EVIQ and Lotus sign strategic partnership
The agreement aims to develop advanced EV charging solutions tailored for Lotus customers in Saudi Arabia, supporting the nation's transition toward a sustainable transportation future and strengthening the electric vehicle charging infrastructure, in alignment with Saudi Vision 2030. As part of the collaboration, Lotus showrooms will be equipped with dedicated EV charging stations for Lotus owners, in addition to providing home charging sockets with each vehicle purchase.
The partnership outlines key areas of cooperation, including enhanced data-sharing capabilities to improve customer experience, ensure maximum efficiency and convenience, and seamless integration with Lotus' digital platforms. This will allow customers easy access to charging services via existing Lotus applications. The agreement also includes knowledge sharing initiatives to explore effective strategies for raising public awareness about electric vehicles across the Kingdom.
"This strategic collaboration with Lotus marks another milestone in transforming the green mobility ecosystem in Saudi Arabia. By combining our expertise in fast-charging infrastructure with Lotus' legacy of excellence in electric performance vehicles, we aim to enhance customer experience and accelerate EV adoption in line with our national sustainability goals," stated Mohammed Bakr Qazzaz, CEO of EVIQ.
Abdulaziz Wallan, Vice Chairman, Wallan Holding Company, added:"This partnership aligns with the ambitions of Vision 2030 to support clean energy and transition to more sustainable modes of transportation. It will establish an integrated network of smart charging stations, fully compatible with Lotus' latest technologies, and provide a seamless, secure charging experience for Lotus EV users in the Saudi market. The agreement also involves the exchange of technical expertise and collaborative awareness campaigns to promote EV culture."
Wallan Investment, a subsidiary of Wallan Holding Co, is one of the major shareholders in Lotus Technology, a NASDAQ-listed company specializing in the development of premium electric vehicles, energy and motor systems, electronic control and smart driving technologies, and intelligent manufacturing.
Through strategic partnerships with leading companies in the Kingdom, EVIQ reaffirms its ongoing commitment to developing the national EV ecosystem. The company aims to deploy more than 5,000 EV chargers across strategic locations throughout Saudi Arabia by 2030. This collaboration with Lotus is expected to support the development of a comprehensive charging network for EV owners, reduce carbon emissions from transportation, and accelerate the transition to sustainable mobility in the region.
Ends
About EVIQ – Electric Vehicle Infrastructure Company
EVIQ is a joint venture between the Public Investment Fund and the Saudi Electricity Company. The company's mission is to support the adoption of electric vehicles in Saudi Arabia by building a nationwide, advanced EV charging network. EVIQ plans to deploy over 5,000 fast chargers in strategic locations across the Kingdom, positioning it as a leader in enabling the local EV ecosystem.
Through strong partnerships with local firms for installation and maintenance, EVIQ aims to establish a solid foundation for the sector, making electric mobility more attractive to consumers and investors alike.
In addition, EVIQ has established the first-of-its-kind R&D center in Riyadh dedicated to testing various charging devices and software to ensure the highest quality and performance. This R&D center plays a pivotal role in deploying reliable, market-fit technologies and ensures that the company maintains the highest standards of safety and compatibility.
EVIQ is focused on expanding its footprint across key cities and intercity roads in Saudi Arabia by 2030, in alignment with regulatory frameworks and national goals. The company sees wide EV adoption as essential to delivering long-term environmental, economic, and social benefits to the Kingdom.
About Lotus
Lotus is a globally recognized performance automotive brand with a rich heritage dating back to 1948. The company has long been a pioneer of innovation in the automotive industry, introducing cutting-edge technologies and designs that align with its bold vision for the future of vehicle performance, feel, and function.
