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RIYADH: Turkiye and Syria have agreed to establish a joint business council to foster economic collaboration and facilitate trade and investment between the two countries. 

The new platform will operate under the Foreign Economic Relations Board of Turkiye and aims to strengthen cooperation between public and private sectors, focusing on rebuilding economic ties and supporting Syria’s reconstruction efforts, the Syrian Arab News Agency, also known as SANA, reported. 

The establishment of the council comes on the heels of growing economic cooperation between Turkiye and Syria. Recently, both countries signed a memorandum enabling direct international road transport, eliminating the need for cargo transshipment at the border. 

This move is expected to streamline trade routes and integrate Syria into regional logistics corridors via the Middle Corridor toward Gulf states. Additionally, as of Aug. 2, Turkiye began supplying Syria with 2 billion cubic meters of natural gas and 1,000 megawatts of electricity, with Azerbaijan and Qatar as partners. 

“In a joint statement issued in Ankara, the two sides affirmed that the Foreign Economic Relations Board will contribute to strengthening cooperation between the public and private sectors of the two countries,” SANA reported, adding: “They will also work to strengthen Syrian customs gates and their infrastructure, improve procedures at customs gates, and enhance cooperation between the two countries’ customs authorities.” 

The announcement follows the signing of two key agreements: the Protocol on the Establishment of the Turkiye-Syria Joint Economic and Trade Committee and a Memorandum of Understanding on Cooperation in Administrative Development and Governance. 

These accords are designed to deepen bilateral economic relations by addressing trade volume, investment opportunities, and collaborative infrastructure projects. 

SANA reported that discussions during the Turkish-Syrian roundtable in Ankara focused on “ways and mechanisms to develop a roadmap for strategic economic and trade cooperation, which will positively reflect on the economic reality in both countries.”  

The agency added that more than 10 agreements were signed between institutions in the two countries. 

The Syrian Minister of Economy and Industry Mohammad Nidal Al-Shaar and the Turkish Minister of Industry and Technology Mehmet Fatih Kacir also signed an agreement to support joint projects, and exchange expertise in the fields of industrial development and modern technology. 

According to Turkiye’s state-run Anadolu Agency, during the inter-delegation meetings “cooperation opportunities in a range of areas, from bilateral trade volume and investments to the reconstruction of Syria and logistics infrastructure projects were discussed.” 

Both sides are seeking to build on “historical ties, shared history and culture, and mutual interests between Turkiye and Syria,” the agency reported. 

RIYADH: Electric vehicle manufacturer Lucid Group, majority-owned by ������Ƶ’s Public Investment Fund, boosted deliveries by 38 percent in the second quarter as it narrowed its operational net loss and adjusted its production forecast for the year. 

The California-based company handed over 3,309 vehicles in the three months ending June 30, up from 2,394 a year earlier, while it reported a second-quarter operational net loss of $539.4 million, down from $643.4 million a year ago.

Production surged 83 percent year on year to 3,863 units, reflecting stronger demand for premium EVs in North America, according to a press release. 

This comes as the company expanded charging access for Lucid Air owners through a partnership with Tesla, enabling use of over 23,500 superchargers across North America. 

Marc Winterhoff, interim CEO at Lucid, said: “We had our sixth consecutive quarter of record deliveries in the second quarter and expect to continue this trend as we ramp up Lucid Gravity production in the second half of the year.” 

The company revised its full-year production guidance to a range of 18,000 to 20,000 vehicles, trimming expectations slightly from its earlier target of around 20,000 units. 

In line with its strategy to diversify revenue streams, Lucid recently announced a partnership with Uber Technologies and autonomous driving firm Nuro. The deal will see Uber deploy at least 20,000 Lucid Gravity vehicles equipped with Nuro Driver, a Level 4 autonomous system. 

“In the first quarter, we mentioned our ongoing partnership discussions to develop new revenue streams for our EV technology and beyond. The robotaxi partnership we announced with Uber and Nuro is a perfect example aligned with that strategy,” he added. 

“We delivered solid performance despite a challenging macroeconomic backdrop, thanks to the adaptability and focus of our team in navigating a dynamic environment,” said Taoufiq Boussaid, chief financial officer at Lucid. 

Boussaid added that the company is currently focussed on business fundamentals to achieve its near-term goals which include disciplined cost management and brand building. 

“We remain committed to strengthening our balance sheet and maintaining long-term alignment with partners and shareholders,” he said. 

The company ended the second quarter with approximately $4.86 billion in total liquidity, the statement added. 

When factoring in preferred stock accretion — an accounting adjustment that reflects the increasing redemption value of convertible preferred shares held by certain investors, along with other items — the net loss attributable to common stockholders widened to $855.3 million in the second quarter of 2025, compared to $790.3 million in the same period a year earlier.

Preferred stock accretion does not involve an immediate cash outflow, but it reduces the earnings available to common shareholders and is therefore included in GAAP earnings per share calculations.

In April, Lucid had closed a $1.1 billion offering of convertible senior notes due in 2030.

At the time, the company said in a statement that $935.6 million of the net proceeds would be used to repurchase approximately $1.05 billion in aggregate principal of its outstanding 1.25 percent convertible senior notes due 2026. 

Lucid’s offering of convertible senior notes is a way for the company to raise cash by borrowing money that can later be converted into shares, while protecting existing investors from dilution.