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Lucid Group shares rose 3.7% to $2.36 following a Morgan Stanley upgrade from Sell to Hold, with analyst Adam Jonas citing a "balanced risk/reward" and benefits from local manufacturing and ties to Saudi Arabia. Despite this boost, Lucid faces ongoing financial losses, with a third-quarter operating loss projected between $765 million and $790 million, and increasing competition in the electric vehicle market. The company's largest stakeholder, Saudi Arabia's Public Investment Fund, has raised its ownership to 58.8% after a significant investment.
Lucid Group shares rose 3.7% to $2.36 after Morgan Stanley upgraded the stock from Sell to Hold, citing a "balanced risk/reward" outlook and the company's ties to Saudi Arabia. Despite a projected third-quarter operating loss of up to $790 million, the firm sees potential in Lucid's local manufacturing and AI strategies. However, the company continues to face challenges from competitive electric vehicle markets and ongoing financial losses.
ClearGrid, a Dubai-based fintech startup, has secured $10 million in funding to revolutionize debt collection through AI, aiming to expand into Saudi Arabia. The platform automates debt recovery by categorizing borrowers and personalizing outreach, addressing inefficiencies in traditional methods. With strong investor backing, ClearGrid plans to scale operations, enhance its AI capabilities, and significantly increase revenue while ensuring ethical practices in debt collection.
iHub Robotics has secured ₹4.3 crore ($520K) in pre-seed funding to establish India’s largest humanoid robotics manufacturing facility in Kerala, aiming to position the country as a leader in robotics and AI-driven automation. The startup's advanced semi-humanoid robot, Tara Gen-1, has already been exported to the UAE and Saudi Arabia, showcasing its capabilities in various industries. Additionally, iHub Robotics is committed to nurturing future talent through its iHub School of Learning, targeting the empowerment of 100,000 students in AI and robotics.
The Middle East's commercial airline fleet is set to grow at 5.1% annually from 2025 to 2035, outpacing the global average of 2.8%, with the fleet expected to reach 2,557 aircraft. This expansion, driven by a demand for short-haul flights, will boost maintenance spending from $16 billion to $20 billion. Saudi Arabia and the UAE will lead this growth, accounting for 60% of the market, with narrow-body aircraft dominating the increase.
NymCard, a UAE-based fintech company, has raised $33 million in Series B funding led by QED Investors, marking their first major investment in the Gulf region. The company aims to expand its financial infrastructure across MENA, leveraging its proprietary nCore platform for enhanced embedded finance solutions.With strong backing from various strategic investors, NymCard is set to empower banks, fintechs, and enterprises by providing seamless API-driven financial services. This expansion aligns with regional financial goals, supporting initiatives like Saudi Arabia's Vision 2030 and digital payment advancements in the UAE.
Saudi Aramco has launched the Kingdom's first direct air capture test unit, capable of removing 12 tonnes of CO2 annually, in partnership with Siemens Energy. This initiative supports Saudi Arabia's goal of achieving net-zero emissions by 2060 and aligns with the Saudi Green Initiative to reduce carbon emissions by 278 million tonnes by 2030. The facility will serve as a testing ground for next-generation CO2 capture materials tailored to the region's climate, while also paving the way for large-scale DAC facilities in the future.
The Middle East's commercial airline fleet is projected to grow at a 5.1% annual rate from 2025 to 2035, surpassing the global average of 2.8%. This expansion, driven by demand for short-haul flights, will see the fleet increase to 2,557 aircraft, with narrow-body planes dominating the growth.Saudi Arabia and the UAE will account for 60% of the region's aviation market, with significant investments in maintenance and repair expected to rise from $16 billion to $20 billion by 2035. The region's aviation sector is poised for substantial growth, aligning with broader economic ambitions, particularly in tourism.
Saudi Arabia has awarded $97.5 million in exploration licenses to various companies for mineral-rich sites at Jabal Sayid and Al-Hajjar, covering 4,788 sq. km with reserves valued at $2.48 trillion. This initiative supports the Kingdom's Vision 2030 strategy to enhance mining as a key economic sector. Winning bidders include Ajlan & Bros-Norin, a consortium led by Hancock Prospecting, and Vedanta Ltd., with commitments to invest in community development and mitigate exploration risks.
ClearGrid has raised USD 10M to revolutionize debt collection in the Middle East through AI-driven automation. The Dubai-based startup's platform streamlines collections, personalizes borrower outreach, and automates operations, aiming to scale tenfold and expand into Saudi Arabia. With a focus on improving borrower experiences and regulatory compliance, ClearGrid plans to double its team and enhance its revenue model, which is based on a percentage fee from recovered amounts.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
lucid shares rise after upgrade but long-term challenges remain
18:18 21.03.2025
lucid shares rise after upgrade but face ongoing financial challenges
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Lucid Group, Inc.
Ayar Third Investment Company
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Adam Jonas
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17:15 21.03.2025
ClearGrid secures 10 million dollars to innovate debt collection with AI
12:28 21.03.2025
iHub Robotics secures funding to launch largest humanoid robotics facility in India
10:40 21.03.2025
middle east aviation fleet growth to surpass global average by 2035
09:49 21.03.2025
NymCard raises 33 million dollars to enhance fintech solutions in MENA
16:34 20.03.2025
Saudi Aramco launches direct air capture technology to cut emissions
14:54 20.03.2025
middle east airline fleet to grow 5 percent annually through 2035
13:13 20.03.2025
Saudi Arabia invests 97.5 million in mining licenses to enhance exploration
10:28 20.03.2025
cleargrid secures funding to transform debt collection with ai technology
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ARE
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Anu Hariharan
Justin Kan
Amjad Masad
Mashal Zaben
Jason Gardner
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09:37 20.03.2025
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