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Lucid Group Opens Saudi Arabia's First-ever Car Manufacturing Facility

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, SPA reported. In May 2022, Lucid Motors signed a contract to begin construction of its factory in KAEC with a production capacity of 155,000 vehicles. ....

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Emaar The Economic City sells prime industrial plot for $98m

Emaar, The Economic City, the master developer of King Abdullah Economic City, has sold a key industrial plot to a group of Saudi investors, including a unit of the kingdom s wealth fund PIF, for SR366.7 million ($98 million) to set up an industrial logis ....

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Emaar The Economic City secures $266m term loan from PIF

Emaar, The Economic City (EEC), the master developer of Jeddah-based King Abdullah Economic City, has signed a SR1 billion ($266 million) term loan agreement with one of its major shareholders - Saudi sovereign wealth fund PIF (Public Investment Fund). ....

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PIF-backed Lucid in leasing deal with Emaar Economic City

Emaar, The Economic City, the master developer of King Abdullah Economic City (KAEC), has signed a contract with Lucid Company for the leasing of an industrial plot within KAEC Industrial Valley. Saudi wealth fund PIF is the largest investor in Lucid. ....

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Emaar Economic City reschedules $260m KAEC loan facility

Emaar, The Economic City, the master developer of King Abdullah Economic City, has reached an agreement with leading Saudi bank SABB to reschedule its existing loan of SR976.2 million (260 million) out of the total outstanding SR2 billion ($532 million). ....

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