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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 Motors to manufacture electric vehicles in Saudi Arabia

Saudi Arabia’s wealth fund held a stake worth $38.6 billion in Lucid as of December 2021, up from $25.8 billion at the end of September, a US regulatory disclosure showed earlier.
  • The leasing of land aims “to construct and operate automotive manufacturing and assembly facility together with all ancillary services”
  • Financial impact from the project will roll out on the company’s financial statements during the contract duration that will run from 2022 until 2047

Lucid Motors has leased a big plot of land for $30 million in King Abdullah Economic City Industrial Valley, in Saudi Arabia, to produce electric vehicles in the kingdom.

PIF, the Saudi sovereign fund, holds a stake worth $38.6 billion in Lucid and setting up a base in the kingdom aims “to construct and operate automotive manufacturing and assembly facility together with all ancillary services,” Emaar Economic City said in a statement to the Saudi bourse.

Financial impact from the project will roll out on the company’s financial statements during the contract duration that will run from 2022 until 2047, Emaar EC said.

Saudi Arabia’s wealth fund held a stake worth $38.6 billion in Lucid as of December 2021, up from $25.8 billion at the end of September, a US regulatory disclosure showed earlier.

The increase was a result of the rise in the value of the electric car maker’s shares.