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  • Exclusive: Saudi sovereign fund PIF weighs investing in Ant IPO

    Saudi Arabia’s sovereign fund PIF is weighing a potential investment in the initial public offering of Chinese financial technology firm Ant Group, which could be the world’s biggest IPO, two sources familiar with the matter said.

  • PIF-backed US car maker Lucid to produce fastest-charging electric vehicle

    The new sedan, Lucid Air, which will be unveiled on September 9, will charge at a speed of more than 32 kilometres per minute, under controlled conditions, the California-based firm said. However, in real-world conditions on the road, a charge of just 20 minutes should cover up to 483 kilometres.

  • PIF-backed Saudi Arabian Military Industries appoints new chief executive

    State-owned Saudi Arabian Military Industries (Sami) appointed Walid Abukhaled as its chief executive on Sunday as it pressed ahead with its plans to localise defence spending. Mr Abukhaled, who was promoted from his post as an acting chief executive, has nearly 30 years of experience in military industries. Prior to his role at Sami, he served as the chief executive for the Middle East division of defense giant Northrop Grumman and as the president and chief executive of General Electric in Saudi Arabia and Bahrain. He also worked in executive roles at BAE Systems in the UK and Saudi Arabia.

  • Saudi wealth fund PIF has ample liquidity: finance minister

    Saudi Arabia’s finance minister said on Wednesday that the kingdom’s sovereign wealth fund, the Public Investment Fund (PIF) has ample liquidity in the local market. He added that the PIF would allot via secondary offerings part of their local holdings to make sure they “recycle mature investments” and invest in something else that the private sector finds difficult to invest in. “That’s not driven by need of liquidity though, they

  • Saudi wealth fund PIF close to investing $1.5b in India’s Jio: Report

    Jio Platforms is a wholly-owned unit of Reliance Industries Limited (RIL) and owns the group’s digital businesses including Jio, Jio Pay and Jio Mart. Reliance has so far sold over 22 per cent of Jio Platforms to different investors including Facebook Inc, global investment firm TPG, private equity firm L Catterton and Silver Lake, securing $13.72 billion in the past eight weeks.

  • Saudi PIF Denies Plan for Margin Loan Backed by SoftBank Fund

    “As part of our strategy as outlined in our Vision Realization Program, PIF has four major sources of funding -- capital injections from the government, transfer of government assets, loans and debt instruments to take advantage of the capital markets, and retained earnings from investments.”

  • Saudi sovereign fund sees opportunities after coronavirus, PIF head says

    Rumayyan said the Public Investment Fund (PIF) was looking into investment opportunities in areas such as aviation, oil and gas and entertainment. He was speaking at an online investment forum on Thursday. “There will be economies up and running, we will see a lot of potential,” he said.

  • Saudi PIF approves dividend waiver for SEC shares

    The Public Investment Fund (PIF) has informed Saudi Electricity Company (SEC) that the delegated ministerial committee for restructuring the electricity sector and SEC has given approval on the dividend waiver of PIF’s shares for 2019.

  • PIF-backed Saudi refinancing firm lowers lending rates for long-term mortgages

    The Saudi Real Estate Refinance Company (SRC) lowered lending rates for long-term mortgages in an effort to boost home ownership in the kingdom. SRC, owned by the kingdom’s sovereign wealth fund, reduced rates by 15 basis points for its long-term fixed-rate mortgages (LTFR), it said in a statement on Tuesday. “Our LTFR mortgages will help customers alleviate troubles of high rate mortgages and allow more people to access the home mortgage markets," said Fabrice Susini, chief executive of SRC. "This will ultimately help us deliver the Vision 2030 housing sector goal of increasing the number of citizens owning their own homes to 70 per cent by 2030.”

  • Saudi Arabia’s PIF discloses 8.2% stake in cruise operator Carnival

    The stock has fallen about 30% since the close of March 25, a day before the PIF took the stake. Last week, Carnival said it was raising $6.25 billion in combination debt and equity and suspending its dividend payouts in an effort to ride out the health crisis. The company’s largest shareholder is Chairman Micky Arison, with a 17.07% stake, as of Jan. 16, according to Refinitiv data. SunTrust Bank holds a 7.33% stake in the company, as of Dec. 31.