Saudi Company Acquires US Medical Campus

Saudi Company Acquires US Medical Campus
TT

Saudi Company Acquires US Medical Campus

Saudi Company Acquires US Medical Campus

Saudi-based Arbah Capital has announced its investors’ acquisition of the Commonwealth Campus, a $59m high income-producing diversified medical campus in Port Richmond, Philadelphia, United States.

The Campus includes prominent tenants such as Ambrosia Treatment Centers Group, Temple Health University, and Northeastern Partners.

Arbah, a financial investment company licensed by the Saudi Capital Market Authority, said it was able to secure the acquisition at a significant discount to the market valuation carried out by the US CBRE Group, providing further security to its investors.

Philadelphia is known as a medical and education hub and 1/5 of all US physicians have trained there.

The property itself has undergone more than $23m in recent refurbishment including a brand new building on site, which will open as a new outpatient facility for Ambrosia, and a wellbeing center, which is due to open in January 2021.

Arbah CEO Mahmood al-Kooheji has stated that the company’s main strategy is to find the right growth sectors for its investors and organize the investments in these sectors with leading partners who have a proven track record.

Arbah’s reputation and professionalism attract prominent partners to offer investments with added-value to its investors, he added.

The company is very proud to have once again found and executed such an excellent investment in a growing sector and with the best partner, Hampshire Stateside.

Hampshire Companies manage more than 270 properties and have Assets Under Management (AUM) of over $2.4bn in the US.

This investment reflects Arbah’s strategy of acquiring distinctive assets within excellent locations in defensive sectors like social infrastructure and industrial real estate, reflecting its investment strategy in finding exclusive high-quality opportunities for its investors, Kooheji noted.



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

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.