With an emerging global energy crisis, the world’s auto industry is taking a significant leap towards green technology. Electric cars are replacing the conventional Internal Combustion Engines (ICE). In the coming decade, EVs running on roads will be the norm. Taking a cue from others, Saudi Arabia also seems to have embarked on fostering a sustainable future. In a recent update, with the aim of a swift shift towards electrification, Saudi Arabia has started assembling 5000 electric vehicles annually. Saudi Arabia's Electrification Push Lucid Group, the electric vehicle (EV) manufacturer, has officially inaugurated its first international manufacturing plant in Jeddah, Saudi Arabia. This strategic move aligns with Saudi Arabia's commitment to electrification, a vision underscored by the nation's sovereign wealth fund, the largest shareholder in Lucid Group. Lucid Group's foray into Saudi Arabia is part of a broader collaboration that involves the sovereign wealth fund, which owns just over 60% of the EV company. The fund, driven by the vision to diversify the nation's revenue streams, has committed to purchasing up to 100,000 vehicles from Lucid over the next decade. This partnership positions Lucid as a key player in Saudi Arabia's endeavor to establish a robust electric vehicle ecosystem. Situated in the King Abdullah Economic City (KAEC), Lucid's AMP-2 facility is poised to assemble the luxury electric sedan, Lucid Air. With an initial production capacity of 5,000 units per year, the plant is a testament to Lucid's commitment to meeting the growing demand for premium electric vehicles in the region. As the market expands, the facility is designed to scale up its production to an impressive 155,000 units annually, solidifying Lucid's role as a major contributor to the region's sustainable transportation landscape. Notably, industry leader Tesla is reportedly in early discussions to establish its manufacturing presence in Saudi Arabia. This move, if realized, would further amplify the country's position in the global electric vehicle market and contribute to the diversification of its economy.

Shell Petroleum Company has signed a deal to sell its domestic operations of Shell Pakistan to Saudi-based Wafi Energy. Let's dive into the details of this significant development. Shell Pakistan Exit Plan Shell Pakistan (SPL) has been in the limelight since its parent company, Shell Petroleum Company, announced its intent to exit Pakistan by selling its 77% shareholding. This strategic move comes as part of Shell's global operational adjustments and amid financial challenges faced by Shell. Now, the company has announced that it has signed a deal with Wafi Energy to sell these 77% shareholding. Why the Shift - Global Restructuring: Shell's decision aligns with its recent global operational shifts. - Local Challenges: SPL faced setbacks in 2022 due to exchange rate fluctuations, the devaluation of the Pakistani rupee, and overdue receivables. Wafi Energy Wafi Energy is a wholly-owned affiliate of Asyad Holding Group in Saudi Arabia. The firm is on the brink of acquiring a controlling stake of up to 77.42% in SPL. This move signals Wafi Energy's strategic entry into the South Asian market through Shell. Key Player - Fuel Retailer in Saudi Arabia: Asyad Holding Group's affiliate, Wafi Energy, is a significant player in the fuel station business in Saudi Arabia. - Exclusive License: Wafi Energy holds the exclusive license for Shell's Retail Network in gas stations across Saudi Arabia. The sale, subject to regulatory approvals, is expected to conclude by the fourth quarter of 2024. Despite this significant shift, Shell Pakistan reassures that its ongoing business operations remain unaffected. Sale Completion is anticipated by Q4 2024, pending regulatory green lights. As far as continuous operations are concerned, Shell emphasizes that its daily business continues unimpeded. Shell Pakistan & Energy Sector With contenders like Pakistan Refinery Limited (PRL) and Air Link Communication (AIRLINK) expressing interest in acquiring a substantial stake in SPL, the energy sector is experiencing a dynamic shift. Saudi Aramco's potential bid for Shell Plc's assets in Pakistan adds another layer of intrigue, hinting at transformative changes in the sector. As Shell prepares for a change in ownership, the coming months will likely witness crucial developments in the country's energy sector. Stay tuned for updates on this transformative journey.

Saudi Arabia's WAFI Energy LLC is setting its sights on acquiring a controlling stake of up to 77.42% in Shell Pakistan Limited (SHEL). The prominent player in the fuel station business is looking to enter the South Asian market through Shell Pakistan Limited. Shell broke the news in a recent notice to the Pakistan Stock Exchange (PSX). The letter revealed that WAFI Energy LLC has expressed a firm intention to acquire substantial voting shares in the company. This acquisition may potentially reshape the landscape of Shell's operations in Pakistan. WAFI Energy WAFI Energy LLC has rapidly grown into a significant retail gas station network. Established in 2012 with a capital of 3 million Saudi Riyal, it holds the exclusive license for Shell's Retail Network in gas stations across Saudi Arabia. This clearly indicates its influential position in the energy sector. The move comes after Shell Petroleum Company Limited (SPCo) declared its intent to divest its shareholding in the Pakistani entity earlier this year. Since then, the Pakistani market has witnessed a series of potential acquirers expressing interest. This has reflected the strategic importance of Shell in the region. Notably, this development follows the joint expression of interest by Pakistan Refinery Limited (PRL) and Air Link Communication (AIRLINK) to acquire a substantial stake in Shell Pakistan Limited. Bloomberg previously reported Saudi Aramco's exploration of a potential bid for Shell Plc's assets in Pakistan, marking the oil-rich nation's potential entry into the South Asian market. Shell Pakistan Limited As per the latest financial results, Shell posted a robust profit after tax of Rs. 6,450 million for the nine months ending September 30, 2023. This figure reflects a substantial increase compared to the profit of Rs2,864 million in the corresponding period last year, showcasing the company's financial resilience. With multiple contenders vying for a majority stake in Shell Pakistan Limited, the coming months are poised to be a critical juncture for the energy industry in Pakistan. The dynamic landscape, fueled by international interest, hints at potential transformations in the sector's structure and operations.

Today’s owner review features Mariyam Nafees and her red 2019 Audi A5 S line. We love to see more excellent representation of women on wheels, breaking stereotypes and allowing room for women’s empowerment. This allows greater independence and leads to a progressive approach. In a funny dialogue, it was concluded that Mariyam is a better driver than her husband based on road sense and skills. Join us as we inquire further about the A5 from the sweet couple. Purchase Decision Mariyam and her husband shared that they admired the outlook of the A5 but had never planned to buy it shortly. Later, COVID came, and the couple decided to fulfill their wish to buy the car because who knows what the next day holds for you. This led them to believe the A5. Maintenance and Parts Cost Contrary to the widely held thought of A5’s high maintenance cost, the owner comments that the price is similar to that of a Honda Civic. Every 10,000 km, the car is taken to service. However, parts of the Audi A5 do cost a lot. Fuel Consumption Commenting on the fuel average of the A5, the owner shared that there is no significant difference compared to the Honda Civic. “If Civic gives an average of 10-11km/l, this car is giving atleast an average of 9.5km/l,” shared the owner. Price The owner bought this car for Rs 13.8 million, though the prices have significantly increased due to excessive inflation. Features Being the S line variant, this variant is the body kit package with a lowered suspension, giving a sporty feel. Other impressive features include the flat bottom steering wheel, climate control, push start, Bang & Olufsen speakers, etc. Moreover, the owner has applied a protection coating after purchasing the car to protect the paint. Did you enjoy this review? Comment below and let us know! Watch Video