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  • Saudi Arabia Re-Enters Full Scale Financial Markets, Aramco $6 billion Sukuk and PIF Infrastructure Fund Stake

    Saudi Aramco’s financial attractiveness has not been dented lately, even that volatile oil markets and unilateral oil export cuts have put a dent in its profitability at present. With orders of between $33 -55 billion in place, the oil giant has been able to raise $6 billion with a new sukuk offering. The oil giant’s sukuk had a price guidance of under 70 basis points (bps) over US Treasuries (UST) for a 3-year tranche, 90 bps over UST for 5-year, and 125 bpd over UST for a ten-year tranche. On Monday June 7 Aramco’s first US dollar-denominated sukuk was launched. The total sukuk is launched in three tranches.

  • Saudi’s PIF creates Middle East, North Africa investments division

    The Riyadh-based sovereign wealth fund appointed Yazeed Alhumied to the newly created role of head of MENA investments. He had been head of the local holdings investment division since December, responsible for two investment pools and driving international investment in Saudi Arabia.

  • Saudi sovereign fund PIF appoints two to new deputy governor roles

    Saudi Arabia's sovereign wealth fund PIF said on Tuesday it has established two deputy governor roles to support the $430 billion fund's continued growth and expansion. Turqi Alnowaiser, who heads PIF's International Investments division, and Yazeed Alhumied, who leads the fund's MENA (Middle East and North Africa) Investments Division, formerly the Local Holdings Investments Division, will take on the roles alongside their current responsibilities, it said.

  • Saudi PIF-owned recycling company says sector could be worth more than $18bn

    The Kingdom produces 45 million tons of waste, half of which is from demolition and construction projects, a quarter from municipalities with the remainder from medical and industrial waste.

  • Saudi PIF transfers stakes in food, farm companies to SALIC

    The Public Investment Fund, Saudi Arabia’s wealth fund, has transferred its stakes in Almarai, the National Agricultural Development Co and the Saudi Fisheries Co to Saudi Agricultural and Livestock Investment Co (SALIC). The transfer is aimed at leveraging synergies within its food and agriculture portfolio and enabling SALIC to stimulate growth in the sector, the PIF said in a statement on Thursday.

  • Goldman’s Saudi Investment Bank Chief Said to Leave for PIF Role

    Over the past two years, though, Goldman has lost bankers including veteran Dubai-based dealmaker Hazem Shawki who joined Credit Suisse, and its regional CEO retired at the end of last year. Two other executives left this year to join Saudi Research & Marketing Group.

  • PIF takes on debt to finance vast Saudi overhaul

    It’s highly unusual for a sovereign wealth fund – especially one that says it has US$400bn of assets – to borrow money. But the PIF is facing up to a simple fact: at present, it simply does not have sufficient cash or income from its investments to do what it has been tasked with. “The investment plans don't seem to be fully financed at this stage,” said Jean-Michel Saliba, an economist at Bank of America. “So either they will need to be delayed, gradually phased in, or there needs to be more capital allocated.”

  • Saudi Arabia’s PIF ends all interest in Newcastle to focus on Inter Milan investment

    La Repubblica reports PIF have ended all interest in buying Newcastle United and are entering takeover negotiations for Inter Milan with owners Suning. PIF were denied an original deal for the Newcastle by local authorities and are now turning their focus to Inter and Italian football. For Suning, the PIF approach would be preferred to BC Partners because it would be an investment for 30 per cent of the club.

  • PIF’s Saudi Real Estate Refinance Company issues $1.07bn sukuk

    “The latest sovereign-guaranteed offering, underpinned by favorable cost of funding and terms, will further provide liquidity to the Saudi housing market that helps our citizens climb the housing ladder,” he said.

  • Saudi Arabia’s PIF signs $15 billion loan

    Sources had said the new loan would be used for general corporate purposes. A revolving loan is one that can be drawn, repaid and drawn again during the agreed lending period.