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The Public Investment Fund’s Head of National Development, Jerry Todd, talks PIF investment strategy, localization and more…
Lucien Zeigler sits down with an exclusive conversation with Jerry Todd, Head of the National Development Division at the Public Investment Fund (PIF) of Saudi Arabia, in a new format and program called 966 Live, recorded at PIF studios in a fireside chat style of engagement. Jerry Todd, who is also on the PIF’s Management […]
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Kingdom Launches ‘Alat’, A New Effort to Transform Saudi int Electronics and Advanced Industries Hub
Saudi Arabia’s Crown Prince Mohammed bin Salman announced on Thursday the launch of a new Public Investment Fund company called “Alat,” which will contribute to the aim of making Saudi Arabia a global hub for sustainable technology manufacturing that focuses on advanced technologies and electronics, Saudi Press Agency reported.
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The PIF’s biggest event of the year in Riyadh, the latest on the Saudi peace plan, and alcohol in Saudi Arabia? — The 966 Episode 120
In episode 120, The 966 once again has on offer a menu of excellence discussing some of the most important topics happening in Saudi Arabia this week — a tough decision for the editorial team as Saudi Arabia continues to create headlines as it marches forward with economic and social reforms.
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Saudi Real Estate Prices to Rise 25-40%, Premium Residency a Unique Opportunity – Al Rahji Executive
A Sales Director at Al Rajhi Investment Co. said real estate prices in Saudi Arabia are likely to rise by 25% to 40% in the coming period, Asharq News reported.
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A new slogan for Saudi Arabia? Taking stock of the Saudi Pro League, and much more – The 966 Episode 119
In Episode 119, The 966 hosts Lucien and Richard discuss a variety of topics and some of the latest news and developments on Saudi Arabia.
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At Davos, Kingdom Pushes Diplomacy and PIF Talks 2024 Investment Strategy
Saudi Arabia’s strong presence at the World Economic Forum in Davos, Switzerland is emblematic of an increasingly confident Kingdom on the global stage, with top officials from both the government and Saudi Arabia’s Public Investment Fund on the ground to promote Saudi Arabia’s interests.
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The 966 Episode 117: Saudis are optimistic, but what does 2024 have in store for Saudi Arabia and the Middle East?
The 966 hosts kick off the new year after a refreshing holiday break following a successful year for the podcast in which the growth of the audience more than doubled across all platforms, and in some cases, grew significantly more than that! The team thanks all of its listeners and viewers for tuning in each […]
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2023 a Big-Spending Year for PIF as Kingdom’s Wealth Fund Accounts for Over One Quarter of All Sovereign Spending
Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF) spent more than any other last year, topping an annual ranking of sovereign investment fund spending compiled by consultancy Global SWF for the first time, according to reports.
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Prince Alwaleed bin Talal-Backed Flynas Taps Morgan Stanley, Goldman for IPO
Saudi Arabia’s Flynas, backed by billionaire Prince Alwaleed Bin Talal, has hired Goldman Sachs Group Inc., Morgan Stanley and Saudi Fransi Capital for a potential initial public offering in Riyadh, according to a report in Bloomberg.
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ACWA Power Inks Deal for $4bn Green Hydrogen-Based Ammonia Plant in Egypt, $800m Power Purchase Agreement for South African Hybrid Renewable Project
Saudi renewables developer ACWA Power has signed two new large deals as it expands its renewables and green projects across the region.
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MUST-READS
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Saudi foodtech Barakah raises investment from FoodLabs
Barakah, an online marketplace addressing commercial food waste in the region, proudly announces the strategic funding led by FoodLabs. This landmark investment marks FoodLabs' first foray into the MENA region, highlighting Barakah's exceptional growth trajectory and commitment to sustainability. FoodLabs, a highly successful early-stage European VC specialising in foodtech and agritech startups, has an impressive portfolio that includes being the first investor in multiple unicorns and instrumental in building the fastest-growing European unicorn. The decision to partner with Barakah not only sends a strong market signal for startups in the Kingdom and across the MENA region but also aligns with FoodLabs' mission to support innovative ventures tackling pressing global challenges using proprietary technology.
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PGA’s Monahan Had Constructive Talks With Saudi’s PIF About Possible Investment
PGA Tour Commissioner Jay Monahan said he had a “constructive” conversation on Monday with Yasir Al-Rumayyan, the governor of Saudi Arabia’s Public Investment Fund, about an investment in PGA Tour Enterprises. The talks, which included players who are also on the entity’s board of directors, represent “an important part of our due diligence process in selecting potential investors for PGA Tour Enterprises,” Monahan said in a memo to players reviewed by Bloomberg News.
