International manufacturers Lucid and BMW are planning Saudi Arabia’s first electric vehicle factories, working with Crown Prince Mohammed Bin Salman (MBS)’s Public Investment Fund (PIF). Lucid says an attractive business environment and financing made the case for basing in the kingdom. But as the PIF seeks to take a tighter grip on the private sector, from foreign investments to major family businesses, investments may depend on companies feeling comfortable with the degree of autonomy offered by the PIF and orientations based on MBS’ hands-on, rents-gathering approach.
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