عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi-Philippine Meeting Discusses Boosting Investment Opportunities, Relations

A Saudi-Philippine meeting was held in Riyadh in the presence of Philippines President Ferdinand Marcos Jr. and the Minister of Investment, Eng. Khalid bin Abdulaziz Al-Falih, along with distinguished officials from both countries.
A Saudi-Philippine meeting was held in Riyadh in the presence of Philippines President Ferdinand Marcos Jr. and the Minister of Investment, Eng. Khalid bin Abdulaziz Al-Falih, along with distinguished officials from both countries.
TT
TT

Saudi-Philippine Meeting Discusses Boosting Investment Opportunities, Relations

A Saudi-Philippine meeting was held in Riyadh in the presence of Philippines President Ferdinand Marcos Jr. and the Minister of Investment, Eng. Khalid bin Abdulaziz Al-Falih, along with distinguished officials from both countries.
A Saudi-Philippine meeting was held in Riyadh in the presence of Philippines President Ferdinand Marcos Jr. and the Minister of Investment, Eng. Khalid bin Abdulaziz Al-Falih, along with distinguished officials from both countries.

A Saudi-Philippine meeting was held Thursday in Riyadh in the presence of Philippines President Ferdinand Marcos Jr. and the Minister of Investment, Eng. Khalid bin Abdulaziz Al-Falih, along with distinguished officials from both countries, major companies, and representatives from both the public and private sectors, said SPA.
Meeting participants discussed aspects of investment partnerships in areas such as energy, industry, Islamic financial services, and food security.
The meeting also explored ways to enhance relations between the two countries. It aimed to strengthen cooperation in the labor sector and utilize skilled Filipino workers in various sectors.
The meeting addressed investment opportunities and enhancing investment relations between the two countries, promoting efforts to develop economic and investment ties between the Kingdom of Saudi Arabia and the Philippines, fostering quality investments, and enabling the private sector to benefit from investment opportunities in both nations.
The meeting witnessed the signing of a memorandum of understanding in the private sector for human resources, aiming to provide skilled labor to meet the Saudi market's needs through global partnerships with leading companies in this sector.

Most Viewed

 
 
Business

Lucid Beats Estimates for EV Deliveries

A Lucid Motors facility is pictured in Costa Mesa, California, US, November 1, 2023. (Reuters)
A Lucid Motors facility is pictured in Costa Mesa, California, US, November 1, 2023. (Reuters)
TT
TT

Lucid Beats Estimates for EV Deliveries

A Lucid Motors facility is pictured in Costa Mesa, California, US, November 1, 2023. (Reuters)
A Lucid Motors facility is pictured in Costa Mesa, California, US, November 1, 2023. (Reuters)

Lucid Group reported record fourth-quarter deliveries on Monday, surpassing Wall Street expectations for quarterly deliveries, as the Saudi Arabia-backed maker of luxury electric vehicles lowered prices and offered cheaper financing to drive demand.

The company’s shares rose 7.6% before trading began on Monday.

The EV maker has lowered prices and offered incentives including cheaper financing to woo customers away from cheaper hybrid vehicles amid high interest rates.

The company handed over 3,099 vehicles in the fourth quarter ended Dec. 31, compared with estimates of 2,637, according to six analysts polled by Visible Alpha.

That represented growth of 11% over the third quarter and 78% higher than the fourth quarter a year earlier.

Production rose about 42% year-over-year to 3,386 vehicles in the reported quarter, surpassing estimates of 2,904 units.

For 2024, production rose 7% to 9,029 vehicles, topping the company's target of 9,000 vehicles. Annual deliveries grew 71% to 10,241 vehicles.

Lucid started taking orders for its Gravity SUV in November, in a bid to enter the lucrative SUV sector and take some market share from Rivian and Tesla.

Rivian on Friday topped analysts' estimates for quarterly deliveries and said its production was no longer constrained by a component shortage.

But Tesla reported its first fall in yearly deliveries, in part due to the company's aging lineup.

Saudi Arabia’s Public Investment Fund (PIF) first invested in Lucid in 2018, and steadily accumulated more shares until it held a majority ownership when the startup went public in 2021 through a combination with a special purpose acquisition company.

Lucid raised $3 billion from an offering of common stock and an investment by PIF announced in May of last year.

The company also raised $1.75 billion in October through a stock sale that CEO Peter Rawlinson believes will provide Lucid with a "cash runway well into 2026".

Lucid is scheduled to report its fourth-quarter results on Feb. 25.