Dental Conference in Dubai Generates Business Deals Worth $3.9 Billion

 UAE International Dental Conference and Arab Dental Exhibition concludes its activities.
UAE International Dental Conference and Arab Dental Exhibition concludes its activities.
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Dental Conference in Dubai Generates Business Deals Worth $3.9 Billion

 UAE International Dental Conference and Arab Dental Exhibition concludes its activities.
UAE International Dental Conference and Arab Dental Exhibition concludes its activities.

The UAE International Dental Conference and Arab Dental Exhibition – AEEDC Dubai 2022 has generated record-breaking business deals worth $3.9 billion ($14.4 billion dirhams).

AEEDC Dubai attracted 66,000 participants from 155 countries and showcased 4,800 state-of-the-art products from 3,600 major dental and public health companies in the field of oral hygiene and dentistry.

The event featured a total of 22 official country pavilions.

The exhibition and conference also saw several training courses, workshops, and student poster competitions.

Dr. Abdul Salam Al Madani, Executive Chairman of the Global Scientific Dental Alliance, and Chairman of INDEX Holding, said: “We are proud of the successes generated by the event over the years.”

“The exceptional volume of direct and subsidiary deals worth $3.9 billion concluded at the event validates the global community’s confidence in the UAE as a venue for industry events,” he added.

The UAE International Dental Conference and Arab Dental Exhibition Dubai, which will hold its next event in February 2023, is supported by Dubai Health Authority, Scientific Global Dental Alliance, Dental Federation, Executive Board of the Health Ministers Council for Gulf Cooperation Council States, Gulf Health Council, Riyadh Elm University, Arab Academy for Continuing Dental Education, Saudi Dental Society, Saudi Orthodontic Society, Saudi Prosthodontic Society, and others.



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)
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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.