The Saudi wealth fund is in talks with Lucid, the auto manufacturer, according to the Financial Times

Photographer: David Paul Morris / Bloomberg

Lucid Motors Inc. Talks are underway with the Saudi sovereign wealth fund to build an electric vehicle plant in the kingdom Financial times Quoted from an interview with the Fund’s governor, Yasser Al-Rumayyan.

Bloomberg mentioned Earlier this month, Lucid was in talks with the kingdom’s Public Investment Fund to build a plant, possibly near the Red Sea city of Jeddah. People familiar with the matter said that the company raised more than $ 1 billion from the Public Investment Fund in 2018, an investment that was conditional on the company developing a site in Saudi Arabia.

The Financial Times said that the fund seeks to attract international companies to start operations in the kingdom. Al-Rumayyan told the newspaper, “A discussion is already taking place with a number of companies in the health sector,” without giving further details.

The Public Investment Fund is also in talks with “several” companies in Saudi-backed SoftBank Vision Fund. “The next step is to proceed with their transfer to the kingdom,” Al-Rumayyan said.

  • International exposure to the Public Investment Fund will decrease to about 20% of assets under management over the next five years, from about 30%.
  • Saudi Arabia may consider listing more shares in it He said that Saudi Aramco “if the assessment is correct.”
  • The Public Investment Fund will need additional government cash payments. This will only happen when central bank reserves are replenished.
  • Noticeable: Saudi Arabia removes the central bank and sets wealth fund targets
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