Luxury EV maker Lucid to raise $1 bln from #Saudi's PIF affiliate | Reuters

Luxury EV maker Lucid to raise $1 bln from Saudi's PIF affiliate | Reuters

Lucid (LCID.O), opens new tab is raising $1 billion in capital from an affiliate of Saudi Arabia's Public Investment Fund (PIF), it said on Monday, sending the shares of the luxury electric carmaker up nearly 20%.

The latest investment by the sovereign wealth fund underscores a key advantage Lucid has in the race for survival among struggling EV startups.

The Saudi government, which has a 60% stake, has invested billions in Lucid's success as part of a strategy to diversify the Kingdom's economy beyond oil.

Ayar Third Investment Company, a PIF affiliate, will buy $1 billion in convertible preferred stock and will be able to convert the preferred stock into about 280 million shares, according to a regulatory filing with the U.S. securities regulator.

The California-based company, which has been facing weaker-than-expected demand, said it intends to use the proceeds for corporate purposes and capital expenditure among other things.

Most Gulf bourses drop; Egypt extends gains | Reuters

Most Gulf bourses drop; Egypt extends gains | Reuters

Stock markets in the Gulf dropped on Monday, led by the Qatar index, tracking global peers lower as investors look ahead to a key U.S. inflation marker later in the week.

Saudi Arabia's benchmark index (.TASI), opens new tab slipped 1.1%, the sharpest intraday fall in nearly two months, with oil giant Saudi Aramco (2222.SE), opens new tab and the kingdom's largest lender Saudi National Bank (1180.SE), opens new tab sliding 1.1% and 1.4%, respectively.

Among other losers, Riyad Bank (1010.SE), opens new tab slumped 4.9%, the deepest drop in over two month, and Al Rajhi Bank (1120.SE), opens new tab slipped 3.5%, the steepest decline in about two months as both lenders were trading ex-dividend.

The Qatari benchmark index (.QSI), opens new tab declined 1.2%, the sharpest drop in over a month with all stocks in the red.

Qatar National Bank (QNBK.QA), opens new tab, the region's largest lender, slumped 3.3% to 14.2 riyal, hitting its lowest in nearly six years.

In Abu Dhabi, the benchmark index (.FTFADGI), opens new tab was little changed, with conglomerate International Holding (IHC.AD), opens new tab and its unit Multiply (MULTIPLY.AD), opens new tab shedding 0.1% and 1.3%, respectively, while First Abu Dhabi Bank(FAB.AD), opens new tab, the UAE's largest lender gained 1.5%.

Dubai's benchmark index (.DFMGI), opens new tab was up marginally with gains in real estate, finance, consumer staples, and utilities sectors offsetting the losses in communication services, industry and real estate.

Dubai Islamic Bank (DISB.DU), opens new tab rose 1% and Emirates Central Cooling (EMPOWER.DU), opens new tab added 0.6%, while Emirates Integrated Telecommunication (DU.DU), opens new tab and low-cost flyer Air Arabia (AIRA.DU), opens new tab slipped 2.3% and 1.1%, respectively.

The main data event of the week will be the U.S. core personal consumption expenditure (PCE) price index on Friday, which is seen rising 0.3% in February, keeping the annual pace at 2.8%. Anything higher would be taken as a setback to hopes for a Federal Reserve rate cut in June.

Most Gulf currencies are pegged to the dollar, and any U.S. monetary policy change is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab was up for a third straight session and ended 1% higher with most sectors in the green.

Talaat Mostafa (TMGH.CA), opens new tab gained 1.9% and El Sewedy Electric (SWDY.CA), opens new tab added 2.9%.

#AbuDhabi's Mubadala hires banks for debut 10-yr sukuk, document says | Reuters

Abu Dhabi's Mubadala hires banks for debut 10-yr sukuk, document says | Reuters

Abu Dhabi sovereign wealth fund Mubadala Investment Company (MUDEV.UL) has picked banks for its debut 10-year sukuk, a document seen by Reuters on Monday showed.

Mubadala, through its unit Mamoura Diversified Global Holding, has appointed ADCB, First Abu Dhabi Bank And HSBC as joint global coordinators, while ADIB, BOFA Securities, Citi, Emirates NBD Capital, MUFG And Standard Chartered Bank are working on the deal as joint lead managers and bookrunners, the document said.

The banks will arrange investor meetings starting March 25 followed by a benchmark-sized, U.S. dollar denominated 10-year senior unsecured sukuk under MDGH Sukuk Limited’s newly established Trust Certificate Issuance Programme, the document added.

Most Gulf bourses dip in early trade; #Dubai gains | Reuters

Most Gulf bourses dip in early trade; Dubai gains | Reuters

Most stock markets in the Gulf were down in early trade on Monday, tracking Asian peers lower ahead of U.S. inflation data later this week.

Saudi Arabia's benchmark stock index (.TASI), opens new tab fell 0.4%, dragged down by losses in most sectors, with real estate company Jabal Omar Development (4250.SE), opens new tab falling 5.3% and Riyad Bank (1010.SE), opens new tab down 2.4%.

Al Rajhi Bank (1120.SE), opens new tab fell 1.4% as the world's largest Islamic lender was trading ex-dividend.

The Qatari benchmark index (.QSI), opens new tab retreated 0.4%, weighed down by losses in most stocks, including Gulf International Services (GISS.QA), opens new tab, which fell 1.6%, and a 0.6% decline in the region's largest lender Qatar National Bank (QNBK.QA), opens new tab.

In Abu Dhabi, the benchmark stock index (.FTFADGI), opens new tab eased 0.1%, with Abu Dhabi National Oil Co for Distribution (ADNOCDIST.AD), opens new tab down 1.0% and conglomerate International Holding Co (IHC.AD), opens new tab shedding 0.1%.

Dubai's benchmark stock index (.DFMGI), opens new tab rose 0.3%, lifted by gains in industry, finance and communication services sectors. Toll-road operator Salik Co (SALIK.DU), opens new tab gained 1.4% and Mashreqbank (MASB.DU), opens new tab was up 4.7%.

However, the emirate's largest lender Emirates NBD (ENBD.DU), opens new tab lost 0.9%.

The main data event of the week will be U.S. core personal consumption expenditure (PCE) price index on Friday which is seen rising 0.3% in February, keeping the annual pace at 2.8%. Anything higher would be taken as a setback to hopes for a Federal Reserve rate cut in June.

Most Gulf currencies are pegged to the dollar.