The Lucid Motors Inc. Alpha Speed Car is unveiled after completing a 217mph test in Ohio ahead of the 2017 New York International Auto Show (NYIAS) in New York, U.S., on Thursday, April 13, 2017. The New York International Auto Show, North America's first and largest-attended auto show dating back to 1900, showcases an incredible collection of cutting-edge design and extraordinary innovation. Photographer: Mark Kauzlarich/Bloomberg
The Lucid Motors Alpha in Ohio. The PIF has made a $1bn investment in the US-based electric care maker. Bloomberg

Saudi Arabia's PIF invests more than $1bn in US car maker Lucid


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Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, signed a more than $1 billion (Dh3.67bn) investment agreement with the US-based Lucid Motors, that will help the electric car maker commercially launch its first vehicle by 2020.

PIF, which is an investor in Tesla, has made the investment through its wholly-owned special-purpose vehicle, the fund said in a statement on Monday. The two parties have made “binding undertakings” to carry out the deal, which is subject to regulatory approvals, it said.

The deal is part of PIF’s international investment strategy, which will provide necessary funding for launching Lucid’s first electric vehicle, the Lucid Air. The company plans to use the funding to complete engineering development and testing of the Lucid Air, construct its factory in Arizona and begin production for the global rollout of the car, starting from North America.

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“By investing in the rapidly expanding electric vehicle market, PIF is gaining exposure to long-term growth opportunities, supporting innovation and technological development and driving revenue and sectoral diversification for the kingdom,” a PIF spokesperson said.

The fund’s international investment strategy aims to strengthen its position an investor in the industries of the future and become the partner of choice for international investments, the spokesman said, adding that “investment in Lucid is a strong example of these objectives”.

The PIF is at the heart of the Saudi Arabia’s economic diversification programme as the kingdom seeks to cut dependence on oil revenues to fuel its economy. The fund in the last few years has been actively building stakes in local and international firms. PIF, along with Abu Dhabi’s strategic firm Mubadala Development Company, is part of the core investor group in Japanese SoftBank Group’s $93bn Vision Fund, which invests in technology sectors such as artificial intelligence and robotics.

The latest investment in Lucid, PIF said also supports the kingdom’s Vision 2030 to build a sustainable future economy that is environmentally-friendly. The fund over the past twelve months, has made invests in in renewables and utilities, recycling and energy efficiency services companies.

The fund, which manages assets of $250bn, in July, increased its shareholding in Riyadh-based renewables developer Acwa Power, taking it close to 25 per cent, with its latest 15.2 per cent direct stake in addition to its existing 9.78 per cent stake through its wholly-owned subsidiary Sanabil Direct Investments Company, PIF said at the time.

MATCH INFO

Uefa Champions League final:

Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports

Specs: 2024 McLaren Artura Spider

Engine: 3.0-litre twin-turbo V6 and electric motor
Max power: 700hp at 7,500rpm
Max torque: 720Nm at 2,250rpm
Transmission: Eight-speed dual-clutch auto
0-100km/h: 3.0sec
Top speed: 330kph
Price: From Dh1.14 million ($311,000)
On sale: Now

Meydan racecard:

6.30pm: Al Maktoum Challenge Round 2 (PA) Group 1 | US$75,000 (Dirt) | 2,200 metres

7.05pm: UAE 1000 Guineas (TB) Listed | $250,000 (D) 1,600m

7.40pm: Meydan Classic Trial (TB) Conditions $100,000 (Turf) 1,400m

8.15pm: Al Shindagha Sprint (TB) Group 3 $200,000 (D) 1,200m

8.50pm: Handicap (TB) $175,000 (D) 1,600m

9.25pm: Handicap (TB) $175,000 (T) | 2,000m

10pm: Handicap (TB) $135,000 (T) 1,600m

SPEC SHEET: APPLE M3 MACBOOK AIR (13")

