In Saudi Arabia, Uber poses a greater perceived threat to the oil industry compared to electric vehicles.

Saudi Aramco, the world's largest oil company, has announced its expectations for the future of the automotive industry. The company anticipates that electric cars will account for only 20% of new cars by 2040, but the speed at which things are moving is a question mark over this prediction.

Aramco is hedging its bets by taking stakes in new technology companies, including a 5% share in Uber. Interestingly, ride-sharing services like Uber are perceived as a bigger threat to oil demand by executives from Saudi Aramco than the rise of hybrid and electric cars. The drop in demand for private cars due to ride-sharing technology could reduce oil demand significantly. Aramco sees ride-sharing technology as more advanced than a wholesale move to electric vehicles.

To raise funds and support technological optimizations in its gas production expansion plans, Aramco has engaged an international consortium led by funds managed by Global Infrastructure Partners (GIP), part of BlackRock, in an $11 billion lease-and-leaseback deal for its Jafurah Midstream gas processing facilities.

Meanwhile, in the renewable energy sector, Ecotricity, a company known for making wind turbines and generating eco-electricity, has created an electric car model called Ecotricity Nemesis. The company invests £25 million annually in wind energy.

In another development, Jaguar Land Rover, a conglomerate headed by Ratan Tata, is considering setting up an assembly plant in Saudi Arabia near a new aluminium smelting plant. This move could potentially boost the local economy and further solidify Saudi Arabia's position in the global automotive industry.

BP, another major player in the oil industry, is also adapting to the changing landscape. The company is in discussions with electric car manufacturers to install electric charging points at its UK fuel stations. BP is planning to adapt its business model as the fuelling model for cars changes.

Aramco is planning a float to boost its finances, but the company's future plans remain uncertain in the face of rapid technological advancements and shifting consumer preferences. The company believes there are still two decades of oil growth ahead, but only time will tell if this prediction holds true.

In Saudi Arabia, Uber poses a greater perceived threat to the oil industry compared to electric vehicles.