Germany’s EVUM Motors predicts environmental break-even for EVs in 3 years

EVUM Motors CEO Martin Soltes speaks at the Future Hospitality Summit in Madinat Jumeirah.
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Updated 30 September 2024
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Germany’s EVUM Motors predicts environmental break-even for EVs in 3 years

DUBAI: EVUM Motors, a German electric vehicle manufacturer, forecasts that its EVs will reach an environmental break-even point after three years of usage, as stated by CEO Martin Soltes.

During a presentation at the Future Hospitality Summit in Madinat Jumeirah, Soltes explained that this break-even is achieved when the environmental costs of manufacturing the vehicle are offset by its operational benefits over time.

This achievement is part of EVUM Motors’ broader commitment to sustainability, a key strategic focus for the company as well as its suppliers and subcontractors.

Furthermore, this initiative aligns with the global goal of reducing human-caused carbon dioxide emissions by approximately 45 percent from 2010 levels by 2030, with the aim of reaching net zero by 2050, as emphasized by international scientific consensus.

“We are planning for the vehicle to be used at least 10 years. So, you know, three years at the very beginning and it’s a kind of for the break-even point and then the next seven years we have a positive impact on the environment using it,” he explained.

During his talk, Soltes discussed the vital role of governments in promoting innovation in the electric vehicle sector.

He outlined two key approaches: providing subsidies to encourage new technologies and creating supportive environments for EV infrastructure development.

“The one way would be providing a kind of subsidies, which is always a short-term, you know, point to push a new technology in. And the second thing is creating environments where innovations and, especially EVs, can be in there. So, helping build up the infrastructure,” Soltes said.

He also mentioned that implementing stricter regulations on firms can propel the industry forward, emphasizing a user-centered design approach. “So, go to the customer, talk to him about how he’s driving around, how he’s using the vehicle, understanding what his needs are, what needs to be optimized, what needs to be done,” he stated.

In a separate discussion, Issam AbdulRahim Kazim, CEO of the Dubai Corporation for Tourism and Commerce Marketing, addressed the increasing number of companies relocating to Dubai.

“We have a lot of new companies that relocate to Dubai, family offices that are set up in Dubai. More communities moving to Dubai to find the right opportunities for themselves and set up their life in Dubai as well,” Kazim said.

He added that these developments should contribute to the goal of doubling the gross domestic product over the next decade. “All of that should aid the doubling of the GDP in the next decade. So that’s the vision from one side.”

Kazim also noted an increase in hotel numbers since the launch of the tourism strategy, highlighting Dubai’s ongoing growth.

In a discussion titled “Master Planning for Transformative Hospitality and Destination Investments in Shifting Sands,” Wyatt Roy, head of innovation at NEOM, highlighted the project's extensive protection efforts.

“Ninety-five percent of NEOM is protected, never to be touched, which is an amazing commitment. We are rewilding and regreening the natural environment, bringing back unique Arabian wildlife,” Roy stated.

He emphasized NEOM’s dedication to sustainability, noting, “We’re planting over 100 million native plants and using innovative technology to restore our natural environment, allowing us to reintroduce Arabian wildlife. Our commitment to 100 percent renewable energy is significant, and we're leading the world in making this a reality.”

Roy also discussed the potential for personalized experiences through technology, saying, “We can design a deeply personalized experience from the moment you book to when you arrive, stay, leave, and return. Collaborating with global partners allows us to implement and test cutting-edge technology, creating a major opportunity for innovation.”

This year’s Future Hospitality Summit 2024 marks the largest edition to date, bringing together 1,500 industry leaders and featuring more than 110 distinguished speakers, facilitating engaging discussions and networking opportunities.

The three-day event continues to serve as a platform for industry leaders to connect, share ideas, and shape the future of hospitality and tourism.


Pakistan’s central bank leaves policy rate unchanged at 11% in surprise move

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Pakistan’s central bank leaves policy rate unchanged at 11% in surprise move

  • Central bank says policy rate kept unchanged as inflation outlook worsened due to unprecedented hike in energy prices
  • Economists say state bank will remain cautious, adopt “wait-and-see approach” before taking monetary policy decisions

KARACHI: Pakistan’s central bank announced on Wednesday it was keeping the interest rate unchanged at 11 percent despite a majority of the economists predicting a rate cut, with analysts linking the “cautious” approach to the government’s aim to ensure price stability amid a surge in energy prices.

The decision came as a surprise after the majority of Pakistan’s economists predicted a reduction of 100 basis points in the policy rate due to easing inflation in the country, which reached 3.2 percent in June.

The central bank kept its benchmark interest rate unchanged for a second consecutive time after slashing it by 1,100 basis points during the last year to keep inflation in check, which had surged to 38 percent in May 2023.

