{"id":90451,"date":"2024-03-26T00:00:00","date_gmt":"2024-03-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/saudi-arabias-pif-solidifies-position-in-us-ev-maker-lucid-with-additional-usd-1-bn-stake\/"},"modified":"2024-03-26T00:00:00","modified_gmt":"2024-03-26T00:00:00","slug":"saudi-arabias-pif-solidifies-position-in-us-ev-maker-lucid-with-additional-usd-1-bn-stake","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/03\/26\/saudi-arabias-pif-solidifies-position-in-us-ev-maker-lucid-with-additional-usd-1-bn-stake\/","title":{"rendered":"Saudi Arabia\u2019s PIF solidifies position in US EV maker Lucid with additional USD 1 bn stake"},"content":{"rendered":"

PIF charges up Lucid with USD 1 bn investment: <\/strong>Saudi Arabia\u2019s Public Investment Fund (PIF) will buy a USD 1 bn stake in US luxury EV manufacturer Lucid Motors through its Ayar Third Investment Company, according to a statement<\/a> from the upstart EV company yesterday. The investment in the company \u2014 which the sovereign wealth fund already owns 60% of \u2014 will be executed through the sale of convertible preferred stocks.<\/p>\n

The potential proceeds will finance the company\u2019s capex and working capital<\/strong>, among other things, the statement reads.<\/p>\n

Remember: <\/strong>Lucid has been assembling vehicles in Saudi Arabia since establishing its first factory outside of the US in Jeddah last September, but is planning to start manufacturing vehicles in the kingdom soon, Lucid\u2019s marketing director for the region, Firas Kandalaft, told<\/a> Saudi media last month.<\/p>\n

Lucid is trying to wean itself off its dependence on the wealth fund:<\/strong> Earlier this month, Lucid CEO Peter Rawlinson said<\/a> his company can no longer depend on the \u201cbottomless wealth\u201d of its Saudi owner PIF and would set in motion fundraising this year. Lucid has enough funds to last into 2025, but is burning through around USD 1 bn a quarter. The company is considering options including \u201cbringing logistics under the same roof to reduce [operating spending], looking at the bill of materials, looking at overheads, looking at reducing anything that is variable.\u201d<\/p>\n

Market reax: <\/strong>Lucid\u2019s share prices rose 5.4% to USD 2.9 a piece at yesterday\u2019s close, but is down 31% YTD on the back of net losses doubling<\/a> y-o-y to USD 2.8 bn in 2023.<\/p>\n

ALSO WORTH NOTING-<\/strong>Planet Finance to Trump\u2019s rescue? <\/strong>New Nasdaq company Trump Media & Technology Group Corp. (gotta have \u201cgroup\u201d and \u201ccorp\u201d at the end when your asset is a social media platform nobody uses) could be The Donald\u2019s ticket out of a tight spot. The company now owns Trump\u2019s social media network \u2014 called Truth Social \u2014 after shareholders of spac Digital World Acquisition Corp voted to merge. <\/p>\n

Think of Trump Media as a proxy for how Trump\u2019s base views his candidacy: <\/strong>The Nasdaq-listed company\u2019s shares were up more than 30% yesterday after an appeals court gave Trump 10 days to cough up the USD 175 mn bond in the civil case (above). <\/p>\n

Sound smart: Trump\u2019s stake in Trump Media? <\/strong>It\u2019s worth north of USD 3 bn now \u2014 but he faces a six-month lockup. Shares start trading today<\/a><\/strong>under the ticker DJT<\/a>.<\/p>\n

THE MARKETS THIS MORNING-<\/p>\n

Asian shares are largely in the green <\/strong>and stock futures are largely flat this morning, pointing to a muted open on Wall Street and in Europe later today. CNBC says traders are \u201ctaking a breather\u201d<\/a> on this holiday-shortened week. US benchmarks look set to close March with their fifth straight month of gains, while Korea\u2019s Kospi just hit a two-year high. <\/p>\n

<\/a><\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,319<\/p>\n<\/td>\n

\n

0.0% (YTD: -2.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

4,282<\/p>\n<\/td>\n

\n

0.0% (YTD: +5.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Nasdaq Dubai UAE20<\/strong><\/p>\n<\/td>\n

\n

3,771<\/p>\n<\/td>\n

\n

+0.1% (YTD: -1.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD : AED<\/strong> CBUAE<\/strong><\/p>\n<\/td>\n

\n

Buy 3.67<\/p>\n<\/td>\n

\n

Sell 3.67<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EIBOR<\/a><\/strong><\/p>\n<\/td>\n

\n

5.2% o\/n<\/p>\n<\/td>\n

\n

5.3% 1 yr<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

TASI<\/strong><\/p>\n<\/td>\n

\n

12,657<\/p>\n<\/td>\n

\n

-1.1% (YTD: +5.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

29,344<\/p>\n<\/td>\n

\n

+1.0% (YTD: +17.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

5,218<\/p>\n<\/td>\n

\n

-0.3% (YTD: +9.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,918<\/p>\n<\/td>\n

\n

-0.2% (YTD: +2.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

5,044<\/p>\n<\/td>\n

\n

+0.3% (YTD: +11.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 86.75<\/p>\n<\/td>\n

