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  • Saudi Arabia’s PIF says U.S. stocks value falls nearly $6 billion in fourth quarter

    Saudi Arabia's sovereign Public Investment Fund held $30.9 billion worth of U.S. stocks at the end of 2022, down from $36.8 billion at the end of September, dragged down by a $6.8 billion decrease in value of electric carmaker Lucid (LCID.O), it said in a regulatory filing. PIF, which already owned more than 60% of Lucid, bought more than 93.75 million shares in the carmaker in the third quarter, according to Reuters calculations based on the U.S. filing. That was equivalent to roughly 5.6% of Lucid shares, according to calculations based on Refinitiv data.

  • Saudi Arabia’s PIF invests $1.3bn in four local construction companies 

    Saudi Arabia’s sovereign wealth fund has invested a total of $1.3 billion in four local construction companies, as part of the fund’s capital increase initiatives.  The Public Investment Fund has acquired stakes in Nesma & Partners Contracting Co., El Seif Engineering Contracting Co., AlBawani Holding Co., and Almabani General Contractors Co., according to a press release.  These new transactions are part of PIF’s strategy to support and enable key strategic sectors in Saudi Arabia, in line with the goals outlined in Vision 2030, the Fund said in a statement. 

  • Saudi PIF raises $5.5bn from sale of second green bond

    Saudi Arabia’s Public Investment Fund (PIF) has raised $5.5bn from its second green bond issuance. The issuance follows the fund’s inaugural green bond in October 2022, the first-ever green bond issued by a sovereign wealth fund, and the first-ever 100-year green bond.

  • PIF buys 30pc stake in Saudi district cooling company

    Saudi Arabia's sovereign wealth fund PIF (The Public Investment Fund) today (February 12) said it has completed the acquisition of a 30% stake in Saudi Tabreed District Cooling Company. A leading provider of sustainable district cooling schemes for some of the kingdom's largest projects, Saudi Tabreed currently manages 779,000 tonnes of refrigeration (TR) via contracts with major companies.

  • Alibaba, PIF-Backed Venture Capital Fund to Raise $1 Billion for Tech Deals

    A venture capital fund that’s backed by Saudi Arabia’s Public Investment Fund and China’s Alibaba Group is close to raising $1 billion to back technology start-ups in Asia and the Middle East. “Saudi has a very big market and China has Internet and technology companies that are preparing to expand globally, so one hand has the market, and the other hand has the technology,” eWTP Arabia Capital founding partner Jerry Li said in an interview in Riyadh.

  • Saudi Arabia’s PIF gets over $12 bln in orders for green bonds – document

    Saudi Arabia's sovereign Public Investment Fund (PIF) has received more than $12 billion in orders for a sale of dollar-denominated green bonds comprising tranches with tenors of seven, 12 and 30 years, a bank document showed on Tuesday. The orders exclude interest from joint lead managers for the debt sale expected to price later on Tuesday, the document showed.

  • Lucid shares surge 90% in 2023 amid reports of buyout from Saudi Arabia’s PIF

    Shares of Lucid Motors, the luxury electric vehicle manufacturer backed by Saudi Arabia's Public Investment Fund (PIF), have surged more than 90 per cent since the start of this year amid speculation that the sovereign wealth fund plans to buy out the company. Shares of the California-based company have jumped more than a third since January 23 through to the close of trading on Monday, according to market data.

  • Saudi Arabia’s PIF and Aerofarms sign deal to establish ‘indoor vertical farms’ – SPA

    Saudi Arabia's Public Investment Fund and Aerofarms have signed a deal to establish "indoor vertical farms" in the Kingdom and across the Middle East and North Africa, state news agency SPA reported on Wednesday.

  • Saudi Arabia’s PIF maintains sixth spot among world’s sovereign wealth funds

    With assets worth $607.42 billion, Saudi Arabia’s Public Investment Fund has maintained the sixth spot in the list of top sovereign wealth funds in the world, according to the latest data. Data released by the Sovereign Wealth Fund Institute suggested that China Investment Corp. topped the list with $1.350 trillion in assets, followed by Norway Government Pension Fund Global and Abu Dhabi Investment Authority with assets worth $1.13 trillion and $790 billion respectively. Kuwait Investment Authority ranks fourth with $750 billion, while Singapore’s GIC Private Limited is placed fifth, with assets of $690 billion.

  • EV maker Lucid surges on report Saudi PIF to buy remaining stake

    Lucid Group's (LCID.O) shares surged 43% on Friday, paring gains after doubling on market speculation that Saudi Arabia's Public Investment Fund (PIF) wanted to buy out the electric vehicle maker. The speculation originated from an "uncooked" alert attributed to deals website Betaville, using its term for market gossip. Lucid was the sixth-most traded stock on U.S. exchanges and third top mover on the Nasdaq mid-afternoon.