Faraday Future Intelligent Electric Inc. (NASDAQ: FFAI) experienced a stock increase on Wednesday following the announcement of a memorandum of understanding (MOU) between its Middle East subsidiary and RAK Digital Assets Oasis, also known as RAK Innovation City. This agreement focuses on collaboration in artificial intelligence (AI), Web3, and the digital economy, as well as embodied intelligence.
The partnership aims to establish research and innovation centers that will leverage both companies’ technological expertise and industrial resources. This initiative is intended to foster real-world applications and research in AI and other emerging technologies within the UAE, ultimately positioning RAK Innovation City as a leader in urban and industrial development.
In conjunction with this announcement, Faraday Future organized a co-creation delivery ceremony to introduce the FX Super One model to RAK Innovation City, marking the second vehicle delivery in the UAE. Additionally, the company presented its sales roadmap for 2026 and outlined plans for expanding its Ras Al Khaimah factory to enhance local production capabilities in response to rising demand for its EV offerings.
Paul Dawalibi, CEO of RAK Innovation City, emphasized the importance of this partnership, describing Faraday Future as a crucial ally in advancing their future-focused innovations in technology. Tin Mok, Head of FF UAE, characterized RAK Innovation City as a pioneering urban platform, expressing optimism about the collaborative potential of the MOU.
Moreover, Faraday Future has made strides in its expansion by finalizing a deposit agreement with a Florida investor for 2,000 units of the FX Super One, marking the brand’s entry into the Florida market, one of the largest for electric vehicles in the United States.
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