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Saudia to acquire 20 wide-body aircraft

10 of these being acquired for its flydaeal low-cost airline

ADIB’s Q1 net profit $517 million

Q1 2025 net profit before tax increased 18% YoY.

Emirates Islamic Q1 profit $394m

The bank's profit crossed AED 1bn mark for the first time.

Boeing to sell some assets to Thoma Bravo

The $10.55 bn sale includes portions of digital aviation solutions business.

TSMC first-quarter net profit soars

Its net revenue for the quarter soared nearly 42%.

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.
By TRENDS Desk
February 28, 2022 4:47 pm
  • 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.

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