Khalid Al-Falih, Minister of Investment
Minister of Investment Khalid Al-Falih said Lucid Group’s the presence in Saudi Arabia reaffirms the country’s ability to provide access to key growth markets, as the company aims to export more than 90% vehicles manufactured in the Kingdom.
It also demonstrates the Kingdom’s competitiveness and attractiveness as a primary destination, the minister said during the opening of Lucid’s electric vehicles (EV) factory in King Abdullah Economic City (KAEC).
The new EV factory is likely to lead to more than 4,000 direct jobs, potential exports of more than $117 billion, and an expected impact on gross domestic product of about $50 billion by 2035, Al-Falih said.
He indicated that that EVs are one of the fastest growing markets in the world, and Lucid’s presence will serve as the nucleus that will work to unlock the value chain of the EV industry, creating spin-off effects and more investment opportunities.
He also highlighted the importance of the Public Investment Fund (PIF) and its catalytic investments to kick off new sectors in Saudi Arabia.
Al-Falih stated that the world is changing rapidly, as industries around the world seek to adopt cleaner and greener solutions, noting that one of the critical elements for the success of EV manufacturing is the localization of the supply chain in an attractive and inclusive manner.
He added that the Kingdom is not only keeping pace with the developments, but is laying the foundation as it expects to become a regional industrial hub for the green economy on a broader scale.
US-based EVs manufacturer Lucid Group, partly owned by PIF, officially opened on Sept. 27 the Kingdom’s first EV factory in KAEC, according to Argaam’s data.
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