Economy

It’s not just at the Cannes Film Festival that France is rolling out the red carpet these days. This Tuesday, May 30, in Billy-Berclau, near Lens, in the north of the country, the inauguration of the first gigafactory of batteries for electric vehicles is done in the presence of three French ministers, including that of the Economy Bruno Le Maire, the German Minister of Transport Volker Wissing, the Italian Minister of Business Adolfo Urso, the CEO of TotalEnergies Patrick Pouyanné, the of Mercedes-Benz Ola Källenius and Carlos Tavares, the boss of Stellantis (Peugeot, Citroën, Opel, Fiat, Chrysler…). This is to say that the event is awaited by the cream of the European automotive industry.

The focus of all this attention is the Automotive Cells Company (ACC) plant. The company created by Stellantis, Mercedes-Benz and TotalEnergies will have to manufacture the batteries for the cars that will invade the European market in the years to come. From 2035, the sale of new thermal vehicles should indeed be prohibited in the European Union.

This first opening is therefore a strong symbol for France, which intends to make this branch the major lever for its reindustrialisation, particularly in this region which has suffered greatly from factory closures in recent decades.

20,000 jobs

In mid-May, Emmanuel Macron had already done everything to create the event by announcing the arrival in Dunkirk of a battery factory from Taiwanese ProLogium. An investment of 5.2 billion euros (with more than 1 billion in public aid) which should lead to the creation of 3,000 jobs direct and many others indirect or induced. Because it is a basin of interconnected companies that the authorities want to see born in the region to take over from the classic automobile industry, which had itself already succeeded the mines following their closure. At the same time, the French President announced the investment of 1.5 billion euros and the creation of 1,700 jobs linked to the construction, in the same city, of a factory for the recycling and production of battery components by Chinese XTC and French Orano.

These good industrial news were the fourth and fifth announcements of this type in the north of France, following the arrival of the Chinese Envision in Douai near the Renault factory, the French Verkor also in Dunkirk and ACC in Billy- Berclau right next to the historic Peugeot engine factory.

The real start of production at ACC is scheduled for this summer, with 600 jobs on the line. From 2030, the objective is to manufacture the equivalent of 800,000 batteries per year, and to employ 2,000 employees. Launched in 2020, ACC designs the energy storage modules that will be assembled into battery packs by car manufacturers.

All these industrial projects are supported by the State as part of a green reindustrialization strategy, one of the main objectives of which is to be able to produce 2 million electric vehicles in France in 2030. A way to resist the Chinese offensive in this area and to do everything to guarantee a certain sovereignty. France even dreams of becoming an exporter by the end of the decade.

This Silicon Valley of the battery, between Dunkirk and the former mining basin in the North, whose link with the historic factories of the French automobile industry is also clearly visible, embodies a sharp turn that Emmanuel Macron has been promoting ever since Covid has shown the dependence that links Europe to Chinese industry. In mid-April, builders and institutions once more affirmed their desire to train 13,000 people to meet the needs of this “Battery Valley” thatannounces with great communication the Regional Council of Hauts-de-France (major local authority resulting from the merger of the Nord-Pas-de-Calais and Picardie Regions). Industry professionals believe that these gigafactories will create at least 20,000 jobs by 2030 in this region, which was until now the first in the ranking of thermal automobile production with nearly 700,000 vehicles produced each year.

Read also: When a nuclear power plant reveals the French dilemmas

With an installment of only 350 riyals, own a Hyundai car in Saudi Arabia. When buying a used car, Saudi citizens tend to Hyundai cars due to the availability of spare parts for them at reasonable prices. There are also Hyundai service centers spread throughout the Kingdom of Saudi Arabia.

The used car markets within the Kingdom of Saudi Arabia revealed the existence of a distinguished group of cars available with full equipment for safety, comfort and luxury at great prices. There is also an installment system for some types of cars.

A Used Hyundai Tucson 2014 for sale

• The Hyundai Tucson 2014 has a glossy white color, a stunning automatic model, and a petrol-only engine.
• This car also features a sunroof, air conditioner with high cooling, power and remote control to open and lock the doors.
• The car has front and rear seats made of good cloth and leather and operates with electricity, and a smart parking system.
• This car also has locking mirrors, front and rear windows, and electric windows.
• The car also contains headlights, front and rear lights, and a cassette player.
• Also, the mileage for this car is 144,000 km.
• This car is located in the city of Najran.
• The Hyundai Tucson 2014 is offered for sale at a price of 33,000 Saudi riyals in cash, and whoever wants it in installments pays 3,500 Saudi riyals in advance and 350 Saudi riyals at the beginning of each month.
• As communication takes place to purchase this car, the seller must be contacted through the number shown in the picture.

A used Hyundai Elantra 2012 for sale

• The 2012 Hyundai Elantra has a bright red color, a stunning automatic model, and a petrol-only engine.
• Also, this car features a CD player, DVD player, and front mirrors that are red, like the color of the car from the outside, and it works by electricity.
• The car has power, air conditioning, and an anti-lock braking system.
• This car has front and rear sensors, a brake force distribution system, and a disc changer.
• The car also has a DVD player, cruise control and powerful wheels.
• Also, the mileage for this car is 298,000 km.
• This car is located in Al-Kharj city.
• The Hyundai Elantra 2012 is offered for sale at a price of 16,000 SAR.
• As communication takes place to purchase this car, the seller must be contacted through the number shown in the picture.