Lotus Group comprises Lotus Cars, the maker of high-performance sports cars, and Lotus Technology, a luxury electric mobility provider. Together, they are redefining excellence in automotive engineering. The Lotus Media Site offers access to the latest news, imagery, videos, and specifications, including current and heritage models and engineering insights.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Middle East Eye
7 hours ago
- Middle East Eye
Saudi Arabia's oil exports soar as kingdom tries to claw back market share
Saudi Arabia's oil exports soared in June as the kingdom tries to claw back market share from other members of the energy alliance Opec. Saudi exports jumped by 441,000 barrels a day, or about seven percent, in June, to 6.36 million a day, according to tanker-tracking data compiled by Bloomberg. The jump underscores how Saudi Arabia is trying to leverage its heft in the energy market by unleashing supply after years of restricting it, in an effort to keep prices higher. The jump also reaffirms the limited impact the conflict between Israel and Iran had on oil exports. Iran and Israel both generally refrained from attacking energy infrastructure geared towards exports. Iranian oil exports also soared despite Israeli attacks. Saudi Arabia is exporting more oil, but prices have also dropped. Brent Crude was trading at roughly $75 per barrel at the start of the year. On Tuesday, Brent was trading $67.07 per barrel. New MEE newsletter: Jerusalem Dispatch Sign up to get the latest insights and analysis on Israel-Palestine, alongside Turkey Unpacked and other MEE newsletters For years, Saudi Arabia pushed an energy alliance that includes Russia, dubbed Opec+, to cut production in a bid to lift oil prices. Saudi Energy Minister Abdulaziz bin Salman went so far as to warn market speculators that they would be 'ouching like hell' if they doubted his willingness to starve the oil market of supply. One outcome of constricting supply was that Saudi Arabia surrendered market share in India and China to other oil exporters like Iran and Russia. Why Saudi Arabia can spend more money than it makes, even as oil prices drop Read More » The kingdom also did the heavy lifting to support prices. The United Arab Emirates won concessions to lift its production quotas in recent years from Opec+. Energy analysts also said Saudi Arabia's decision to boost output was aimed at Iraq and Kazakhstan, two Opec+ members who were going even further, exceeding their production quotas. Bank of America said last month that Saudi Arabia was gearing up for a prolonged period of lower prices and more supply. 'It's not a price war that is going to be short and steep; rather, it's going to be a price war that is long and shallow,' Francisco Blanch, the bank's head of commodities research, told Bloomberg. According to Oxford Analytica, Saudi Arabia needs an oil price of over $100 per barrel to balance its budget in 2025, when factoring in spending by the kingdom's Public Investment Fund (PIF) on megaprojects. With prices down, Saudi Arabia has turned to issuing more debt to fund Crown Prince Mohammed bin Salman's Vision 2030 agenda, aimed at diversifying the kingdom's economy. Some analysts say Saudi Arabia is well-placed to endure a slump in prices because it has a relatively low debt-to-GDP ratio and there is strong global demand for its debt. 'Saudi Arabia doesn't need to balance its budget,' Ellen Wald, the founder of the energy consulting firm Transversal Consulting and the author of Saudi Inc., previously told Middle East Eye. 'The idea that Saudi Arabia needs a certain dollar per barrel to balance its budget doesn't really explain the new Saudi mindset when it comes to oil pricing,' Wald said. Saudi Arabia likely had a range of motivations to boost output this year, experts say. In addition to trying to win back some market share, the rise in global supply has helped keep energy prices low. That has been a boost to US President Donald Trump as he tries to tame inflation. The surge in oil supply also helped keep prices from rising during Israel's attack on Iran. Brent jumped more than 10 percent after Israel's attack on Iran, but fell quickly once Iran limited its response to the US strikes on their nuclear facilities.
Arabian Post
11 hours ago
- Arabian Post
Regulator Poised to Simplify Token-Based ETF Listings
The Securities and Exchange Commission is developing a standardised framework that would allow token-based exchange-traded funds to list directly on exchanges, without requiring individual Rule 19b‑4 filings. The initiative, still in early stages, would set eligibility criteria—such as specific thresholds for market capitalisation, trading volume and liquidity—to determine which tokens qualify for streamlined launches. This approach echoes previous SEC moves: in 2016, actively managed ETFs gained generic listing access under Rule 19b‑4, bypassing lengthy approval processes. Exchanges such as NYSE, Nasdaq and Cboe laid the groundwork by integrating uniform listing standards for index-based and active ETFs, paving the way for this token-focused evolution. In May, Nasdaq formally proposed Rule 5703 to facilitate generic listing of multi-class ETFs, provided they align with Rule 6c‑11 and relevant exemption orders—allowing shares to debut without SEC review per fund. Similarly, Cboe sought generic listing permission for commodity-based ETFs to enable immediate options trading once criteria are met. The current SEC effort extends that logic to the burgeoning field of digital asset tokens. ADVERTISEMENT Nasdaq has suggested the SEC adopt consistent standards for spot crypto ETPs under the 1933 Act, arguing that futures-based equivalents have already benefited from generic listing systems. This dovetails with mounting interest in regulated spot