Saudi Aramco acquires Renault and Geely's joint venture in Saudi Arabia

According to Gulf News, on June 28th, Saudi Aramco signed a final agreement to acquire a 10% stake in HORSE Powertrain Limited, a powertrain technology company jointly established by Renault Group, Zhejiang Geely Holding Group, and Geely Automobile Holding Co., Ltd

It is reported that Saudi Aramco will purchase 10% equity from Renault and Geely on the basis of an overall value of 7.4 billion euros (IT Home notes: currently about 57.694 billion yuan). At the same time, regular delivery conditions including obtaining regulatory approval must be met, and Renault Group and Geely will each retain the same 45% equity.

As of September 2023, over one-fifth of government vehicles in the UAE have been converted to electric vehicles, and it is expected that by 2050, electric vehicles will account for 50% of the total number of vehicles on the roads.

In November 2023, the United Arab Emirates released a long-term climate strategy, which predicted that the penetration rate of electric vehicles would reach 99% by the middle of this century;

In 2024, the United Arab Emirates proposed a plan to build charging stations, promising to install 100 charging devices by the end of this year and expand to 1000 by 2030.

In 2023, Abu Dhabi investment firm CYVN made two equity investments in NIO, with an investment amount of approximately 3.3 billion US dollars;

Nitin Verliani, Vice President of Investment Banking Department of Dubai National Bank in the United Arab Emirates, stated in an interview with First Financial News that energy transformation is an urgent task for Middle Eastern countries. China has advanced electric vehicle production and manufacturing technology and a huge consumer market. Whether it is direct investment or attracting joint ventures to build factories, it is conducive to Middle Eastern funds sharing the dividends of China's market development.