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Saudi-based investment group Energy Capital Group acquires Aujan Industrial Solutions
Saudi Arabia-based investment group Energy Capital Group (ECG) has completed the acquisition of Aujan Industrial Solutions (AIS), a leading provider of solutions to the oil and gas, petrochemical, metals and mining and water markets with 30 years of experience and expertise. AIS' lines of business include value added distribution, fire and gas solutions, measurement intelligence and technology solutions. This marks the fourth investment of the fund which announced a first close in Q3 2023. The fund plans a further 4-5 investments within 2024. Energy Capital Group is investing in businesses that can capitalise on the significant investment going into regionally relevant value chains and driving the need for technology-based services and turnkey solutions across the industrial supply chain.
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New Murabba leads Saudi investment drive at MIPIM 2024 in France
New Murabba Development Company, a fully owned subsidiary of the Public Investment Fund, is showcasing its transformative vision at the MIPIM 2024, a prestigious real estate event gathering industry leaders from across the globe, currently underway at the Palais des Festivals, Cannes, France. Under the “Invest Saudi” umbrella, New Murabba Development Company aims to attract international investment and highlight the Kingdom’s commitment to economic diversification. New Murabba Development Company is currently in the development phase of New Murabba Modern Downtown, a transformative urban development in Riyadh. The company is creating the world’s most transformative and modern city center, which will serve as a model for future urban development and contribute to the city’s evolution in line with Saudi Vision 2030.
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Report: Saudi Arabia’s PIF pitches $1bln investment into tennis
Golf isn't the only sport Saudi Arabia's Public Investment Fund is trying to get its hands on. In the midst of negotiations with the PGA Tour, PIF is also looking to invest in tennis, specifically the ATP Tour and the WTA Tour, Sportico reported Wednesday. PIF is not looking to take over the tours, per the report. Instead, the money invested would primarily be used to acquire licensing that would bring a Masters 1000 event to Saudi Arabia. ATP chairman Andrea Gaudenzi reportedly made those on the tours aware of the offer last weekend at the BNP Paribas Open in Indian Wells, Calif.
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Saudi Arabia Gets $13 Billion in Investment in Tourism Boost
Saudi Arabia has attracted about $13 billion in private sector investment into its tourism industry as it aims to share the cost of spending associated with its plan to become a new travel hot spot. The investments are poised to add another 150,000 to 200,000 hotel rooms within the next two years, according to Princess Haifa M. Al Saud, Saudi Arabia’s vice minister for tourism. The kingdom is also targeting raising tourism revenue to $85 billion this year from around $66 billion in 2023, she said.
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Aramco Equity Transfer Helps the Public Investment Fund, Hurts Saudi Government Budget
Crown Prince Mohammed bin Salman announced March 7 that a further 8% of Saudi Aramco’s equity has been transferred to the Public Investment Fund. The PIF now holds 16% of Aramco’s equity and the government 82.2%, with the remainder held publicly following the company’s 2019 initial public offering. This latest equity transfer is no surprise given the ambitious target that has been set for growing the PIF’s assets under management. With the equity transfer valued at around 615 billion riyals ($164 billion), the PIF’s assets under management are now likely in excess of 3.3 trillion riyals ($890 billion) and rapidly closing in on the 2025 target of 4 trillion riyals ($1.1 trillion).
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Saudi Arabia’s Jada makes first investment in venture debt
Baghoomian adds: “We are thrilled to partner with Jada to accelerate the growth of Saudi Arabia's private credit sector. This collaboration exemplifies our shared commitment to fostering entrepreneurship, driving technological advancement, and unlocking opportunities for local talent.” Partners for Growth has secured commitments from a wide range of institutional investors from around the globe. Partners for Growth VII, with a fund size of over 1 billion riyals, provides investors with an opportunity to gain exposure to fast-growing and high-potential mid-market companies across a variety of sectors.
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Aramco seeks more investment opportunities in China, sees healthy oil market in 2024: CEO
On an earnings call, Nasser added that the global oil market is expected to remain healthy for the rest of the year and increase by roughly 1.5 million barrels, according to Reuters. The CEO also predicted that global oil demand will reach 104 million barrels per day in 2024, up from an average of 102.4 million barrels in 2023. Aramco, he added, is targeting a 60% boost in gas production by 2023, compared to 2021 levels.
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Saudi Arabia leads global innovation with tech investments: Honeywell CEO
Saudi Arabia’s proactive leadership and investments in advanced tech solutions have positioned it as a global innovation leader, according to a top official. During the LEAP 2024, Anant Maheshwari, president and CEO of Honeywell’s Global High Growth Regions portfolio, told Arab News that Saudi Arabia was a “crucial market” for the company, being one of only “three countries globally that is led as an independent market.”
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