State Bank of Pakistan (SBP) Governor Jameel Ahmad said the decision was based on easing consumer prices as well as core inflation, which otherwise remains “static” but eased to 7.2 percent last month. However, an unexpected hike in energy prices had worsened the inflation outlook.

“The Monetary Policy Committee (MPC) met today and decided to maintain the current policy rate at 11 percent,” Ahmad said at a press briefing in Karachi after the MPC meeting.

“The inflation outlook has somewhat worsened in the wake of higher-than-anticipated adjustment in energy prices, especially gas tariffs,” the central bank said in a separate statement.

Economist Khaqan Najeed, Pakistan’s former finance adviser, said the central bank had chosen a “path of continued caution and vigilance,” which aimed to consolidate stability gains before stimulating growth through monetary easing.

“The mention of ‘somewhat worsened’ inflation outlook due to energy tariffs was a key justification for not easing [the monetary policy],” he said.

Sana Tawfik, head of research at the brokerage research firm Arif Habib Ltd., agreed.

“For now, they will keep the interest rate at 11 percent, stabilize it and see the impact of its previous rate cuts as well as how recent floods and energy prices translate into the economic indicators,” she told Arab News.

Tawfik said Pakistan’s rising imports and resulting pressure on its external account had also influenced the SBP to keep the policy rate unchanged.

“Going forward, it appears that the state bank will remain cautious and will have a wait-and-see approach to take its decisions according to the global economic developments,” she said.

Prime Minister Shehbaz Sharif’s government is attempting to revive Pakistan’s debt-ridden economy with the help of a $7 billion loan from the International Monetary Fund (IMF).

Mushtaq Khan, an economist who is also the founder of a boutique advisory named “Doctored Papers,” described the SBP’s decision to keep the interest rate unchanged as a “smart move.”

“The external sector will be more vulnerable in FY26, so it’s a cautious step as needed,” he said.

Ahmad said this year Pakistan would need to repay $25.9 billion in foreign debt, of which about $16 billion were in bilateral loans that would be rolled over while the remaining $10 billion would have to be repaid.

This includes $1.8 billion in Eurobonds that are maturing this year.

“Going forward, we will see no difficulty in our debt repayments,” he said, citing increasing remittances that he said would cross the $40 billion mark this year.


Closing Bell: Saudi Arabia’s TASI ends higher in green at 110,914

Updated 30 July 2025
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Closing Bell: Saudi Arabia’s TASI ends higher in green at 110,914

  • MSCI Tadawul Index rose 0.93% to close at 1,407.08
  • Parallel market Nomu gained 0.31% to close at 26,809.08

RIYADH: Saudi Arabia’s Tadawul All Share Index closed Wednesday’s trading session higher at 10,914.38, marking an increase of 90.47 points, or 0.84 percent. 

The total trading turnover of the benchmark index reached SR4.32 billion ($1.15 billion), with 145 stocks advancing and 100 declining. 

The MSCI Tadawul Index also rose, climbing 13.03 points, or 0.93 percent, to close at 1,407.08. 

The Kingdom’s parallel market Nomu gained 83.19 points, or 0.31 percent, to close at 26,809.08. A total of 35 stocks advanced, while 36 retreated. 

Thimar Development Holding Co. was the session’s top performer, with its share price rising 10 percent to close at SR34.98. 

Other notable gainers included ACWA Power Co., which rose 5.92 percent to SR223.50, and Halwani Bros. Co., up 4.38 percent to SR43.82. 

Tanmiah Food Co. also posted gains, with its share price increasing 4.30 percent to SR91. 

Sport Clubs Co. recorded the steepest decline, with its shares falling 7.17 percent to SR10.23. 

Nahdi Medical Co. followed with a 5.53 percent drop to SR123.10, after announcing a 3.8 percent year-on-year decline in net profit to SR238.4 million for the second quarter ending June 30. 

The company said on Tadawul that the drop in profit was primarily due to increased discounts and promotional offers by its Egyptian subsidiary to enhance competitiveness amid currency fluctuations.

Higher selling and distribution expenses related to new product marketing also weighed on earnings. 

BAAN Holding Group Co. declined 4 percent to close at SR2.40. 

Specialized Medical Co. posted a loss of 3.78 percent, closing at SR19.60, while Alandalus Property Co. declined 2.45 percent to SR19.53. 


Education spending drives Saudi POS transactions to $3.16bn 

Updated 30 July 2025
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Education spending drives Saudi POS transactions to $3.16bn 

  • Education sector recorded SR111.18 million in transaction value
  • Overall POS transactions across all sectors declined 2.9% to 206.46 million

RIYADH: Education spending in Saudi Arabia increased by 3.6 percent in the week ending July 26, driving total point-of-sale transactions to SR11.87 billion ($3.16 billion), even as most other sectors saw declines. 

