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  • PIF’s $40bln investment plan to boost growth of startups in Saudi Arabia

    Saudi Arabia continues to focus on efforts to spur the growth of startups in the Kingdom to help boost the national economy, as is evident from the recently announced Saudi budget 2022. According to Saudi Finance Minister Mohammed Al-Jadaan, the MENA region’s largest economy is expected to post a surplus of SR27 billion in 2023 and SR42 billion in 2024.

  • Saudi digital marketplace Sary raises $75m in funding round led by PIF-backed Sanabil

    Saudi Arabia’s digital marketplace Sary, which connects small businesses with wholesalers, has raised $75 million in financing to expand across the Gulf, increase its workforce and grow its range of products and services. The Series C funding round was led by Public Investment Fund-backed Sanabil Investments, bringing Sary's total funding raised to date to $112m. New investors in the latest round include Wafra International Investment Company and Endeavor Catalyst – with STV, MSA Capital, Rocketship.vc, VentureSouq and Ra'ed Venture as existing investors.

  • Saudi sovereign fund PIF set to raise $3.2 bln in Saudi Telecom stake sale

    The Public Investment Fund (PIF), Saudi Arabia's sovereign wealth fund, is set raise 12 billion riyals ($3.2 billion) through the sale of a 6% stake in Saudi Telecom (STC) after it priced the deal in a secondary share offering. PIF set the final price for the sale of 120 million shares at 100 riyals per share, at the lower end of an earlier price range of 100 riyals to 116 riyals per share, according to an announcement on the bourse by one of the deal's lead managers.

  • Saudi sovereign fund PIF selling 5.01% stake in STC in secondary offer

    PIF plans to sell 100.2 million shares at a price range of 100 riyals to 116 riyals per share, potentially raising as much as 11.623 billion riyals ($3.10 billion) at the top end of the range.

  • PIF-backed Lucid targets Middle East, China expansion by mid-decade: CEO 

    “Mid-decade, we plan to have plants in the Middle East and China, as well,” Rawlinson said in an interview on Mad Money. Rawlinson's comments come one day after Lucid reported its first quarterly results as a public company, according to CNBC.

  • Saudi PIF nearly triples U.S. stock holdings; adds Walmart, Pinterest

    "The Q3 figure is indeed significantly larger than Q2, but most of the increase is due to Lucid Motors' IPO in July," said Diego Lopez, managing director at Global SWF, an industry data specialist.

  • PIF-backed developer ROSHN gets license for off-plan sales

    SEDRA comprises more than 30,000 housing units, with more than 4,500 houses to be built during the first phase, with an urban character and a Salmani architectural style inspired by Najd architecture, reflecting the identity of the city of Riyadh.

  • Amazon Rival Noon to Draw $2 Billion From PIF, Other Backers

    Amazon.com Inc’s Middle Eastern rival Noon.com is set to draw as much as $2 billion in financing from investors including Saudi Arabia’s sovereign wealth fund over three to four years, as it seeks to capture a larger slice of the Gulf e-commerce market. The investments from the Public Investment Fund and others will be used to upgrade infrastructure and help speed up deliveries, Noon founder Mohamed Alabbar said late on Sunday. “They are happy with our progress and they are happy to fund,” he said.

  • Saudi Telecom May See Significant Inflows If PIF Sells Stake

    The Middle East’s biggest telecoms company may see significant inflows after Saudi Arabia’s sovereign wealth fund sells part of its 70% stake. Shares in Saudi Telecom Co. dropped 3.3% on Sunday, the most since March 2020, after the Public Investment Fund said it may sell part of its holding. The PIF plans to retain more than a 50% stake. The deal could generate “decent” inflows, according to Ahmed El Difrawy, head of data and index research at EFG-Hermes. If the PIF sells a 20% stake, Saudi Telecom could see inflows of up to $1.4 billion from passive trackers of the MSCI and FTSE Russell indexes, he wrote in a note.

  • PIF acquires 25% stake in Emaar Economic City

    The transaction involved the novation to PIF of SR2.8 billion ($755 million) of EEC’s debt. After the completion of the novation, PIF has become an equity investor in EEC following the issuing of new shares by debt conversion.