Lucid Group Inc LCID shares are trading higher by 8.28% to $13.86 after the company signed an MoU with the Human Resources Development Fund in Saudi Arabia. The HRDF will contribute over $50 million over a five-year period.
What Happened?
Lucid says 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.
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"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"
According to data from Benzinga Pro, Lucid has a 52-week high of $57.75 and a 52-week low of $11.87.
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