Saudi Arabia is ramping up its electric vehicle infrastructure, planning to install EV chargers every 100 km on highways by 2030. This is part of their broader strategy to convert 30% of vehicles in Riyadh to electric and achieve carbon neutrality by 2060, with collaborations including local manufacturer Alfanar.

In line with these ambitions, the EV industry in Saudi Arabia is poised for major expansion, fueled by giga-projects like NEOM and The Red Sea. These initiatives are not only advancing the infrastructure but also aiming to create the largest off-grid EV charging network, making significant strides toward zero-carbon goals.

This momentum extends beyond EVs, as Saudi Arabia's economic diversification is sparking record growth in the banking sector, driven by robust performance in construction and tourism. With a central bank profit of SR7.83 billion in July and a projected 5.5% growth in non-hydrocarbon GDP for 2024-2025, the sector is thriving despite potential risks from prolonged low oil prices.

Reflecting this economic vitality, Saudi Arabia’s Tadawul All Share Index recently saw a positive uptick of 0.30%, closing at 11,920.94 points. Noteworthy performers included Red Sea International, which surged by 9.96%, illustrating the market's dynamic nature and investor confidence.

However, the region's stability is a point of concern, as King Abdullah II of Jordan has called for an immediate ceasefire in Gaza and increased humanitarian aid. These calls were made during a recent meeting in Amman with the Arab-Islamic Ministerial Committee, highlighting the urgent need for a political solution based on a two-state framework.

Meanwhile, back in Riyadh, Ajdan and Aljazira Capital have announced a significant real estate development in the Al-Rahmaniyah district, worth SR2 billion. This mixed-use project will feature luxurious living spaces, commercial areas, and green zones, enhancing both the quality of life and the investment landscape in the capital.