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  • Pakistan Expects $50 Billion Investment from Saudi Arabia, UAE Within 5 Years

    Pakistan's caretaker prime minister said Monday that Saudi Arabia and the United Arab Emirates will invest $25 billion each in his cash-strapped country within five years. Anwaar-ul-Haq Kakar told a group of Islamabad-based foreign journalists late Monday that different sectors, such as mines and minerals, agriculture, defense production and information technology, would receive the investment. He did not elaborate.

  • Pakistan Expects $50 Billion Investment from Saudi Arabia, UAE Within 5 Years

    Pakistan's caretaker prime minister said Monday that Saudi Arabia and the United Arab Emirates will invest $25 billion each in his cash-strapped country within five years. Anwaar-ul-Haq Kakar told a group of Islamabad-based foreign journalists late Monday that different sectors, such as mines and minerals, agriculture, defense production and information technology, would receive the investment. He did not elaborate.

  • HSBC Names Saudi Investment Bank Co-Heads Amid Pick-Up in Deals

    HSBC Holdings Plc’s Saudi Arabia unit named two new managing directors and co-heads of investment banking, as global lenders increasingly compete for a slice of deals stemming from the Gulf nation’s bid to transform its economy. Mohammed Fannoch and Faisal Qadri were appointed to the roles, while Amir Bourani was chosen as head of global banking coverage. Qadri, who has been at HSBC since 2003, was previously head of debt capital markets and syndications. Fannoch joined the bank in Riyadh in 2008 and was previously head of investment banking advisory.

  • International companies racing to expand their investments in 2nd Saudi World Defense Show

    Several leading Saudi, regional and international companies are showing massive interest to expand their investments through participating in the second edition of the World Defense Show (WDS) which will be held in February 2024 in the Saudi capital Riyadh. The exhibitors were quick to reserve 93 percent of the exhibition space, estimated at about 47,000 square meters, that is, five months before the scheduled commencement of the leading global defense and security event. The WDS serves one of the pillars of Vision 2030, achieving the Kingdom’s goal to localize 50 percent of its military equipment spending by 2030.

  • Saudi Arabia enters MMA with ‘US$100m’ PFL investment

    The Professional Fighters League (PFL) has secured investment from SRJ Sports Investments in a deal that sees Saudi Arabia make its first move into mixed martial arts (MMA). The tie-up will see SRJ pump more than US$100 million into the PFL, according to Sportico, and funds will be used to support the promotion’s global expansion, helping it recruit top fighters and build its fanbase.

  • Saudi Shift in Investment Priorities Pushes Reserves to 2009 Low

    Net foreign assets fell to 1.53 trillion riyals ($407 billion) after increases in May and June, according to the central bank’s monthly report on Monday. It’s the sharpest drop since the depths of the pandemic, when oil revenues sank and the kingdom dipped into its hoard to fund bets on a rebound of US stocks. The country has been shifting its investment strategy over the past few years away from keeping most of its foreign assets with the central bank as it builds up hundreds of billions of dollars in sovereign funds including the Public Investment Fund and the National Development Fund.

  • Saudi Arabia Investment Is Increasing In US-Based Startups

    Earlier this month, U.S.-based networking startup Nile announced a large $175 million Series C co-led by March Capital and Saudi Arabia sovereign wealth fund Sanabil Investments. That was followed this week by Houston-based Axiom Space locking up a $350 million round led by Saudi Arabia’s Aljazira Capital — its first investment in a U.S.-based startup, per Crunchbase data — and Korean health care company Boryung Pharmaceutical. Although the two rounds may not seem to have much in common, they do share something — they illustrate the growing appetite Saudi Arabia-based investors have in U.S. startups.

  • China looks to shore up belt-and-road deals with Middle East cash and partnerships as Western investment wanes

    According to figures from the UAE Ministry of Economy, China is a top global trade partner for the federation of seven emirates – Abu Dhabi, Ajman, Dubai, Fujairah, Ras el Khaimah, Sharjah and Umm Al Quwain. The value of non-oil trade between both sides exceeded US$72 billion in 2022, an increase of 18 per cent from a year earlier.

  • Saudi Arabia launches $200m fund for early investment in high-tech companies

    Saudi Arabia’s Crown Prince Mohammed bin Salman on Sunday launched a SR750 million ($200 million) fund for early investment in local and international high-tech companies, the Saudi Press Agency reported. The initiative is part of a strategy announced for the King Abdullah University of Science and Technology. It aims to transform research into economically productive innovations by focusing on the national priorities for research, development, and innovation. The key areas include health and wellness, sustainable environment and essential needs, energy and industrial leadership, and economies of the future.

  • Saudi Arabian Public Investment Fund says assets surpasses 2.23 trillion riyals in 2022

    Saudi Arabia's Public Investment Fund on Sunday released its annual report for 2022, which said its assets under management (AUM) surpassed 2.23 trillion riyals ($594.43 billion). The kingdom's sovereign wealth fund reported an AUM of 1.98 trillion riyals for 2021. The PIF said it generated a total shareholders' return of 8% and established 25 companies in 2022, and locally deployed 120 billion riyals in that year in strategic sectors.