token funds, evidenced by amendments to listings such as Solana ETFs by issuers including 21Shares and Bitwise. Under the envisaged standard, exchanges would apply objective, measurable thresholds—minimum market cap, daily volume and liquidity—to lists of token ETPs. Meeting these thresholds would allow issuers to bypass the full Rule 19b‑4 paperwork and associated months-long wait. Exchanges would retain responsibility for ongoing surveillance, as required by Section 19b‑4, ensuring investor protection and market integrity. Stakeholders believe the move could vastly reduce time-to-market and cut legal and administrative costs. Industry analysts have highlighted that current Rule 19b‑4 reviews often delay ETF launches by months, even years. Exchanges argue that objectively defined generic standards provide predictability and efficiency—benefits that appear essential in digital asset markets known for rapid innovation. Critics caution, however, that token assets may present unique compliance and market-risk considerations. Spot crypto markets, for instance, remain vulnerable to manipulation, price fragmentation and regulatory uncertainty. Ensuring adequate surveillance and governance, they warn, is material to the standard's success. To address this, exchanges plan to build in monitoring mechanisms, adaptation of surveillance regimes, and safeguards to delist or suspend tokens that fail to maintain standards. Similar models have been applied to options on commodity ETFs and multi-class ETF shares, suggesting a tested regulatory infrastructure. The SEC's token-ETF framework is likely to include consultation with market participants and exchanges, incorporating feedback from recent proposals such as Nasdaq's push for spot crypto ETP generic listing. Legal advisors emphasise the importance of clear, data-driven criteria to withstand Rule 19b‑4's statutory requirement for investor protection. Key players expected to benefit include token issuers, established asset managers entering crypto, and intermediaries seeking to offer exchange-traded token exposure. Streamlined listing could also encourage institutional investors to enter the token market with confidence, potentially increasing adoption and liquidity. Within the regulatory community, observers note that the SEC is mindful of its 2024 approval of spot Ether ETFs via individual 19b‑4 forms; a broader listing standard could expand this success to a wider array of digital assets. Meanwhile, pending amendments relating to token staking in ETFs—such as those Cboe filed in March—underscore the growing diversity within crypto-linked products. As deliberations progress, industry and legal experts are analysing possible criteria thresholds, surveillance protocols, and whether the framework will initially apply only to spot token ETPs or extend to futures and hybrid products. Exchanges appear to favour a phased approach, beginning with established tokens that already meet basic listing requirements.
Web Release
16 hours ago
- Web Release
ACI Worldwide and iNet Extend Partnership to Bolster Fintech Growth in Saudi Arabia
ACI Worldwide (NASDAQ: ACIW), an original innovator in global payments technology, today announced that iNet, the first independent Saudi Central Bank-licensed Network Service Provider (NSP), has joined ACI's Retail Payment Solutions (RPS) for Postilion program to support the Kingdom's rapidly growing fintech sector. Under this partnership, iNet will deploy and manage a Point of Sale (POS) infrastructure using ACI Postilion, an acquiring platform that enables banks, fintechs and merchants to deliver fast and seamless omnichannel transaction processing while staying compliant with evolving regulatory standards. Earlier this year, iNet secured principal licenses to operate as an independent POS NSP, allowing it to deliver POS services directly to banks and merchants. A customer of ACI since 2006, iNet will join ACI's RPS for Postilion program to broaden its market reach and service portfolio in support of this strategic leap. Today, iNet processes over 5 million transactions daily with plans to scale significantly in alignment with Saudi Arabia's Vision 2030 — a strategic blueprint to boost the Kingdom's fintech sector by fostering a cashless society and building a future-ready digital financial ecosystem. 'The rapid expansion of Saudi Arabia's fintech sector underscores the need for a resilient, locally anchored infrastructure to scale securely and sustainably,' said Turki Almadi, Executive Vice President, iNet. 'iNet's POS infrastructure, powered by Postilion, combines our deep local expertise with ACI's advanced acquiring technology, enabling fintech providers and merchants with faster speed to market, allowing them to focus on their core business without being encumbered by regulatory, technological or operational challenges.' The RPS for Postilion platform empowers iNet to drive payment innovation and deliver new services such as SoftPOS, QR payments, link-based payments and digital wallets. Deployed across two PCI-compliant data centers in Saudi Arabia, its active-active infrastructure ensures high availability, minimizing service disruptions and operational risk. In support of the Kingdom's ambition to showcase cutting-edge innovation in digital infrastructure, iNet is well-positioned to be a strategic technology partner for major events like Saudi Arabia's FIFA World Cup 2034. 'Our partnership with iNet is grounded in a shared vision to simplify payments, unlock new growth opportunities and support the Kingdom's journey toward a digital-first economy,' commented Alexis Haessler, Regional Head, Middle East, ACI Worldwide. 'Together, we are creating a frictionless and interoperable payment experience and powering a modern, inclusive and future-ready financial ecosystem.'