Total POS value remained above the $3 billion mark for the fifth consecutive week despite a 2.7 percent weekly drop, underscoring the resilience of consumer activity across the Kingdom, according to data from the Saudi Central Bank, also known as SAMA. 

The education sector recorded SR111.18 million in transaction value, with the number of transactions slipping 4.1 percent to 140,000, while overall POS transactions across all sectors declined 2.9 percent to 206.46 million. The hotels sector saw a 1.3 percent increase to SR291.07 million. 

On July 29, the Saudi Cabinet approved the new statistics law, enhancing the Kingdom’s POS reporting with more detailed retail market insights. This update introduces refined subcategories in POS data, improving transparency and supporting data-driven decision-making in line with Vision 2030. 

According to SAMA’s bulletin, the subcategory of books and stationery saw the largest decrease, dropping by 5.8 percent to SR98.11 million. Spending on airlines ranked next, dropping 5.6 percent to SR65.20 million. 

Food and beverages, the sector with the biggest share of total POS value, recorded a 1.8 percent decrease to SR1.70 billion, while the restaurants and cafes sector saw a 2.4 percent decrease, totaling SR1.55 billion and claiming the second-biggest share of this week’s POS. 

Spending on transportation ranked third despite a 2.2 percent decline to SR945.76 million. 

The top three categories accounted for approximately 35.3 percent of the week’s total spending, amounting to SR4.19 billion. 

The smallest decline was seen in spending on freight transport, postal and courier services which decreased by 0.9 percent to SR36.13 million, followed by expenditure on telecommunication, which saw a 1 percent dip to SR131.86 million. 

Geographically, Riyadh dominated POS transactions, with expenses in the capital reaching SR4.1 billion, a 2.7 percent decrease from the previous week.  

Jeddah followed closely with a 3.1 percent dip to SR1.70 billion, while Dammam ranked third, down 2.8 percent to SR566.81 million. 

Al-Jubail saw the smallest increase, inching up 0.6 percent to SR123.04 million, followed by Al-Baha with a 0.7 percent increase to SR76.12 million. 

Hail recorded 3.54 million deals in transaction volume, down 3.2 percent from the previous week, while Tabuk reached 3.93 million transactions, dropping 4.3 percent. 


Egypt’s Suez Canal Economic Zone revenues jump 38% YoY despite traffic downturn

Updated 30 July 2025
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Egypt’s Suez Canal Economic Zone revenues jump 38% YoY despite traffic downturn

RIYADH: Egypt’s General Authority for the Suez Canal Economic Zone reported a 38 percent year-on-year increase in revenue in the fiscal year 2024/25, reaching 11.43 billion Egyptian pounds ($234 million).

According to a statement from the Egyptian Cabinet, the authority also recorded a surplus of 8.49 billion pounds during the same period, SCZONE Chairman Walid Gamal El-Din told Prime Minister Mostafa Madbouly during a meeting to review the zone’s performance and investment pipeline. 

The growth comes despite a steep downturn in traffic through the Suez Canal, which saw revenues decline 54.1 percent to $2.6 billion between July 2024 and March, as ongoing Red Sea tensions triggered a 44.8 percent drop in ship transits. 

The increase aligns with SCZONE’s objective to attract regional businesses by offering streamlined access to local markets and talent, along with value-driven industrial parks that support integrated supply chains. 

In a statement posted on its official Facebook page, the Cabinet said the SCZONE chairman noted that “the authority’s promotional efforts contributed to achieving actual contracts for industrial, service, and logistics projects worth $7.09 billion for 286 projects, in addition to seaport projects worth $1.5 billion for 11 projects, for a total of $8.6 billion for 297 projects.” 

SCZONE Chairman Walid Gamal El-Din, third from left, listens to Prime Minister Mostafa Madbouly, centre. Egypt Cabinet/Facebook

During the meeting, Gamal El-Din highlighted progress in two key industrial areas. In Ain Sokhna, the zone attracted foreign investment in sectors such as renewable energy, electronics, pharmaceuticals, automotive components, and metal manufacturing. 

Meanwhile, the Qantara West zone saw the implementation of 31 projects spanning 2 million sq. meters, with a combined investment of $799 million, expected to generate 45,000 job opportunities. 

Gamal El-Din also outlined how the authority aims to attract new projects in industrial and service sectors such as technology and semiconductors, electronics, engineering equipment and machinery, photovoltaic solar cells, vocational training centers, and silica sand mining and raw materials industries. 

He added that the authority has already secured $43 million in foreign investment in silica mining and modern building materials. 

As part of these efforts, the SCZONE chairman noted that a promotional tour across several Chinese provinces was conducted to attract new foreign direct investment. The visit included high-level meetings with major Chinese firms and culminated in the signing of six new industrial project contracts in the textile and garments sector, valued at a combined $117.5 million. 