\n

+1.6%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 1.61<\/p>\n<\/td>\n

\n

-0.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 2,194.90<\/p>\n<\/td>\n

\n

-0.2%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 69,984.44<\/p>\n<\/td>\n

\n

+4.9% (YTD: +58.8%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The ADX stayed flat yesterday<\/strong> on turnover of AED 798.3 mn. The index is down 2.7% YTD.<\/p>\n

In the green: <\/strong>Commercial Bank International (+11.1%), Abu Dhabi National Ins. Company (+6.8%) and Ooredoo (+4.6%).<\/p>\n

In the red: <\/strong>Hayah Ins. Company (-5.3%), The National Bank of Ras Al Khaimah (-5.0%) and Sharjah Cement and Industrial Development (-4.0%). <\/p>\n

Over on the DFM<\/strong>, the index also stayed flat, on turnover of AED 388.3 mn. Meanwhile Nasdaq Dubai closed up 0.1%.<\/p>\n

CORPORATE ACTIONS-<\/p>\n

ADX-listed <\/strong>GFH Financial Group<\/a><\/strong>\u2019s shareholders approved a dividend payout of <\/strong>6.2% for 2023<\/strong>, equivalent to 6.03 fils per share, the company said in a press release (pdf)<\/a>. The shareholders also earmarked USD 3 mn of the retained earnings for FY2023 for the company\u2019s obligatory Zakat, with the rest of the amount to be paid by the shareholders. <\/p>\n

Al Ain Ahlia Ins. Company\u2019s board proposed a dividend payout of AED 30 mn for<\/strong> 2023<\/strong>, equivalent to AED 2 per share, according to an ADX disclosure (pdf)<\/a>. <\/p>\n

Abu Dhabi National Ins. Company approved a dividend payout of 45 fils per share <\/strong>for 2023, amounting to AED 256.5 mn, reports Wam<\/a>.<\/p>\n

Al Wathba National Ins. Company\u2019s board recommended dividends for 2023 equivalent to 25% of the company\u2019s capital<\/strong>, according to an ADX disclosure (pdf)<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

A share of the proceeds will finance Lucid\u2019s capex and working capital<\/p>\n","protected":false},"author":1,"featured_media":90452,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1553],"tags":[895,7,194,50,1650],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-90451","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-automotive","tag-enterpriseam-uae","tag-evs","tag-planet-finance","tag-sovereign-wealth-fund","wpautop","entry"],"acf":{"mongo_id":"02d3c881-eda5-45cf-baf9-f3b6c79f7f8c","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/2300.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Saudi Arabia\u2019s PIF solidifies position in US EV maker Lucid with additional USD 1 bn stake","related_issue":[90431],"teaser":"A share of the proceeds will finance Lucid\u2019s capex and working capital","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.5f9403d7-3896-4d34-bda9-a947ab878441.mp3"},"yoast_head":"\nSaudi Arabia\u2019s PIF solidifies position in US EV maker Lucid with additional USD 1 bn stake - UAE<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/uae\/2024\/03\/26\/saudi-arabias-pif-solidifies-position-in-us-ev-maker-lucid-with-additional-usd-1-bn-stake\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Saudi Arabia\u2019s PIF solidifies position in US EV maker Lucid with additional USD 1 bn stake\" \/>\n<meta property=\"og:description\" content=\"A share of the proceeds will finance Lucid\u2019s capex and working capital\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/uae\/2024\/03\/26\/saudi-arabias-pif-solidifies-position-in-us-ev-maker-lucid-with-additional-usd-1-bn-stake\/\" \/>\n<meta property=\"og:site_name\" content=\"UAE\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-26T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2300.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/03\/26\/saudi-arabias-pif-solidifies-position-in-us-ev-maker-lucid-with-additional-usd-1-bn-stake\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/03\/26\/saudi-arabias-pif-solidifies-position-in-us-ev-maker-lucid-with-additional-usd-1-bn-stake\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Saudi Arabia\u2019s PIF solidifies position in US EV maker Lucid with additional USD 1 bn stake\",\"datePublished\":\"2024-03-26T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/03\/26\/saudi-arabias-pif-solidifies-position-in-us-ev-maker-lucid-with-additional-usd-1-bn-stake\/\"},\"wordCount\":728,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/03\/26\/saudi-arabias-pif-solidifies-position-in-us-ev-maker-lucid-with-additional-usd-1-bn-stake\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2300.jpg?fit=%2C&ssl=1\",\"keywords\":[\"automotive\",\"EnterpriseAM UAE\",\"EVs\",\"PLANET FINANCE\",\"sovereign wealth fund\"],\"articleSection\":[\"PLANET FINANCE\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/03\/26\/saudi-arabias-pif-solidifies-position-in-us-ev-maker-lucid-with-additional-usd-1-bn-stake\/\",\"url\":\"https:\/\/enterpriseam.com\/uae\/2024\/03\/26\/saudi-arabias-pif-solidifies-position-in-us-ev-maker-lucid-with-additional-usd-1-bn-stake\/\",\"name\":\"Saudi Arabia\u2019s PIF solidifies position in US EV maker Lucid with additional USD 1 bn stake - 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