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JEDDAH: Electric vehicle charging infrastructure in ������Ƶ is set to improve as Public Investment Fund-backed EVIQ has partnered with Arabian Petroleum Supply Co. to deploy fast-charging stations nationwide. 

The collaboration will integrate EVIQ’s advanced charging technologies with Apsco’s extensive service station network, focusing on busy highways, urban centers, and key stations to optimize accessibility for EV drivers, according to a press release. 

EVIQ aims to install over 5,000 fast chargers by 2030, supporting the Kingdom’s target of electrifying 30 percent of vehicles in Riyadh by 2030 and achieving net-zero emissions by 2060. 

The project builds on EVIQ’s prior agreement with international chauffeur service Blacklane to expand the EV network in major cities. 

Mohammad Bakr Gazzaz, CEO of EVIQ, said: “This collaboration with Apsco marks another milestone in our mission to enable a seamless, accessible, and sustainable EV charging ecosystem across the Kingdom.” 

He added: “Together, we are taking a significant step toward realizing the Kingdom’s Vision 2030 goals for greener mobility, paving the way for the future of electric transportation in the Kingdom of ������Ƶ.” 

EVIQ, a joint venture of PIF and Saudi Electricity Co., is building a nationwide fast-charging network and operates a state-of-the-art R&D facility in Riyadh. 

Apsco is a national energy provider with over 65 years of experience in fuels, lubricants, and energy solutions across automotive, aviation, and industrial sectors. 

“By joining forces with EVIQ, we are enabling the infrastructure required for the future of electric transportation, empowering our customers with reliable and accessible charging options across the Kingdom,” said Azzam Qari, CEO at Apsco. 

������Ƶ is building a comprehensive electric vehicle ecosystem, investing in US-based EV maker Lucid through PIF and developing its homegrown brand Ceer, which is set to launch its first models in 2026. 

Last month, Jeddah’s EV network received a boost 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.

Global projections indicate that eco-friendly vehicles could make up 50 percent of car sales by 2035, highlighting the importance of the country’s electrification efforts in shaping the future of mobility. 

RIYADH: The Islamic Development Bank has mobilized over $55 billion in sukuk issuances since 2003, with its latest €500 million ($580 million) green Shariah-compliant bond listed on the London Stock Exchange drawing record investor demand, the bank said. 

Speaking at the Global Sukuk Summit 2025 in the UK capital, the bank’s Chairman Mohammed Al-Jasser said the Islamic bonds have evolved from a niche product into a globally recognized and trusted asset class that effectively links finance with tangible development outcomes. 

This comes as the global ESG sukuk market hits a record high, with Fitch Ratings reporting $6.5 billion issued in the third quarter of 2025 alone, bringing the total for the year so far to $13.5 billion. The market remains concentrated in core Islamic finance hubs, with Gulf countries accounting for over half of all outstanding ESG sukuk. 

Speaking at the summit, Al-Jasser said: “Sukuk represents capital with purpose, channeling financing into infrastructure, renewable energy, healthcare, and education — projects that directly serve communities.” 

He added: “This intrinsic link between capital markets and the real economy is what gives Sukuk enduring value.” 

IsDB’s $55 billion issuance since 2003 includes approximately $6 billion specifically dedicated to green and sustainability-linked sukuk, highlighting the bank’s commitment to financing climate-friendly and socially responsible projects. 

The latest €500 million green sukuk, rated Aaa/AAA/AAA by Moody’s, S&P, and Fitch, will finance and refinance projects in renewable energy, climate resilience, and sustainable food systems across the bank’s 57 member countries. 

Issued under its enhanced 2025 Sustainable Finance Framework, the green Sukuk marks an important milestone for the Jeddah-headquartered bank in European markets, reinforcing its leadership in sustainable finance and its mission to mobilize responsible, asset-based investment for global development partners. 

The issuance achieved five-times oversubscription, reflecting strong investor confidence in the bank’s track record and sustainability mandate. Proceeds will contribute to the achievement of the UN Sustainable Development Goals. 

The summit, held under the theme “Investing in Sukuk Beyond Traditional Markets” in partnership with the Financial Times Group, gathered global investors, policymakers, and financial institutions. 

Speaking at the event, Saudi Central Bank Governor Ayman Mohammed Al-Sayari emphasized sukuk’s role in supporting economic diversification and global financial stability, while Victoria Saporta, executive director for markets at the Bank of England, called for closer regulatory coordination to integrate sukuk into global financial markets. 

The summit concluded with a collective call for regulators, investors, and development institutions to strengthen collaboration and unlock new pathways for inclusive and sustainable growth.