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FULL TEXT: Secretary of State Rex Tillerson’s Remarks at the U.S.-Saudi Arabia CEO Summit
Full text of the Secretary of State’s remarks at the U.S.-Saudi CEO Summit, hosted by the U.S. Chamber of Commerce, the Saudi Committee for International Trade and the Council of Saudi Chambers of Commerce. *** SECRETARY TILLERSON: (Applause.) Well, thanks so much, Tom, and good afternoon to all of you. And Tom and I are old […]
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Despite Major Investments in Uber, Careem, Saudi Arabia Bans Ride-Sharing Apps from Airport Pickups
Saudi Arabia’s government has banned ride-sharing apps from making airport pickups, a report in Al Arabiya said, less than a year after the Kingdom’s Public Investment Fund (PIF) invested $3.5 billion into Uber and STC put $100m into Careem. The announcement is a setback for customers who prefer the ease, convenience, dependability, and safety of ride-sharing apps […]
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King Salman Launches Month-Long Investment Tour in Asia
Saudi Arabia’s King Salman leaves Sunday for a month-long tour of key nations in Asia as the region grows in influence as an oil importer and potential investor in the Saudi economy. The King is expected to visit Malaysia, Indonesia, Japan and China. It is his first trip outside the Middle East and North Africa since […]
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Careem, an Uber Rival in the Middle East, is Newest ‘Unicorn’ Company with Saudi, Japanese Investments
Careem, one of Uber’s rivals in the Middle East, has taken in $350 million in investment led by Japanese e-commerce firm Rakuten and Saudi Telecom Company (STC), the second investment made by Saudi Arabia’s government into ride-sharing apps this year. Saudi Arabia’s Public Investment Fund (PIF) invested $3.5 billion in ride-hailing app Uber in June, […]
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Updated LinkedIn Profiles Indicate Key Hires by Saudi Arabia’s PIF
Recently updated LinkedIn profiles indicate a hiring spree by Saudi Arabia’s Public Investment Fund (PIF) as the Kingdom looks to use the sovereign wealth fund to jump-start its reform plans. Reuters reports that several executives have updated their LinkedIn profiles to indicate a new affiliation with the PIF, but the PIF did not comment directly on […]
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Saudi Arabia’s PIF, Japan’s Softbank Team Up to Create a Tech Investing Behemoth
Saudi Arabia and Japan’s SoftBank Group will create a technology investment fund that could grow as large as $100 billion, making it one of the world’s largest private equity investors. Softbank is creating a new global tech investment fund, seeded with $25 billion of its own money. The fund, which will be London, UK based […]
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Concluding Trip to Silicon Valley, Deputy Crown Prince Mohammed bin Salman and Delegation Ink MOU with Microsoft
Saudi Deputy Crown Prince Mohammed bin Salman met with Satya Narayana Nadella, chief executive officer of Microsoft, at the company’s Silicon Valley offices in San Francisco on Tuesday and signed two deals with the IT giant, according to reports. The first MOU between Saudi Arabia and Microsoft “will train young Saudis and will support Saudi Arabia […]
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Deputy Crown Prince Mohammed bin Salman Meets with President Obama, Receives Praise for “Vision 2030”
Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman met with President Obama on Friday at the White House to discuss regional and economic issues with the President, Vice President and other members of Obama’s cabinet. The President “commended” Prince Mohammed’s “Vision 2030” plans to reform Saudi Arabia’s economy and society, according to a readout. “The […]
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Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman to Visit Washington Mid-June
Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman will visit Washington, D.C. and other cities in the U.S. in June, as the influential Saudi official plans to discuss both foreign policy and economics, according to sources cited by several news outlets. Because Prince Mohammed is both Minister of Defense and President of the key Council […]
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Uber Scores the Largest Single Investment Ever Made in a Private Company from Saudi Arabia’s Public Investment Fund; Snags $3.5b
In what is being called the largest single cash investment ever made into a private company, Saudi Arabia’s Public Investment Fund (PIF) has invested $3.5 billion for 5% of the on-demand car service Uber. The investment is the first of likely many more investments into technology as Saudi Arabia looks to act on its ‘Vision 2030’ […]
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Saudi Arabia’s Wealth Fund PIF Weighs Stake in Thyssenkrupp’s Hydrogen Unit
Saudi Arabia’s Public Investment Fund is considering buying a stake in Thyssenkrupp AG’s hydrogen unit as the oil-rich kingdom pivots to greener forms of energy production, people familiar with the matter said. The sovereign wealth fund is in the early stages of studying a potential investment in the engineering conglomerate’s Nucera business, the people said, asking not to be identified discussing confidential information.
