Lucid’s opening proves Saudi Arabia’s success in attracting investments: Minister

Minister of Industry and Mineral Resources, Bandar Alkhorayef

Minister of Industry and Mineral Resources, Bandar Alkhorayef, said the opening of Lucid Group’s electric vehicle (EV) factory in Saudi Arabia and target exports affirms Saudi Arabia’s ability to attract investments and compete.

The Kingdom negotiates to invest in the industry base, as it shows interest in attracting industry chains, such as car batteries, and manufacturing materials, including petrochemicals, etc., Alkhorayef added on the sidelines of the event of opening Lucid’s EV facility.

Investments in these sectors will be distributed across the Kingdom based on investment conditions, including King Abdullah Economic City (KAEC).

Lucid, which is partially owned by the Public Investment Fund (PIF), opened its first-ever car manufacturing facility in Saudi Arabia’s KAEC today, Sept. 27.