Commercial Bank of Kuwait plans to go digital, says CEO

PIF-backed Lucid Motors to set up its first overseas production plant in Saudi Arabia

JEDDAH: The American company Lucid Motors on Wednesday signed agreements for the construction of a production plant in Saudi Arabia with an annual capacity of 155,000 zero-emission electric vehicles.

It is estimated that the agreements will provide funding and incentives to Lucid for up to $3.4 billion in total over the next 15 years to build and operate the manufacturing facility in the Kingdom.

Located in the King Abdullah Economic City, AMP-2 is the Public Investment Fund-backed electric vehicle maker’s first production facility outside the United States, according to a statement.

This project demonstrates investors’ confidence in Saudi Arabia’s competitiveness.

Khalid Al-Falih

The Saudi Industrial Development Fund financed the project with SR5 billion ($1.3 billion), said Bandar Alkhorayef, minister of industry and mineral resources.

The project is expected to create more than 4,500 jobs at KAEC, said Cyril Piaia, CEO of Emaar The Economic City, master developer of KAEC.

Saudi government and Lucid Motor officials at a signing ceremony of agreements for the development of a production plant in the Kingdom. A photo

“We have a technology-based factory, we will bring thousands of high-tech jobs to the Kingdom,” said Peter Rawlinson, CEO of Lucid Motors.

“Attracting a global leader in electric vehicles such as Lucid to open its first international manufacturing facility in Saudi Arabia reflects our commitment to creating long-term economic value in a sustainable, sustainable and globally integrated manner,” said Saudi Investment Minister Khalid Al-Falih. mentioned.

“This project demonstrates investors’ confidence in Saudi Arabia’s competitiveness, ability to create opportunities and meet global demand for a highly complex product such as electric vehicles,” Al-Falih added.

About 85% of the plant’s output will be exported, reflecting Saudi Arabia’s competitive position and capabilities, AlKhorayef said.

The agreements were signed between the Saudi Ministry of Investment, Saudi Fund for Industrial Development, Emaar, The Economic City, in King Abdullah Economic City and Gulf International Bank.

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