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Lucid Electric Vehicles to be Manufactured in KAEC

The Special Economic Cities and Zones Authority hands Lucid the license to operate in Saudi Arabia.
The Special Economic Cities and Zones Authority hands Lucid the license to operate in Saudi Arabia.
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Lucid Electric Vehicles to be Manufactured in KAEC

The Special Economic Cities and Zones Authority hands Lucid the license to operate in Saudi Arabia.
The Special Economic Cities and Zones Authority hands Lucid the license to operate in Saudi Arabia.

The Saudi Economic Cities and Special Zones Authority (ECZA) granted Lucid Motors, which specializes in electric cars, the operating license for its manufacturing unit, which was established in the King Abdullah Economic City (KAEC) in Rabigh, west of the Kingdom.

ECZA Secretary General Nabil Khoja said that the establishment of a world-class electric car manufacturing unit in a short time confirms the efficiency and capabilities of the economic zone facilities in the Kingdom.

Speaking during a ceremony at the authority’s headquarters in King Abdullah Economic City, Khoja said that the recent move was based on a government partnership and cooperation with the Economic Cities Authority, stressing the excellence of the business environment in Saudi Arabia and the state’s commitment to supporting investors.

“Today we are making a step towards the future of the transportation sector in the Kingdom, thus contributing to reducing carbon emissions, and promoting clean and sustainable mobility,” he stated, describing the achievement as important for the state and consistent with its commitment to diversifying the resources of the national economy.

For his part, Vice President of Lucid and Managing Director of the Middle East Region, Faisal Sultan, said that the factory would pave the way and set standards for the automobile industry, and provide the local market with advanced electric vehicles assembled in the Kingdom.

Sultan revealed the company’s aspirations to attract, train and employ new talents in the field of the automotive industry.

In turn, Cyril Piaia, Chief Executive Officer at EMAAR Economic City, pointed to the importance of the presence of Lucid, the world’s leading company in the development and production of electric vehicles, in the King Abdullah Economic City. He said it was proof of the quality of the infrastructure and the strategic location that connects Saudi Arabia to all countries of the world.

He added that Lucid will play a major role in achieving the goal of the region to become a destination for the automotive industry and will reflect positively on the local economy by creating job opportunities, promoting technical progress, and attracting new investments to King Abdullah Economic City.

The ceremony featured a short visual presentation produced by Lucid, highlighting its main projects, innovations and contribution to the electric car industry.

The project started in August 2022, when the Kingdom launched a plan to diversify the national automotive sector, by granting building permits for the Lucid factory in the KAEC special economic zone. The move underlined the government’s firm commitment to diversifying its economy and achieving Vision 2030, which seeks to convert 30 percent of the vehicles in Riyadh into electric cars.

Lucid’s advanced facility stretches over an area exceeding 1.35 million square meters, and occupies about 31 percent of the total area allocated to the automotive industry in the KAEC Special Economic Zone.

The Saudi Economic Cities and Special Zones Authority provides all government services to investors, residents, workers and visitors in cities and special economic zones through the Integrated Government Services Center.

It also contributes to achieving the goals of Vision 2030, by developing and implementing innovative business models in partnership with the private sector, and providing government support and empowerment through strategic initiatives and projects that enhance the competitiveness and attractiveness of the investment environment in cities and special economic zones and generate job opportunities.

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Saudi Aramco Reportedly Sells Oil from Jafurah Field as Huge Project Starts

Saudi Aramco's Jafurah project. Photo: Aramco
Saudi Aramco's Jafurah project. Photo: Aramco
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Saudi Aramco Reportedly Sells Oil from Jafurah Field as Huge Project Starts

Saudi Aramco's Jafurah project. Photo: Aramco
Saudi Aramco's Jafurah project. Photo: Aramco

Saudi Aramco sold oil from its $100 billion Jafurah project in the first reported export from the massive natural gas development, Bloomberg reported.

Jafurah is Aramco’s first unconventional field, developed using the type of hydraulic fracturing, or fracking, techniques pioneered in the US shale patch.

The deposit, which Chief Executive Officer Amin Nasser calls the company’s crown jewel, will produce massive amounts of natural gas once at capacity, expected in 2030. It also has plentiful volume of liquid fuels that will boost the company’s returns, Nasser has said.

The oil that Aramco sold is condensate, a light oil liquid that’s often found in gas deposits, according to traders with knowledge of the purchases. It will go to buyers in Asia for loading later this month or in early March, Bloomberg quoted the traders as saying.

