Saudi Crown Prince MBS’ US$100bil foreign investment quest falters

Saudi Arabia has long recognised its funding requirements would mostly be backed by local capital and only partly by foreign money. — Bloomberg

DUBAI: At a gleaming white hangar on Saudi Arabia’s western coast last year, the kingdom’s business and political elite gathered to applaud one of Crown Prince Mohammed bin Salman’s or MBS riskiest bets yet.

The first electric cars assembled in Saudi Arabia with Lucid Group Inc twinkled under factory spotlights, designed to show the world how a kingdom built on oil could draw in foreign capital to become a global hub for the industries of the future.