The deals represent a strategic step toward deepening economic ties with China and expanding Egypt’s manufacturing base, the statement added.


Boursa Kuwait net profit surges 61% in H1 

Updated 30 July 2025
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Boursa Kuwait net profit surges 61% in H1 

RIYADH: A rise in operating revenues and profitability drove Boursa Kuwait’s net profit to 15.11 million Kuwaiti dinars ($49.4 million) in the first half of 2025 — a 61.12 percent annual increase.

The growth was underpinned by a 41.13 percent year-on-year rise in total operating revenues to 24.20 million dinars, alongside a 59.53 percent boost in operating profit to 18.47 million dinars, according to a release. 

Earnings per share surged in tandem, rising from 46.71 fils to 75.27 fils by June 30, while total assets reached 123.87 million dinars, reflecting a 9.26 percent increase year-on-year. 

Shareholders’ equity attributable to equity holders of the parent company climbed 12.68 percent to 66.20 million dinars. 

The Boursa’s growth aligns with the World Bank’s forecast for Kuwait’s non-oil sector, which is expected to expand by 1.6 percent in 2025, supported by renewed real credit growth and large-scale infrastructure projects such as the Northern Special Economic Zone and Silk City. 

Boursa Kuwait Chairman Bader Al-Kharafi said: “These results reaffirm Boursa Kuwait’s capacity to navigate the complex geopolitical and economic challenges experienced worldwide while maintaining sustainable growth supported by revenue diversification and enhanced liquidity levels.” 

He added: “This growth marks a significant milestone in our journey, giving us greater momentum to advance our development plans to modernize market infrastructure, diversify investment instruments and strengthen its appeal to both local and international investors.” 

While the oil sector is projected to rebound with 2.2 percent real growth as OPEC+ production cuts ease from May, the broader fiscal outlook remains mixed, with the fiscal deficit forecast to widen to approximately 7.2 percent of gross domestic product due to weaker oil revenues. 

The performance coincides with major enhancements introduced under Part Two of Phase Three of the Market Development Program, a collaborative initiative involving Boursa Kuwait, the Capital Markets Authority, and Central Bank of Kuwait, as well as Kuwait Clearing Co., local banks, and investment and brokerage firms. 

Al-Kharafi credited the achievement to “seamless collaboration across the capital market apparatus and a shared determination to create tangible value for investors,” affirming the company’s commitment to “delivering transformative milestones that secure the long-term sustainability of the national economy.” 

He also emphasized the role of the private sector, noting that this breakthrough “underscores the private sector’s agility and effectiveness in advancing development and forging impactful partnerships with the public sector.” 

He extended his gratitude to stakeholders, including shareholders, executive management, regulatory authorities, and investors, stating: “Our commitment to deliver a superlative investment experience remains unwavering.” 

The Kuwaiti capital market recorded a surge in activity during the first half of 2025, with traded value jumping 90.39 percent to 12.63 billion dinars, while traded volume rose 82.95 percent to 49.45 billion shares. 

Market capitalization reached 50.53 billion dinars, a 23.20 percent increase year on year. 

The “Premier” Market contributed significantly with traded value up 47.09 percent to 7.34 billion dinars and market capitalization up 24.45 percent to 42.27 billion dinars. 

Meanwhile, the “Main” Market posted a 221.36 percent rise in traded value to 5.29 billion dinars, alongside a 17.20 percent growth in market capitalization to 8.27 billion dinars. 

Boursa Kuwait CEO Mohammad Saud Al-Osaimi highlighted the effectiveness of recent regulatory and operational reforms. 

“These positive indicators showcase the robustness of the Kuwaiti capital market’s regulatory framework and our continued efforts to enhance infrastructure, diversify products and elevate the investor experience,” he said. 

He noted the strategic role of market segmentation, stating: “The ‘Premier’ Market has maintained stable trading values, while the ‘Main’ Market has shown remarkable activity.” 

In pursuit of a stronger international presence, Boursa Kuwait has engaged in roadshows and corporate days in partnership with global financial institutions. 

These included events in Asia and London, showcasing the exchange’s progress and investment potential. 

Al-Osaimi said: “Through active engagement with world-renowned investment banks, sovereign wealth funds, pension funds and asset management firms, the exchange has cultivated a robust investor base.” He added that institutional investors account for 65.08 percent of participants. 

The CEO reiterated the exchange’s commitment to expanding its product range, enhancing market efficiency, and strengthening investor confidence through transparency and governance. 

Since its privatization in 2019 and self-listing in 2020, Boursa Kuwait has introduced multiple market development phases aimed at boosting its global standing and supporting Kuwait’s broader economic vision.