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Saudi Cabinet approves agreement on investments by PIF in Egypt – state media
The Saudi Cabinet approved an agreement signed with Egypt on investments by the kingdom's Public Investments Fund in Egypt. The two Arab counties signed an agreement on March 30 to support and encourage investments in Egypt by the Saudi sovereign wealth fund.
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Big PIF spend to push Saudi construction market to pre-Covid levels
With the Saudi sovereign wealth fund Public Investment Fund (PIF) pushing for more projects spurred by improved macroeconomic fundamentals and the uptick in contract awards over five consecutive quarters, industry experts believe the kingdom's construction market will soon be back to its pre-pandemic levels this year,
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PIF Spurs Venture Capital and Real Estate Growth in Saudi Arabia
This week, the Ministry of Investment (MISA) teamed up with PIF subsidiary Jada Fund of Funds to bolster local startups and back the “Catalyse Saudi” economic diversification drive. “Catalyse Saudi” seeks to engage foreign investors with Saudi entrepreneurs. The initiative forms part of Vision 2030’s aim to increase SME contribution to GDP from 21% to 35% by 2030. Last year PIF backed NBK Capital Partners’ first closing of its targeted $300 million Shariah Credit Fund, which is its first venture capital and third private credit vehicle and will support medium-sized businesses with an operating profit of US$5 million to US$100 million.
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PIF Spurs Venture Capital and Real Estate Growth in Saudi Arabia
This week, the Ministry of Investment (MISA) teamed up with PIF subsidiary Jada Fund of Funds to bolster local startups and back the “Catalyse Saudi” economic diversification drive. “Catalyse Saudi” seeks to engage foreign investors with Saudi entrepreneurs. The initiative forms part of Vision 2030’s aim to increase SME contribution to GDP from 21% to 35% by 2030. Last year PIF backed NBK Capital Partners’ first closing of its targeted $300 million Shariah Credit Fund, which is its first venture capital and third private credit vehicle and will support medium-sized businesses with an operating profit of US$5 million to US$100 million.
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Saudi PIF rule out superstar signings as surprise summer transfer budget is made public – Report
As a result, The Telegraph reveal that our new owners ‘laughed off’ links with a £200m move for Neymar last week, insisting that the transfer budget sanction by the Saudi PIF is nothing like what some have reported. The report also states that we want to ‘evolve into one of the top sides in England’, not spend huge sums at every opportunity in a bid to become a contender overnight.
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Saudi Arabia’s Ministry of Investment and PIF-backed Jada partner to support start-ups
Catalyse Saudi will host a series of events, the first of which will take place this month in Jeddah and Riyadh under the theme of disruptive technology. The events will bring foreign and Saudi entrepreneurs and investors together for networking, learning and engagement opportunities, the ministry and the fund said in a joint statement.
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Saudi sovereign fund PIF opens London, NY and Hong Kong offices
The Public Investment Fund, Saudi Arabia's sovereign wealth fund, said on Thursday it has opened three new subsidiary companies' offices in London, New York and Hong Kong, as the $500 billion fund looks overseas for growth. "The moves are in line with PIF's continued expansion and will assist in the Fund's future international growth," it said in a statement. The PIF is at the centre of Saudi Arabia's plans to transform the economy by creating new sectors and diversifying revenues away from oil.
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How Giant Saudi Fund PIF Is Building a Post-Oil Future
Saudi Arabia’s sovereign wealth fund has been transforming almost as quickly as the country itself. In 2015, the Public Investment Fund, or PIF as it’s widely known, was a sleepy holding company for government investments that hardly anyone outside the kingdom had heard of. Now it’s closing in on $1 trillion in assets as it snaps up everything from soccer clubs to electric carmakers and bankrolls new cities in the desert. The shift underscores the urgency of its mission: to prepare the world’s biggest crude-exporting nation for a post-oil future.
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Saudi PIF held nearly $56 billion of U.S.-listed stocks in December 2021
Saudi sovereign wealth fund PIF held nearly $56 billion worth of U.S.-listed stocks as of December last year, up from $43.4 billion at the end of September, boosted by the increased value of electric car maker Lucid, it said in a U.S. regulatory filing. The fund's Lucid holdings were valued at $38.6 billion as of December, up from $25.8 billion at the end of September, the filing showed.
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