[TRSDC signs first $400 million joint venture with Al Mutlaq Group] Red Sea Development Corporation signed a joint venture agreement worth 1.5 billion riyals with Almutlaq Real Estate Investment Co., a subsidiary of AlMutlaq Group. Under the agreement, the two companies will develop Jumeirah Red Sea Resort, a 159-room luxury resort on Shura, the hub island of the Red Sea destination, which is currently under construction and is expected to open in early 2024. Editor/Xing Wentao

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• 2026.07.20 09:47
• [Saudi electric vehicle market welcomes billions of business opportunities]
• The wave of electrification in Saudi Arabia has fully begun, with plans to have electric vehicles account for 30% of the capital's market by 2030. The annual growth rate of the charging pile market is expected to exceed 22%, and the annual sales of new energy vehicles are expected to exceed 120000 units. Chinese car companies have seized the billion dollar blue ocean by leveraging their full industry chain and high-temperature adaptation advantages.Editor/Gao Xue

• 2026.07.20 09:43
• [China Power Construction wins Hebei energy storage project]
• On July 16, 2026, China Power Construction Hydroelectric 11th Bureau won the bid for the Baoding 200MW/800MWh independent energy storage EPC project for 810 million yuan, using lithium iron phosphate and all vanadium liquid flow mixing technology, with a construction period of 8 months. This project will enhance the peak shaving capability of the Jizhong power grid and promote the large-scale application of long-term energy storage.Editor/Gao Xue