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RIYADH: Jeddah’s electric-vehicle charging network is set for expansion after the city’s transport authority signed a memorandum of understanding with Petromin Co. to develop new charging stations in ������Ƶ’s second-largest city. 

Under the agreement, Jeddah Transport Co. and Electromin — Petromin’s mobility subsidiary — will collaborate on site assessments, design, installation, and operational support for the facilities, the Saudi Press Agency reported. 

The partnership forms part of the Kingdom’s broader Vision 2030 agenda, which aims to accelerate EV adoption and reduce carbon emissions. 

Quoting Yousef Al-Sayegh, CEO of Jeddah Transport Co., the SPA report stated that the company is committed to “support electric mobility and provide advanced infrastructure that keeps pace with the future of transportation in Jeddah.” 

He added that the tie-up with Electromin marks a strategic step toward advancing sustainability goals and improving quality of life for residents and visitors alike. 

Electromin, which launched ������Ƶ’s first nationwide EV charging network in 2022, said the Jeddah pact will help transform the city into a model for electric mobility and support the Kingdom’s Vision 2030 goals, according to CEO Mark Notkin. 

The initiative aligns with the Jeddah Public Transport Program, a sweeping mobility masterplan by Jeddah Transport Co., owned by the municipality, aimed at easing congestion in a city where cars account for over 98 percent of trips.  

The plan features four metro lines, three light rail routes, a corniche tram, bus rapid transit, a commuter rail line, a waterbus service, and 11 park-and-ride facilities. 

������Ƶ, long known for its oil wealth, is leading regional energy transition efforts and is working to build a full-fledged EV ecosystem. 

As part of this push, the Kingdom has invested in US-based EV maker Lucid through its sovereign wealth fund and launched Ceer, its homegrown electric vehicle brand, which is expected to roll out models by 2026. 

In April, Lucid became the first global automaker to join the Kingdom’s “Made in Saudi” program, allowing it to carry the “Saudi Made” label on its products. The company also inaugurated its first international manufacturing plant in ������Ƶ in September 2023. 

Located in King Abdullah Economic City, the facility — the Kingdom’s first car manufacturing plant — can currently assemble 5,000 Lucid vehicles annually in its initial phase. Once fully operational, it is expected to produce up to 155,000 electric cars a year.

RIYADH: Strong regional fundamentals and a robust project pipeline drove Gulf Cooperation Council-listed banks’ net profit to a record $16.2 billion in the second quarter of 2025, up 9.2 percent year on year. 

This marks the second consecutive quarterly increase, with profits rising 3.7 percent quarter on quarter, supported by broad-based revenue growth and a lower cost-to-income ratio, which offset higher impairments, according to Kuwait-based Kamco Invest’s GCC Banking Sector Report – Q2 2025.

This comes as GCC inflation remained stable in the second quarter despite heightened geopolitical risks. 

The report aligns with forecasts that regional economies will grow 4.4 percent in 2025, up from 4 percent, as rising oil output and resilient non-oil activity offset global trade headwinds, according to a recent report by the Institute of Chartered Accountants in England and Wales with Oxford Economics. 

“At the country level, the q-o-q growth remained largely positive with five out of six country aggregates showing a sequential growth in net income while the aggregate for the Bahraini banking sector showed a decline,” said the Kamco report.

“Kuwaiti-listed banks showed the biggest absolute growth in net profits with an increase of $204.6 million, or 15.6 percent, mainly led by reversal of provisions reported by three out of nine listed banks on the exchange,” it added. 

“UAE and Saudi banks were next with net profit growth of $191.8 million (+3.2 percent) and $152.3 million (+2.6 percent), respectively,” Kamco said. 

Year-on-year, all markets posted growth, with Saudi and Bahraini banks achieving double-digit increases, while Oman and Kuwait also reported solid gains. 

It showed that the banking sector’s total revenues hit a new all-time high of $35.6 billion for the quarter, driven by a solid 3.6 percent quarter-on-quarter increase. 

“The growth was led by a broad-based increase in revenues reported by banks across country aggregates that more than offset an 8.2 percent decline reported by Bahraini banks,” the report said. 

“UAE-listed banks led the way during the quarter with a revenue growth of 5.3 percent or $674.0 million during Q2-2025 as compared to Q1-2025,” it also said. 

Lending rose 3.4 percent quarter on quarter, the second-largest gain in 16 quarters, bringing total gross loans to $2.23 trillion, supported by strong non-oil sector activity, particularly manufacturing, which grew well above regional benchmarks. 

Central bank data confirmed the strength of GCC economies, showing sustained credit expansion in all countries except Bahrain, even amid declining project awards. 

Customer deposits reached a new high of $2.74 trillion, up 3.5 percent quarter on quarter and 13.3 percent year on year, with growth broad-based across all GCC countries. 

Loan-to-deposit ratio 

The overall loan-to-deposit ratio for GCC banks remained above the 80 percent threshold at the end of the period, settling at 81.5 percent, slightly down from 81.6 percent in the first quarter. 

This is the fifth consecutive quarter the ratio has stayed above 80 percent, reflecting stronger asset utilization and improved margins, which help offset the impact of declining interest rates.