US electric car maker Tesla has said it will begin operations in Saudi Arabia next month, with the launch scheduled for April 10 in Riyadh.
“You and your family are warmly invited to our launch event at the Bujairi Terrace on April 10,” Tesla said in a post on its website.
“Explore our global bestselling line-up and step into a world powered by solar energy, sustained by batteries, and driven by electric vehicles. Experience the future of autonomous driving with Cybercab, and meet Optimus, our humanoid robot, as we showcase what's next in AI and robotics,” the company said.
Tesla's entry into Saudi Arabia comes at a tumultuous time for the company.
Investors have been dumping its stock since the beginning of the year as demand for its electric cars declines amid protests over chief executive Elon Musk's far-right political comments and the arrival of cheaper alternatives on the market. The company's shares have lost about a fifth of their value so far in 2025.
The electric vehicle maker's sales in Europe and the UK fell by 45.2 per cent year-on-year in January, according to the European Automobile Manufacturers' Association (Acea).
Tesla's drop bucked a wider trend in Europe, where new battery electric car sales rose by 34 per cent in January and captured a 15 per cent market share, according to Acea.
The Gulf is regarded as a burgeoning potential market for the car maker, though its vehicles have been widely available in the UAE since 2017, while Qatar also has a dealership.
Saudi Arabia, the Arab world's largest economy, plans to transition 30 per cent of all vehicles in Riyadh to electric by 2030, as part of a broader strategy to halve emissions in the capital city. Currently, EVs account for just over 1 per cent of overall car sales in the kingdom.
Saudi Arabia has been investing billions of dollars to transform itself into an EV manufacturing centre as it seeks to catch up with the world's leading electric car makers, the US and China, while weaning itself away from oil exports. The Public Investment Fund, the kingdom's sovereign wealth fund, is the majority investor in Lucid Motors.
Tesla also plans to begin business in India this year, with showrooms expected to open in New Delhi and Mumbai as early as April.
The company's expansion into new geographies comes as competition heats up with China's BYD.
BYD generated 777 billion yuan ($107.1 billion) in revenue for 2024, reporting a 29 per cent year-over-year increase in sales with 4.27 million vehicles delivered, including fully electric and hybrid models.
Meanwhile, Tesla posted $97.7 billion in revenue for last year and delivered 1.79 million battery-electric vehicles. The company's annual deliveries declined by 1.1 per cent – its first drop in yearly shipments.
Global sales of electric passenger vehicles are expected to increase by nearly a third this year, according to a study from S&P Global released in December.
Sales of the most popular type of EVs are projected to hit 15.1 million in 2025, which would be about 30 per cent up on last year's estimated 11.6 million, the New York-based ratings agency's mobility unit said.
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
LILO & STITCH
Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders
Director: Dean Fleischer Camp
Rating: 4.5/5
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The%20specs
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The specs
Engine: 2.0-litre 4-cyl, 48V hybrid
Transmission: eight-speed automatic
Power: 325bhp
Torque: 450Nm
Price: Dh359,000
On sale: now
Juventus v Napoli, Sunday, 10.45pm (UAE)
Match on Bein Sports
If you go
The Flights
Emirates and Etihad fly direct to Johannesburg from Dubai and Abu Dhabi respectively. Economy return tickets cost from Dh2,650, including taxes.
The trip
Worldwide Motorhoming Holidays (worldwidemotorhomingholidays.co.uk) operates fly-drive motorhome holidays in eight destinations, including South Africa. Its 14-day Kruger and the Battlefields itinerary starts from Dh17,500, including campgrounds, excursions, unit hire and flights. Bobo Campers has a range of RVs for hire, including the 4-berth Discoverer 4 from Dh600 per day.
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
COMPANY%20PROFILE
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Rajasthan Royals 153-5 (17.5 ov)
Delhi Daredevils 60-4 (6 ov)
Rajasthan won by 10 runs (D/L method)
Profile of Foodics
Founders: Ahmad AlZaini and Mosab AlOthmani
Based: Riyadh
Sector: Software
Employees: 150
Amount raised: $8m through seed and Series A - Series B raise ongoing
Funders: Raed Advanced Investment Co, Al-Riyadh Al Walid Investment Co, 500 Falcons, SWM Investment, AlShoaibah SPV, Faith Capital, Technology Investments Co, Savour Holding, Future Resources, Derayah Custody Co.
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
RESULTS
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Herc's Adventures
Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
THE%20SPECS
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The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
UAE currency: the story behind the money in your pockets
Top investing tips for UAE residents in 2021
Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.
Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.
Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.
Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.
Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.
Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.
Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”
Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI.
