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Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

Lucid Group opens Saudi Arabia’s first-ever car manufacturing facility

Lucid Group is partially owned by the Public Investment Fund.
By TRENDS Desk
September 28, 2023 9:13 am
  • The manufacturing unit extends over an area of about 31% of the total area allocated to the automotive industry in Jeddah's Special Economic Zone
  • In May 2022, Lucid Motors signed a contract to begin construction of its factory in KAEC with a production capacity of 155,000 vehicles

Jeddah, Saudi Arabia – Lucid Group, which is partially owned by the Public Investment Fund, launched Wednesday its first international factory in Jeddah-based King Abdullah Economic City (KAEC).

The manufacturing unit extends over an area of more than 1.35 million square meters, occupying about 31% of the total area allocated to the automotive industry in the KAEC Special Economic Zone.

In May 2022, Lucid Motors signed a contract to begin construction of its factory in KAEC with a production capacity of 155,000 vehicles. The Economic Cities and Special Zones Authority recently granted the automaker the operating license for its manufacturing unit.

The company said that about 95 percent of its production will be exported, which will open new investment opportunities and support supply chains and the balance of payments in the Kingdom.

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