06:08 AM EDT, 10/25/2024 (MT Newswires) -- (Updates with the stock move in the headline and the second paragraph.)

Faraday Future Intelligent Electric ( FFIE ) said late Thursday it has agreed to build a future Middle East headquarters in Ras al Khaimah, one of the seven princedoms that make up the United Arab Emirates.

Shares of the company were up 29% in premarket activity Friday.

The EV maker said the expansion is part of a deal with Ras al Khaimah's Master Investment Group, owned by Emirati royal family member Sheikh Abdulla Al Qassimi.

Financial terms were not disclosed.

The move is also part of a plan announced last November to begin operations and sales in the UAE, the company said.

Construction of the facility is scheduled to begin before the end of 2024, and the company aims to move into it in late 2025 or early 2026.

The company has signed a lease with Ras Al Khaimah Economic Zone for office space and an engineering workshop as well as an agreement for a 108,000-square-foot in-construction facility as a future operational hub.

Price: 2.5900, Change: +0.59, Percent Change: +29.50