a recent meeting at Arabian International Co. for Steel Structures in Jeddah, attended by senior defense officials and industry leaders.
Among those present were Tim Cahill, president of missiles and fire control at Lockheed Martin; Nawaf Al-Bawardi, assistant deputy of the General Authority for Military Industries; and Wasim Attieh, president of AIC.
The meeting focused on reviewing progress in the local production of THAAD system components, following a partnership between Saudi Arabia and Lockheed Martin aimed at strengthening local manufacturing capabilities.
The achievement follows two contracts signed during the 2024 World Defense Show in Riyadh, as part of a broader strategy to localize key THAAD components. It builds on previous efforts announced at the 2022 edition of the show, including initiatives to domestically produce missile containers and launch platforms.
In a statement, Lockheed Martin emphasized the significance of the development, noting AIC’s advanced manufacturing capabilities and precision welding expertise.
“It is particularly significant as it demonstrates how the two companies successfully worked to bolster manufacturing expertise, strengthening the country’s defense industrial base while establishing a second source and building resilience for the US supply chain,” the statement said.
Cahill lauded the achievement as a major milestone for both countries. It is a tremendous milestone for the US and Saudi Arabia as both nations work to fulfill the Kingdom’s THAAD procurement, he said.
“Through this program, we’re not only supporting Saudi Vision 2030 and enhancing regional defense capacity, but we’re also generating high-quality manufacturing jobs in the US and strengthening the American defense industrial base, a testament to the value of our partnership with AIC Steel and the Kingdom of Saudi Arabia.”
Attieh praised Lockheed Martin for its cooperation and commitment to the project.
Lockheed Martin has been “an excellent partner,” providing the necessary tools and training to support and advance the localized production of a key component of the THAAD weapon system, he said.
“I look forward to working together to ensure a more secure future for the Kingdom of Saudi Arabia.” He also expressed gratitude to GAMI for its support throughout the project.
Saudi Arabia has steadily increased its defense manufacturing capabilities, with military spending localization reaching 19.35 percent in recent years — up from just 4 percent in 2018. The Kingdom aims to surpass 50 percent by 2030, in line with its Vision 2030 goal to establish a self-sufficient defense sector.
The THAAD system, developed by Lockheed Martin, is a state-of-the-art missile defense platform capable of intercepting and destroying ballistic missiles at both endo- and exo-atmospheric altitudes. It is designed to provide protection against short-, medium-, and intermediate-range threats and is widely regarded for its high success rate in flight tests and operational use.
The continued collaboration between Saudi Arabia and Lockheed Martin underscores the Kingdom’s commitment to building a robust and independent military industrial base while reinforcing its strategic defense alliances.
Egypt’s annual inflation rises to 13.5% in April: CAPMAS
Updated 11 May 2025
Mohammed Al-Kinani
JEDDAH: Egypt’s annual inflation rose to 13.5 percent in April from 13.1 percent the previous month, driven by higher prices across key sectors including healthcare, transport, and housing, official data showed.
According to data released by the Central Agency for Public Mobilization and Statistics, or CAPMAS, the monthly consumer price index rose 1.3 percent to 253.8 points, up from 250.6 in March.
The data indicates continued inflationary pressures across essential sectors, affecting households nationwide, as Egypt grapples with the compounded impact of currency devaluations, ongoing subsidy reforms, and external shocks to global food and fuel prices.
The healthcare sector recorded the sharpest monthly gains, rising 7.7 percent, with prices of medical products and equipment surging 11.4 percent. Outpatient services rose 2.1 percent, while hospital services increased 1.6 percent, according to CAMPAS data.
Transport costs climbed 7.5 percent on the month, led by an 8.6 percent jump in private transport spending and an 8.2 percent increase in transport services. The cost of purchasing vehicles rose 1.3 percent.
Housing, water, electricity, gas, and fuel prices increased 2.8 percent. Electricity, gas, and fuel prices alone climbed 6.7 percent, while actual rent increased by 1.1 percent and home maintenance and related services rose by 1.0 percent.
Food and beverage prices declined 1.2 percent on a monthly basis, providing some relief to consumers. The decline was led by a 3.5 percent drop in meat and poultry, a 0.6 percent fall in dairy, cheese, and eggs, a 0.1 percent decrease in oils and fats, and a steep 5.1 percent drop in fruit prices.
However, prices in several other categories within the food segment increased. Cereal and bread prices rose 0.5 percent, fish and seafood increased by 1.7 percent, vegetables gained 1.2 percent, sugar and sugary foods edged up 0.4 percent, and other food products rose 1.2 percent.
Coffee, tea, and cocoa prices rose 0.4 percent, while mineral water, carbonated beverages, and natural juices were up 1.5 percent.
The restaurants and hotels category posted a 4.1 percent increase in April, as ready meal prices climbed 4.2 percent and hotel services rose 1.5 percent. Cultural and entertainment services prices rose 0.7 percent, including a 15.6 percent increase in costs tied to leisure and recreational services. The clothing and footwear division saw a 1.7 percent increase, with prices of garments, accessories, and cleaning services all moving higher.
Furniture and household equipment prices increased by 1.1 percent, while miscellaneous goods and services climbed 2.2 percent, driven largely by a 2.4 percent rise in personal care expenses and a 4.3 percent increase in prices of personal luggage items.
RIYADH: Jordan’s exports to countries in the Greater Arab Free Trade Area rose 12.2 percent year on year to 515 million Jordanian dinars ($726 million) by the end of February, amid strong demand for key goods.
According to official statistics reported by the Jordan News Agency, or Petra, the rise from 459 million dinars in the same period of 2024 was driven by increased shipments of fertilizers, medicines, and fresh and frozen agricultural products. Additional contributors included skincare items, food preparations, and furniture, as well as fabrics, garments, and other goods.
The latest trade data aligns with broader optimism about Jordan’s economic outlook, with Central Bank Governor Adel Sharkas saying in March that the country's economy is projected to grow 2.7 percent in 2025, accelerating to 3.5 percent in the medium term.
“Foreign trade data from the Department of Statistics (DoS), monitored by ‘Petra,’ showed a decline in the Kingdom’s (Jordan’s) trade deficit with the GAFTA countries for the same period, reaching JD348 million, compared to JD369 million against last year,” the Petra report stated.
Established in January 2005, GAFTA operates as an economic alliance with the objective of promoting trade and economic unity among Arab nations. Comprising 18 member states, GAFTA is dedicated to bolstering regional trade by lowering customs tariffs.
GAFTA imports into Jordan also climbed, rising 4.2 percent to 863 million dinars from 828 million dinars, bringing the total trade volume to 1.37 billion dinars—up from 1.28 billion dinars a year earlier.
Jordan’s imports primarily include crude oil and its derivatives, jewelry, and food products. Other major import categories are plastic items, titanium dioxide, and polyethylene, as well as polystyrene, iron, and various other goods.
Saudi Arabia remained Jordan’s top regional trade partner, accounting for 141 million dinars in exports — a 6.8 percent rise—and 519 million dinars in imports, resulting in a bilateral deficit of 378 million dinars.
Iraq followed with 136 million dinars in Jordanian exports, up 15.3 percent, while trade with Syria surged to 35 million dinars — a 483.3 percent jump from the previous year.
In March, Sharkas shed light on how inflation in Jordan reached 2.2 percent in the first two months of this year and is expected to stabilize at 2 percent for 2025.
