Saudi private sector workforce surges above 11.4m – official figures

RIYADH: Tesla will launch in Saudi Arabia early next month, according to a post announcing the opening on the company’s website.

Elon Musk’s electric vehicle brand trades in other countries in the Middle East, but not in Saudi Arabia, the Gulf region’s largest market.

Tesla has seen EV sales slump in Europe and the brand has been targeted by a wave of protests in the US since Musk, the company’s CEO, became an adviser to US President Donald Trump and began sweeping cuts to the federal government.

The launch event in Riyadh, scheduled for April 10, will display Tesla’s electric vehicles and products powered by solar energy, the post said.

“Experience the future of autonomous driving with Cybercab, and meet Optimus, our humanoid robot, as we showcase what’s next in AI and robotics,” it added, without saying when the products would go on sale in the Kingdom.

Tesla’s sales and market share in Europe have fallen this year even as EV registrations on the continent have grown.

Musk’s brand has sold 42.6 percent fewer cars in Europe so far this year, data from the European Automobile Manufacturers Association showed on Tuesday, as Musk has stirred controversy globally.

Activists across the US have staged so-called “Tesla Takedown” demonstrations over Musk’s role leading the Department of Government Efficiency, which has cut thousands of jobs, frozen foreign aid and canceled thousands of programs and contracts.

The Wall Street Journal reported in 2023 that Saudi Arabia was in early talks for Tesla to establish a factory in the kingdom. Musk denied the report.

The Kingdom has been trying to shift its economy away from oil, while its sovereign wealth fund is the majority investor in Lucid Group — one of the EV startups looking to challenge Tesla. 

KARACHI: Pakistani state-owned Oil & Gas Development Company Ltd. (OGDCL) and Pakistan Petroleum Ltd. (PPL) have increased their investments in the Reko Diq gold and copper mining project to $1.25 billion, the energy firms said in separate filings in the Pakistan Stock Exchange (PSX).
The OGDCL and PPL, each holding 8.33 percent stake in the multi-billion-dollar project through Pakistan Minerals (Private) Limited, have completed their feasibility studies. The third state-owned shareholder is Government Holdings (Private) Limited, according to the stock filings.
Each of the two oil and gas explorers have decided to increase their funding commitment with respect to the project, reflecting their pro rata share of total capital investment, inclusive of project financing costs, to $627 million. The financing cost is to be adjusted according to the actual project cost and inflation.
On Tuesday, the Economic Coordination Committee (ECC) of the federal cabinet also approved a summary regarding the Reko Diq project and changes in its overall development plan, the Finance Division said in a statement.
“The ECC took up a summary by the Petroleum Division regarding the Reko Diq Project and changes in its overall development plan and related financial commitments and project finance considerations due to inflation and enhanced scope of the project concerning capacity, energy mix, alternative water supply options and updated processing plants and machinery,” the statement read.
“The ECC noted the factors leading to the project escalations, and approved the proposals contained in the summary with the directions to the Ministries of Petroleum & Finance to continue close coordination with a view to ensuring timely implementation of all agreed actions.”
Reko Diq, one of the world’s largest underdeveloped copper-gold mine, is jointly owned by Canadian mining firm Barrick Gold Corp. and Pakistan. Out of the total shareholding of Reko Diq project, 25 percent is held by the provincial government of Balochistan — 15 percent on a fully funded basis through Balochistan Mineral Resources Limited and 10 percent on a free carried basis — and 50 percent is held by Barrick Gold Corporation which is the operator of the project.
As per the estimates, the increase in copper and gold prices has offset the impact of higher project costs, according to the two energy firms. The feasibility study of the project shows it has a mining life of 37 years and is expected to yield 13.1 million tons of copper and 17.9 million ounces of gold.
The project will be executed in two phases, with the phase one having an estimated capital outlay of $5.6 billion that is exclusive of the financing costs and inflation. It is planned to be funded through a limited-recourse project financing facility of up to $3 billion with the remaining funded through shareholder contributions, the OGDCL and PPL said.
The energy companies plan to fund the second phase through a mix of revenue generation from the project, additional project financing and shareholder contributions, if required. Under the updated feasibility study phase one is planned to process 45 million tons per annum (Mtpa) of mill feed from 2028. While phase two is planned to double the processing capacity to 90 Mtpa by 2034.
The project will leverage five of the currently identified 15 porphyry surface expressions within the current mining lease, highlighting substantial future growth potential. Negotiations for the proposed project financing are ongoing.