#PIF

IMF trims Saudi Arabia growth forecast

IMF trims Saudi Arabia growth forecast to 2.1% in 2023

The fund projected that Saudi Arabia would swing to a deficit in 2023 on lower oil revenue

Tamimi markets sells 30% stake to PIF

Saudi wealth fund PIF to acquire 30% stake in Tamimi Markets

The deal is aimed at supporting Tamimi Markets’ growth plans including a potential initial public offering

Saudi-backed Lucid Air sedan

Saudi-backed electric car maker Lucid plans to raise $3bn

The automaker plans to use the proceeds for general corporate purposes including capital expenditures and working capital

PIF has launched a new company Badeal

Saudi wealth fund PIF launches Badael to make tobacco-free products

The new company will make tobacco-free nicotine delivery products available across Saudi Arabia by the end of 2023

Aramco, PIF and China’s Baosteel steel JV

Aramco and PIF set up JV to build steel plant with China’s Baosteel

The steel manufacturing base has a designed annual capacity of 2.5 million tonnes of direct reduced iron and 1.5 million tonnes of steel plate

Saudi Arabia tranfer Aramco stake

Saudi Arabia transfers 4% Aramco stake to PIF

The state remains the largest shareholder in Aramco after the transfer, as it retains more than 90 per cent of the company’s shares

Savvy-backed Scopely LA Office. Image by Scopely

Saudi Arabia’s Savvy Games acquires Scopely for $4.9bn

The company will benefit from Savvy’s long-term financial backing to deliver on its strategy to grow and deepen existing franchises

Fitch upgrades Saudi Arabia.

Fitch Ratings raises Saudi Arabia’s outlook on strong fiscal buffers

The kingdom has one of the highest reserve coverage ratios among Fitch-rated sovereigns at 18 months of current external payments

SRC Alrajhi Bank Signing ceremony

Saudi’s SRC, Alrajhi Bank sign landmark refinancing deal

The deal is the largest of its kind signed in the Saudi banking industry

S&P Global, Moody’s raise Saudi Arabia rating on reform agenda

Fitch Ratings, one of the big three rating agencies, assigns Saudi Arabia the same score as S&P Global while Moody’s has it one level higher

PIF unveils 3 private sector initiatives. Image by PIF

Saudi Arabia’s PIF unveils three initiatives to boost private sector growth

The strategy aligns with the fund’s aim to support the private sector in increasing its contribution to GDP by up to 65 per cent by 2030

Mohammed bin Salman

Saudi Arabia unveils Riyadh Air, the country’s new national carrier

Riyadh will be the company’s operational hub, and will connect the Saudi capital to over 100 destinations globally

Korea Eximbank and Saudi Aramco deal

Saudi Aramco signs $6bn deal with Korea Eximbank

The deal comes amid expectations of lucrative business opportunities in Saudi Arabia and the Middle East

Saudi Coffee Company Chairman Fahad Alnuhait photo supllied

From bean to brew: How Saudi Coffee Company is powering the kingdom’s coffee industry

Saudi Coffee Company‘s chairman Fahad Alnuhait tell us how the company is protecting the legacy of the kingdom’s coffee farmers

Saudi Arabia's PIF backs emkan capital

Saudi wealth fund unit backs Emkan Capital’s technology fund

Emkan Capital’s technology fund will invest in pre-seed and seed-stage companies with high-growth potential

Alibaba

Alibaba, PIF-backed fund to raise $1bn for tech deals

The fund has already invested in 16 companies and plans to list three of them on the Saudi stock exchange and two in the US next year

Saudi Arabia's PIF and Maaden sign JV

Saudi Arabia’s Public Investment Fund and Ma’aden to set up JV

The joint-venture company aims to initially invest in iron ore, copper, nickel, and lithium as a non-operating partner taking minority equity positions

Olam Group plans to list agribusiness unit in Saudi Arabia

Olam Group plans to list agribusiness unit in Saudi Arabia

The proposed initial public offering of Olam Agri in Saudi Arabia would be the first listing of a global company in the country

Saudi’s PIF acquires up to 9.5% stake in Skyborn Renewables

The investment will allow the sovereign wealth fund to participate in the acceleration of energy transition and clean energy at an international scale

PIF partners with Blackrock to explore investments in Saudi Arabia, Middle East

The two entities will collaborate to attract regional and international investors, and boost foreign direct investment into Saudi Arabia

Telcom

Telecom industry’s value creation blueprint for the future

Telcos are already speeding the digitisation journey with new products and solutions developed on their own or through public-private partnerships

Saudi Crown Prince launches masterplan for SAR75bn Jeddah Central project

The project will include four landmarks – an opera House, museum, sports stadium and oceanarium, as well as 17,000 residential units

Saudi wealth fund PIF raises $3.2bn from sale of STC stake

The Public Investment Fund offered 120 million shares in Saudi Telecom at SAR100 each

Saudi wealth fund PIF announces oil platform themed tourism project, ‘The Rig’

According to PIF, it is the world’s ‘first tourism destination on offshore platforms’ 

Biggest Saudi IPO since Aramco draws strong investor interest

The $1.2bn IPO by ACWA Power International had initial demand amounting to several billion dollars

Saudi wealth fund makes senior hires, including Goldman banker

Goldman banker Eyas AlDossari will head investment advisory within the MENA Investments Division of the fund

Saudi wealth fund PIF leads investment in $800m Middle East infrastructure fund

Aberdeen and Investcorp announced the fund two years ago with a view to channel investment into the Middle East’s health care, education and utilities industries

Saudi Arabia considers starting homegrown electric-car maker

The project is linked to existing plans to build up automotive infrastructure in the country

Saudi-backed UK health app Babylon ends deal with Tencent

A $550m cash infusion led by Saudi Arabia’s Public Investment Fund in 2019 valued the company at about $2bn

Saudi wealth fund PIF starts private security firm

The National Security Services Company, also known as SAFE, will focus on providing a range of specialised services