A Used Hyundai Elantra 2013 for sale

• The 2013 Hyundai Elantra has a bright white color, a stunning automatic model, and a petrol-only engine.
• This car also features front fog lights, front and rear lights, air conditioning with high cooling, and bluetooth.
• This car has a driver and passenger airbag and a side airbag.
• The car also has a rear spoiler, strong rims, and electric front and rear windows.
• Also, the mileage of this car is 80,000 km.
• This car is located in the city of Riyadh.
• Hyundai Elantra 2013 is offered for sale at a price of 25,000 Saudi riyals.

• As communication takes place to purchase this car, the seller must be contacted through the number shown in the picture.

A used Hyundai Sonata 2015 for sale

• The Hyundai Sonata 2015 has a glossy brown color, a stunning automatic model, and a petrol-only engine.
• Also, this car features a panoramic roof, a high-cold air conditioner, and front mirrors that are brown in color, like the color of the car from the outside, and it works with electricity.
• The car has power, remote control and locking mirrors.
• This car also has front and rear electric windows, and electric front and rear leather seats.
• The car also has headlights, front and rear lights, powerful rims, and front fog lights.
• Also, the mileage of this car is 123,000 km.
• This car is located in the city of Sabya.
• The Hyundai Sonata 2015 is offered for sale at a price of 16,000 Saudi riyals.

• As communication takes place to purchase this car, the seller must be contacted through the number shown in the picture.

A Used Hyundai Accent 2017 for sale

• The Hyundai Accent 2017 has a glossy white color, a stunning automatic model, and a petrol-only engine.
• This car also features a high-cold air conditioner, a remote control for opening and closing the doors, and electric front and rear glass windows.
• The car has front and rear sensors, and a brake force distribution system.
• This car also has a CD player and front and rear seats made of leather that work with electricity.
• The car also has an anti-lock brake system, a DVD player, and a CD player.
• Also, the mileage of this car is 132,000 km.
• This car is located in the city of Dawadmi.
• Hyundai Accent 2017 is also offered for sale, at a price of 24,000 SAR.
• It is also possible to communicate to purchase this car. The seller must be contacted through the number shown in the picture.

Hyundai Elantra 2018 for sale

• The Hyundai Elantra 2018 has a bright blue color, a stunning automatic model, and a petrol-only engine.
• This car also features a driver and passenger airbag, a side airbag, and a smart parking system.
• The car has blue electric front mirrors, and an immobilizer system that protects the car from theft.
• This car has rear spoiler, powerful rims, cruise control and smart parking system.
• Also, the mileage of this car is 55,000 km.
• This car is located in Dammam.
• The Hyundai Elantra 2018 is offered for sale, at a price of 28,000 Saudi riyals.

The black market for the dollar in Egypt has revived once more during the past few hours, in conjunction with the report of the British “Standard Chartered” bank, which warned of financing risks that Egypt may be exposed to during the coming period.

The black market witnessed confusion and confusion among dealers due to reassuring government decisions and statements, and international reports stating that the pound will not decline in the near future, which led to the decline of the dollar on the black market to the level of 36 pounds per dollar.

The dollar is moving on the black market

The dollar witnessed remarkable movements once morest the pound on the black market during the last period, due to expectations regarding the pound’s decline in the near future.

In this context, a report issued last Thursday by Standard Chartered Bank stated that Egypt needs to pay regarding $25 billion annually over the next four years (2024-2027), including $10.3 billion in payments to the International Monetary Fund, and $6.2 billion Eurobonds for Eurobonds, during the next two fiscal years.

The bank pointed out that the aforementioned financing risks, which Egypt will face in the coming period, would cause concern among investors and credit rating agencies.
The pound is between the official price and the price in the parallel market
One of the reasons for the confusion in the black market was also the new government moves, whether in the gold market, or with regard to the offering program, as the past few days witnessed the announcement of the implementation of two deals within the government offering program, which indicates an imminent breakthrough in the crisis.

And the Egyptian government decided to exempt gold imported from expatriates from fees and customs, with the exception of the value-added tax, which is calculated on workmanship only, which contributed to disentangling the prices of the precious metal in the Egyptian market, and the exchange rates of the dollar on the black market, and also led to a decline in gold prices in the local market. .

However, Standard Chartered Bank expected in its research note that the Egyptian pound will witness a further decline once morest the dollar, reaching 38.4 pounds once morest the dollar, in light of the stability of the official exchange rate of the Egyptian pound at 30.9 pounds per dollar since last March. As these expectations of the pound’s decline towards 38 led to the rise of the dollar in the black market once once more, to hover now between levels of 38 and 39 pounds per dollar, following it fell to the level of 36 during the past few days.
However, the devaluation of the pound represents a new burden on debt, as with the expectation of a new movement in the local currency rate of regarding 38 pounds per dollar, as indicated by the British Bank, the debt-to-GDP ratio will be higher than 100% by the end of June 2023 compared to 91.6% in June 2022, According to the estimates of the IMF.