Business

Industry Ministry: Saudi Arabia Saw 220% Surge in Mining Licenses in 2025

The surge highlights the appeal of the mining investment environment in the Kingdom. SPA
The surge highlights the appeal of the mining investment environment in the Kingdom. SPA
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Industry Ministry: Saudi Arabia Saw 220% Surge in Mining Licenses in 2025

The surge highlights the appeal of the mining investment environment in the Kingdom. SPA
The surge highlights the appeal of the mining investment environment in the Kingdom. SPA

The Saudi Ministry of Industry and Mineral Resources has announced record growth in the number of new mining exploitation licenses issued in 2025, showing a remarkable increase of 220% compared to 2024.

The surge highlights the appeal of the mining investment environment and the ministry's ongoing efforts to promote the exploration and utilization of the Kingdom's mineral resources, which are valued at over SAR9.4 trillion.

Jarrah Al-Jarrah, the ministry’s spokesperson, revealed that total investment in these new licensing projects has exceeded SAR44 billion, focused on the extraction of high-quality mineral ores, including gold and phosphate.

Al-Jarrah emphasized that the ministry is dedicated to facilitating mining investments and streamlining the process for both local and international investors, thereby supporting sector development and maximizing returns.

This effort aligns with the objectives of Saudi Vision 2030, which aims to position mining as the third pillar of national industry and a key contributor to economic diversification.

The Saudi mining sector made significant progress in the 2024 annual survey of mining companies conducted by the Fraser Institute of Canada.

The Kingdom improved its position in the Mining Investment Attractiveness Index, moving up from 114th place in 2013 to 23rd place globally. This achievement underscores the effectiveness of regulatory and legislative reforms within the sector.

Business

UK Economy Barely Grew in Q4 as Budget Uncertainty Weighed

The financial district of the City of London (Reuters)
The financial district of the City of London (Reuters)
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UK Economy Barely Grew in Q4 as Budget Uncertainty Weighed

The financial district of the City of London (Reuters)
The financial district of the City of London (Reuters)

Britain's economy barely grew in the final quarter of 2025 as activity fared worse than initially estimated during the run-up to finance minister Rachel Reeves' budget, official figures showed on Thursday.

Gross domestic product grew by 0.1% in the October-to-December period, the same slow pace as in the third quarter, the Office for National Statistics said.

Economists polled by Reuters, as well as the Bank of England, had forecast 0.2% fourth-quarter growth compared with the ‌previous three months.

The ‌period was marked by rampant speculation about tax increases ‌ahead ⁠of Reeves' budget ⁠on November 26. The ONS revised down monthly GDP data for the three months to November to show a 0.1% contraction rather than 0.1% growth.

Some more recent data have suggested that uncertainty has lifted for consumers and businesses.

"Looking at various surveys, there were some tentative signs that sentiment turned a corner and started to improve after the budget last year, which could help deliver a pick-up in activity this ⁠year," Luke Bartholomew, deputy chief economist at Aberdeen, said.

"However, recent ‌political uncertainty may see that sentiment bounce reverse."

Prime ‌Minister Keir Starmer has had to fight to keep his grip on Downing Street this ‌week due to fallout from the Jeffrey Epstein scandal.

Thursday's figures underscored why ‌investors think that the Bank of England is more likely than not to cut interest rates again in March.

The monthly GDP data showed a sharp downward revision to growth.

The data suggested hesitancy on the part of businesses during the fourth quarter as their investment fell ‌by almost 3% - the biggest quarter-on-quarter drop since early 2021, driven largely by volatile transport investment.

Economist Thomas Pugh at ⁠tax and consultancy ⁠firm RSM said the overall weakness in business investment suggested budget uncertainty held back investment and spending.

Manufacturing was the biggest driver of the increase in output, despite the fact that car output was still recovering from September's cyber attack on Jaguar Land Rover, while the dominant services sector was flat. Construction output contracted by 2.1%.

In 2025 as a whole, Britain's economy grew by an annual average 1.3%, the Office for National Statistics said, compared with 0.9% in France, 0.7% in Italy and 0.4% in Germany.

British economic growth per head contracted by 0.1% for a second quarter, although it rose by 1.0% for 2025 as a whole.

In December alone, the economy grew by 0.1%, the ONS said, as expected in the Reuters poll. That left the size of the economy back at its level of June 2025.