After his appointment as “Lucid” BOD Chairman, Alnowaiser is ‎the first Saudi to lead an American listed company on the stock ‎market

Lucid Group, the US manufacturer of electric cars, revealed the appointment of the Saudi, Turki Alnowaiser, as chairman of the company’s board of directors, starting from April 2023, and thus Alnowaiser will be the first Saudi to chair the board of directors of a listed American company.

Mr. Alnowaiser has served as Deputy Governor and Head of the International Investments Division at the Public Investment Fund of the Kingdom of Saudi Arabia, one of the largest sovereign wealth funds in the world, since June 2021.

He previously served as Head of International Investments at the Public Investment Fund from October 2016 to June 2021.

Mr. Alnowaiser previously served as Senior Advisor at the Public Investment Fund from October 2015 to September 2016, prior to which he held several executive roles at Saudi Fransi Capital, a leading financial services firm based in Saudi Arabia, including as Head of Asset Management.

Before his career at Saudi Fransi Capital, Mr. Alnowaiser specialized in developing, managing, and regulating various financial products across asset classes at Morgan Stanley, the Capital Market Authority of Saudi Arabia, and the Saudi Industrial Development Fund. Mr. Alnowaiser has served on the board of directors of Hapag-Lloyd AG, an international shipping and container transportation company, since February 2018.

In addition to his membership in the Administrative Committee and the Investment Committee of the Saudi Public Investment Fund, Alnowaiser also represents the fund on the boards of directors of a number of companies in which the fund invests, including Lucid Motors, Noon Investment Company, and the Saudi Information Technology Company (SITE), Sanabel Investment Company, and Hapag-Lloyd AG.

Mr. Alnowaiser holds a B.A. in International Business from King Saud University and an M.B.A. from the University of San Francisco.

About Lucid:

The American electric car manufacturer, Lucid Motors, announced in October 2022 that it will open its first showroom in the Middle East outside the United States, in the capital, Riyadh. The move is the latest among many steps the company has taken in the Middle East

Lucid will thus be one of the first major electric vehicle companies to open shop in the region, following Tesla, which has been available in Saudi Arabia since 2016. As renewable energy slowly replaces dependence on oil in the Middle East, growth prospects are As for the emerging car company in the region, it is still strong, according to the “Cabinal” platform, and it is noteworthy that the Public Investment Fund is a large shareholder in the company, as its share, according to news reports, is estimated at about 60%.

The Public Investment Fund had pumped one billion dollars into Lucid Motors in 2018, an investment that was conditional on the company developing a site in the Kingdom of Saudi Arabia, and news reports revealed that the automaker plans to develop a factory for it in King Abdullah Economic City.

And in April 2022, Lucid Motors announced that it had reached an agreement with the government of the Kingdom of Saudi Arabia to purchase 100,000 electric cars over the next decade. The first deliveries are likely to start in 2023. This deal is likely to depend on which cars will be built in the country.

Regulatory data in February 2023 also revealed that the Kingdom of Saudi Arabia increased its stake in the American electric car maker Lucid Motors by 9% in the last quarter.

Lucid is by far the largest holding in the PIF and with the latest stock purchase the company makes up nearly 25% of the fund’s portfolio. The fund also recently increased its stake in the American video game company Activision Blizzard. However, its share constitutes only 9% of the fund’s portfolio.