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‘Wadeem’ sold out for $1.49bn

This is the highest Abu Dhabi real-estate release to date.

Tesla Q2 sales down 13.5%

Shares rally after the disclosure, better than some forecasts.

TomTom cuts 300 jobs

The firm said it was realigning its organization as it embraces AI.

Aldar nets $953m in sales at Fahid

Aldar said 42 percent of the buyers are under the age of 45.

Qualcomm to Alphawave for $2.4 bn

The deal makes Alphawave the latest tech company to depart London.

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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