Faraday Future Signs Agreements for Ras Al Khaimah Development, Office and Engineering Space, and an Operational Hub
25 October 2024 - 2:59PM
Business Wire
- The agreement with Master Investment Group, led by Sheikh
Abdulla Al Qassimi of Ras Al Khaimah, UAE, underscores Faraday
Future's efforts to expand regionally while simultaneously
enhancing its global business stature.
- It marks a significant advancement in Faraday Future's strategy
to establish its operations, sales, and potential manufacturing
capabilities within the UAE.
Faraday Future Intelligent Electric Inc. (Nasdaq: FFIE) (“FF”,
“Faraday Future”, or “the Company”), a California-based leader in
the shared intelligent electric mobility ecosystem, has officially
announced a co-investment agreement with Master Investment Group,
owned by Sheikh Abdulla Al Qassimi, a member of the royal family
and Deputy Chairman of Customs in Ras Al Khaimah. This
collaboration is for the development of the Company's future
headquarters in Ras Al Khaimah, a region highly sought after within
the United Arab Emirates (UAE). This development signifies the
progression of Faraday Future into the operational phase following
the launch of its Middle East Strategy last November, facilitating
operational and sales activities within the UAE. Master Investment
Group aims to commence construction in Ras Al Khaimah by the end of
this year and the Company aims to occupy the premises by late 2025
or early 2026.
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Faraday Future Signs Agreements for Ras
Al Khaimah Development, Office and Engineering Space, and an
Operational Hub (Photo: Business Wire)
Tin Mok, the Head of FF UAE, representing Faraday Future Middle
East FZ-LLC, has signed a lease agreement with the Ras Al Khaimah
Economic Zone (RAKEZ) for a business location that will include
office space and an engineering workshop. Matthias Aydt, the global
CEO of Faraday Future, has signed a reservation agreement with
RAKEZ for an in-construction facility of 108,000 square feet, which
will serve as a future operational hub.
Ras Al Khaimah is the northernmost Emirate of the seven that
constitute the UAE and serves as an economic hub for numerous
significant companies and organizations across various sectors,
including manufacturing and tourism. Its strategic location at the
intersection of Europe, Asia, and Africa positions it as an ideal
site for Faraday Future's expansion initiatives.
“We are actively implementing our strategy to establish a
presence in Ras Al Khaimah, and we appreciate the warm welcome we
have received in the Emirate,” said Matthias Aydt, Global CEO of
FF. “As the important center for industry, Ras Al Khaimah is the
ideal place for the establishment of our operations to bring the
best intelligent electric vehicle product and technology. We are
proud to be able to participate in the development.”
“I am excited that were able to sign this agreement with FF to
further their ability to continue their start-up operations in a
growing, viable and geographically attractive location within the
UAE,” said Sheikh Abdullah Al Qassimi, CEO of Master Investment
Group. “This agreement signifies not only my commitment to FF but
also the RAK and UAE’s commitment to attract new innovative EV and
technology-leading companies to the region.”
ABOUT FARADAY FUTURE
Faraday Future is the pioneer of the Ultimate AI TechLuxury
ultra spire market in the intelligent EV era, and the disruptor of
the traditional ultra-luxury car civilization epitomized by Ferrari
and Maybach. FF is not just an EV Company, but also a
software-driven intelligent internet Company. Ultimately FF aims to
become a User Company by offering a shared intelligent mobility
ecosystem. FF remains dedicated to advancing electric vehicle
technology to meet the evolving needs and preferences of users
worldwide, driven by a pursuit of intelligent and AI-driven
mobility.
FORWARD LOOKING STATEMENTS
This release includes “forward looking statements” within the
meaning of the safe harbor provisions of the United States Private
Securities Litigation Reform Act of 1995. When used in this release
the words “estimates,” “projected,” “expects,” “anticipates,”
“forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,”
“will,” “should,” “future,” “propose” and variations of these words
or similar expressions (or the negative versions of such words or
expressions) are intended to identify forward-looking statements.
These forward-looking statements, which include statements
regarding the Company’s Middle East strategy, including
establishing operational, sales and manufacturing activities in the
region, and development of the Company’s UAE headquarters, involve
a number of known and unknown risks, uncertainties, assumptions and
other important factors, many of which are outside the Company’s
control, which could cause actual results or outcomes to differ
materially from those discussed in the forward-looking statements.
Important factors, among others, that may affect actual results or
outcomes include, among others: t he Company’s ability to secure
the necessary funding to execute on the FX strategy and the UAE
strategy, which will be substantial; the Company’s Global
Automotive Industry Bridge Strategy, which is subject to numerous
risks and uncertainties; the Company’s ability to continue as a
going concern and improve its liquidity and financial position; the
Company’s ability to pay its outstanding obligations; the Company's
ability to remediate its material weaknesses in internal control
over financial reporting and the risks related to the restatement
of previously issued consolidated financial statements; the
Company’s limited operating history and the significant barriers to
growth it faces; the Company’s history of losses and expectation of
continued losses; the success of the Company’s payroll expense
reduction plan; the Company’s ability to execute on its plans to
develop and market its vehicles and the timing of these development
programs; the Company’s estimates of the size of the markets for
its vehicles and cost to bring those vehicles to market; the rate
and degree of market acceptance of the Company’s vehicles; the
Company’s ability to cover future warranty claims; the success of
other competing manufacturers; the performance and security of the
Company’s vehicles; current and potential litigation involving the
Company; the Company’s ability to receive funds from, satisfy the
conditions precedent of and close on the various financings
described elsewhere by the Company; the result of future financing
efforts, the failure of any of which could result in the Company
seeking protection under the Bankruptcy Code; the Company’s
indebtedness; the Company’s ability to cover future warranty
claims; the Company’s ability to use its “at-the-market” program;
insurance coverage; general economic and market conditions
impacting demand for the Company’s products; potential negative
impacts of a reverse stock split; potential cost, headcount and
salary reduction actions may not be sufficient or may not achieve
their expected results; circumstances outside of the Company's
control, such as natural disasters, climate change, health
epidemics and pandemics, terrorist attacks, and civil unrest; risks
related to the Company's operations in China; the success of the
Company's remedial measures taken in response to the Special
Committee findings; the Company’s dependence on its suppliers and
contract manufacturer; the Company's ability to develop and protect
its technologies; the Company's ability to protect against
cybersecurity risks; and the ability of the Company to attract and
retain employees, any adverse developments in existing legal
proceedings or the initiation of new legal proceedings, and
volatility of the Company’s stock price. The foregoing list of
factors is not exhaustive. You should carefully consider the
foregoing factors and the other risks and uncertainties described
in the “Risk Factors” section of the Company’s Form 10-K filed with
the SEC on May 28, 2024, as amended on May 30, 2024, and June 24,
2024, as updated by the “Risk Factors” section of the Company’s
first quarter 2024 Form 10-Q filed with the SEC on July 30, 2024,
and other documents filed by the Company from time to time with the
SEC. These filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements, and the Company does not undertake any obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20241024470653/en/
Investors (English): ir@faradayfuture.com Investors (Chinese):
cn-ir@faradayfuture.com Media: john.schilling@ff.com
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