Lucid will train 1k Saudi workers in EV manufacturing + Qatar doubles use of recycled materials in road construction and ramps up research on EV bus rollout

KSA’s EV workers set to receive training from Lucid: Saudi Arabia’s Human Resources Development Fund (HRDF) signed an agreement with EV manufacturer Lucid Motors to upskill over 1k Saudis working in the EV manufacturing industry, the fund’s general manager Turki Al Jawini announced on Twitter. The agreement builds upon an MoU signed in October and will see HRDF covering 75% of the cost of the training program, which will amount to USD 50 mn over a five year period, Lucid said earlier in October.

BACKGROUND- Lucid said 80% of all its electric vehicles will be made in Saudi Arabia by 2030 late last year. The company also plans to produce 155k EVs yearly in Saudi Arabia once full-fledged production capacity is achieved by 2025, Lucid’s Vice President for MENA, Faisal Sultan, said at the time. Lucid aims to build a full production plant in the country that could potentially earn the EV manufacturer USD 3.4 bn over 15 years. Construction of the facility began in May 2022.

PIF is a majority shareholder: Saudi Arabia’s sovereign wealth fund Public Investment Fund (PIF) invested over USD 1 bn in Lucid Motors — the brand name of Lucid Group — in 2018, to hold a majority stake of over 65% in the firm. Lucid debuted on Nasdaq in July 2021.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

The Dubai Water and Electricity Company (Dewa) approved total dividend payments of USD 1.3 bn and will pay out AED 2.48 (c. USD 0.77) per share over the next 12-month dividend cycle for shareholders listed on its register by the close date of 18 April. (Wam)
Qatar’s Public Works Authority (Ashghal) has used 50% of recycled materials in its road construction projects, more than doubling their previous target of using 20%. (Tweet)
Qatar’s Mowasalat signed an MoU with Chinese EV bus manufacturer Yutong to conduct joint R&D programs to facilitate the rollout of electric commercial vehicles in Qatar. (Qatar News Agency)