Lucid Middle East announces signing of MoU with the Human Resources Development Fund in Saudi Arabia

Lucid Middle East announces signing of MoU with the Human Resources Development Fund in Saudi Arabia

- 1,000 plus employees trained across USA, Europe, and Saudi Arabia

- Training to concentrate on manufacturing, sales, marketing, and engineering

RIYADH, Saudi Arabia /PRNewswire/ -- Lucid Group, Inc. (NASDAQ: LCID), setting new standards with the longest-range, fastest-charging electric car on the market, today announced the signing of a Memorandum of Understanding (MoU) with the Human Resources Development Fund (HRDF) in Saudi Arabia. The MoU will facilitate agreements between Lucid and HRDF to source Saudi talent and provide them with the appropriate skill development opportunities through training programs and on the job training.

"The agreement with HRDF will help achieve our people strategy in Saudi Arabia," said Faisal Sultan, Vice President and Managing Director of Lucid Middle East. "With the right training and skills provided, we can enrich the local talent, preparing them to fill the thousands of future job opportunities in this project. We are keen on achieving high and sustainable human capital localization in line with Vision 2030 objectives"

HRDF, which is part of the National Development Fund, will contribute 75% of the training costs and salary support for more than 1,000 employees, resulting in an estimated contribution of more than $50 million USD (SARs 187.5 million) over a 5-year period.

"This collaboration