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  • PIF zeroes in on local content growth to boost Saudi economy

    In order to enable the Public Investment Fund to achieve its aim of increasing its contribution to local content to 60 percent and creating up to 1.8 million direct and indirect jobs by the end of 2025, the fund’s National Development Division launched a Local Content Growth Program in October. Designed to drive innovation, encourage local private sector products and services, and increase confidence in local materials and designs, the program will catalyze the development of at-scale, competitive and innovative sectors and industries in Saudi Arabia and spur industries to competitive levels globally.

  • PIF’s Seven reveals plans for Warner Bros Discovery edutainment attractions across Saudi Arabia

    “This is the very first indoor adventures centre for Warner Bros Discovery here in Saudi Arabia and we’re delighted to be launching it through our partnership with Seven,” said Peter van Roden, SVP, Global Themed Entertainment for Warner Bros Discovery. “This indoor adventure featuring Discovery content will further aid in our promise to always strive to deliver experiences that we know our fans will love.”

  • PIF-owned Badeel, ACWA to develop MENA’s largest solar plant in KSA 

    Saudi utility firm ACWA Power has signed power purchase agreements with the Water and Electricity Holding Co. to develop the biggest solar plant of its kind in the Middle East, with capacity to power 350,000 homes. The 2,060 MW solar photovoltaic plant will be built in Al Shuaibah, Makkah province and is expected to begin commercial operations by the fourth quarter of 2025.

  • PIF-owned Badeel, ACWA to develop MENA’s largest solar plant in KSA 

    Saudi utility firm ACWA Power has signed power purchase agreements with the Water and Electricity Holding Co. to develop the biggest solar plant of its kind in the Middle East, with capacity to power 350,000 homes. The 2,060 MW solar photovoltaic plant will be built in Al Shuaibah, Makkah province and is expected to begin commercial operations by the fourth quarter of 2025.

  • Saudi Arabia’s PIF raises $17 billion in loan refinancing

    Saudi Arabia's sovereign wealth fund said on Wednesday it had secured a $17 billion loan from a group of 25 banks that will partly refinance a loan it took out in 2018. The Public Investment Fund (PIF) raised $11 billion in 2018 via a five-year loan from 15 banks, which "will be repaid early," PIF said. PIF is at the centre of the kingdom's ambitious plan to wean the economy off oil and has pledged to spend $40 billion a year domestically through 2025 to help build new industries and create jobs.

  • Saudi PIF announces $13bn investment in entertainment across 14 cities

    “SEVEN is redefining the future of entertainment in Saudi Arabia through our 21 entertainment destinations across 14 cities with more than 150 world-class attractions that enhance the quality of life for the people of Saudi Arabia. We are partnering with leading entertainment brands and will continue to do so to develop entertainment destinations like no other,” said Abdullah AlDawood, Chairman of SEVEN.

  • Saudi Arabia’s PIF reduces majority stake in Saudi Tadawul Group

    Saudi Arabia's Public Investment Fund has sold a 10% stake in stock exchange operator and owner Saudi Tadawul Group through a secondary share offering, raising 2.3 billion riyals ($612 million), it said in a statement on Sunday. The sovereign wealth fund with over $600 billion in assets said it sold 12 million shares through an accelerated bookbuild offering. The fund's remaining stake amounts to 72 million shares or 60% of the company, it said.

  • Saudi Wealth Fund PIF Weighs IPO of $5 Billion Oil, Gas Driller ADES

    Saudi Arabia’s wealth fund is considering an initial public offering of oil and gas driller ADES International Holding by the first half of next year, as it accelerates efforts to raise billions of dollars for new investments, people familiar with the matter said. The Public Investment Fund is looking to hire investment banks for a potential listing and is expected to make a decision as soon as this year, the people said, asking not to be identified as the matter is private. An IPO could value the business, whose clients include Saudi Arabian Oil Co. and Kuwait Oil Co., at about $5 billion, some of the people said.

  • Saudi Arabia’s PIF injects $80m into Newcastle United to fund transfers

    “The capital injection follows a wide range of investments in the club that has seen an upgrade of training facilities, improvements to St. James’ Park and recruitment of a number of senior executives to build out the commercial operations of the club, as well as investment in the playing squad.

  • PIF, Mitsui Said to Eye Stake in Vale’s Base Metals Business

    Saudi Arabia’s Public Investment Fund and Japanese trading house Mitsui & Co. are considering bids for a minority stake in Vale SA’s nickel and copper operations, people with knowledge of the matter said. Canada Pension Plan Investment Board, Ontario Teachers’ Pension Plan Board, Mubadala Investment Co. and Qatar Investment Authority are also weighing offers for a stake in the base metal unit, according to the people. Vale is seeking to raise more than $2 billion from the deal, the people said, asking not to be identified because the information is private.