Processor: Apple M3, 8-core CPU, up to 10-core CPU, 16-core Neural Engine

Display: 13.6-inch Liquid Retina, 2560 x 1664, 224ppi, 500 nits, True Tone, wide colour

Memory: 8/16/24GB

Storage: 256/512GB / 1/2TB

I/O: Thunderbolt 3/USB-4 (2), 3.5mm audio, Touch ID

Connectivity: Wi-Fi 6E, Bluetooth 5.3

Battery: 52.6Wh lithium-polymer, up to 18 hours, MagSafe charging

Camera: 1080p FaceTime HD

Video: Support for Apple ProRes, HDR with Dolby Vision, HDR10

Audio: 4-speaker system, wide stereo, support for Dolby Atmos, Spatial Audio and dynamic head tracking (with AirPods)

Colours: Midnight, silver, space grey, starlight

In the box: MacBook Air, 30W/35W dual-port/70w power adapter, USB-C-to-MagSafe cable, 2 Apple stickers

Price: From Dh4,599

COMPANY PROFILE

Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others

EMIRATES'S REVISED A350 DEPLOYMENT SCHEDULE

Edinburgh: November 4 (unchanged)

Bahrain: November 15 (from September 15); second daily service from January 1

Kuwait: November 15 (from September 16)

Mumbai: January 1 (from October 27)

Ahmedabad: January 1 (from October 27)

Colombo: January 2 (from January 1)

Muscat: March 1 (from December 1)

Lyon: March 1 (from December 1)

Bologna: March 1 (from December 1)

Source: Emirates

Company Profile

Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government

Company Profile

Company: Astra Tech
Started: March 2022
Based: Dubai
Founder: Abdallah Abu Sheikh
Industry: technology investment and development
Funding size: $500m

FA Cup fifth round draw

Sheffield Wednesday v Manchester City
Reading/Cardiff City v Sheffield United
Chelsea v Shrewsbury Town/Liverpool
West Bromwich Albion v Newcastle United/Oxford United
Leicester City v Coventry City/Birmingham City
Northampton Town/Derby County v Manchester United
Southampton/Tottenham Hotspur v Norwich City
Portsmouth v Arsenal 

Results

5pm: UAE Martyrs Cup (TB) Conditions Dh90,000 2,200m

Winner: Mudaarab, Jim Crowley (jockey), Erwan Charpy (trainer).

5.30pm: Wathba Stallions Cup (PA) Handicap Dh70,000 1,400m

Winner: Jawal Al Reef, Richard Mullen, Hassan Al Hammadi.

6pm: UAE Matyrs Trophy (PA) Maiden Dh80,000 1,600m

Winner: Salima Al Reef, Jesus Rosales, Abdallah Al Hammadi.

6.30pm: Sheikha Fatima bint Mubarak (IFAHR) Apprentice Championship (PA) Prestige Dh100,000 1,600m

Winner: Bainoona, Ricardo Iacopini, Eric Lemartinel.

7pm: Sheikha Fatima bint Mubarak (IFAHR) Ladies World Championship (PA) Prestige Dh125,000 1,600m

Winner: Assyad, Victoria Larsen, Eric Lemartinel.

8pm: Sheikh Zayed bin Sultan Al Nahyan Jewel Crown (PA) Group 1 Dh5,000,000 1,600m

Winner: Mashhur Al Khalediah, Jean-Bernard Eyquem, Phillip Collington.

COMPANY PROFILE

Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures

Indika

Developer: 11 Bit Studios
Publisher: Odd Meter
Console: PlayStation 5, PC and Xbox series X/S
Rating: 4/5

65

Directors: Scott Beck, Bryan Woods

Stars: Adam Driver, Ariana Greenblatt, Chloe Coleman

Rating: 2/5

Director: Nag Ashwin

Starring: Prabhas, Saswata Chatterjee, Deepika Padukone, Amitabh Bachchan, Shobhana

Rating: ★★★★


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