Photographer: David Paul Morris / Bloomberg
Photographer: David Paul Morris / Bloomberg
Lucid Motors Inc. is in talks with Saudi Arabia’s sovereign wealth fund to build an electric vehicle factory in the kingdom, the Financial times reported, citing an interview with the fund’s governor, Yasir Al-Rumayyan.
Bloomberg reported earlier this month that Lucid is in talks with the kingdom’s public investment fund to build a factory, possibly near the Red Sea town of Jeddah. The company raised more than $ 1 billion from the PIF in 2018, an investment that relied on the development of a site in Saudi Arabia, people familiar with the case said.
The fund is trying to lure international companies to set up operations in the kingdom, the FT said. It is “already in talks with a number of companies in the health sector,” Al-Rumayyan told the newspaper, without providing further details.
The PIF is also in talks with “many” companies in it SoftBank’s Saudi-backed Vision Fund. “The next step is to move forward to get them to the kingdom,” said Al-Rumayyan.
- The international exposure of the PIF will decrease from nearly 30% to about 20% of its assets under management over the next five years.
- Saudi Arabia might consider listing more shares in Saudi Aramco “if the valuation is correct,” he said.
- The PIF needs extra money injections from the government. This will only happen if the central bank reserves are replenished.
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