The consortium was formed by Marc W. Gunderson’s Fort Worth-based MWG Enterprises, along with a unit of Saudi Arabia’s AHQ Group and the Patel Family Office

Lucid's shares surged 22% to their highest level since April following regulatory disclosure of Alwaleed’s direct purchase of 19.5 million shares, equivalent to a 5% stake in the company

The Brookfield Middle East Partners fund’s first close will help it capitalize on growing opportunities in the region, as sovereign wealth funds continue to aggressively chase deals despite the ongoing Iran conflict

The project would provide Iraq with a second direct Mediterranean export route, reducing its reliance on Gulf shipping lanes and the disruption-prone Iraq-Turkey pipeline

Blackstone’s commitment to a physical presence in the country comes even as Kuwait, which hosts multiple U.S. military facilities, has faced repeated threats from Iran