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  • Senate’s Permanent Subcommittee says it will continue to pursue inquiry into Saudi PIF

    In July, the Senate’s Permanent Subcommittee on Investigations held two hearings on the potential deal that would combine the Tour, DP World Tour and LIV Golf, which is owned by the PIF, under a new, for-profit entity called PGA Tour Enterprises. On Monday, senators sent a letter to PIF’s governor informing him “the Subcommittee intends to continue to pursue its inquiry [into the potential deal].” The PIF filed a lawsuit in Saudi Arabia, pushing back on subpoenas that were sent by the subcommittee to multiple firms working with the fund, including Boston Consulting Group, McKinsey & Company, M. Klein and Company and Teneo.

  • Saudi Arabia’s Wealth Fund PIF Joins EM Rush to Tap Dollar Bond Market

    Saudi Arabia’s sovereign wealth fund raised $5 billion of high-grade bonds on Monday, the latest borrower to benefit from investors’ demand for emerging-market debt. The Public Investment Fund sold five-, 10- and 30-year senior unsecured notes in US dollars, according to a person familiar with the matter. Combined order books were above $27 billion, excluding joint lead managers’ interest, said the person, who asked not to be identified because they’re not authorized to speak about it.

  • Report: Monahan in Saudi Arabia meeting with PIF governor

    PGA Tour commissioner Jay Monahan is in Saudi Arabia this week meeting with the governor of that country’s sovereign wealth fund, according to a report in the Sports Business Journal. Monahan and Yasir Al-Rumayyan were scheduled to meet in November to continue to negotiate a possible definitive agreement that would combine the Tour, the European circuit and LIV Golf – which is owned by the Saudi Public Investment Fund – under a new, for-profit entity called PGA Tour Enterprises. Although a Tour spokesperson declined to comment on the report, according to the SBJ, this is “believed to be” the first time Monahan and Al-Rumayyan have met in person since last summer when they negotiated the framework agreement that opened the door to a larger deal.

  • Saudi Arabia’s PIF buys 23.08% stake in paper company Mepco to diversify portfolio

    Saudi Arabia's sovereign wealth fund, the Public Investment Fund, has bought a 23.08 per cent stake in the Middle East Paper Company (Mepco) as the fund continues to expand its portfolio in key sectors of the kingdom's economy.

    The PIF acquired the stake in the Tadawul-listed Mepco by increasing capital and subscribing to new shares, it said on its website on Thursday.

    The total value of the investment was not disclosed.

    Mepco is an integrated paper manufacturer offering products for the packaging, construction and furniture sectors. It supplies the Middle East, Africa, Asia, the Americas and European markets.

  • Saudi Arabia’s PIF was top global investor in 2023 with deals topping $31bn

    Saudi Arabia’s Public Investment Fund was the top investor among global sovereign wealth funds last year as the kingdom's sovereign wealth fund continues to boost its investment portfolio, according to a new report.

    The PIF spent $31.6 billion in 49 deals in 2023, up 33 per cent from 2022, industry specialist Global SWF said in its annual report on Monday.

    The fund outpaced Singapore’s GIC, which ranked as the top investor for 2022.

    Together with the PIF, four other Gulf funds ranked among the top-10 most active deal makers last year – Abu Dhabi Investment Authority, Mubadala Investment Company, ADQ and Qatar Investment Authority – referred to as the “oil five”, the report said.

  • PIF company to create specialist date factory in Madinah

    A dedicated date factory will be established after Al-Madinah Heritage Co., the business set up by the Public Investment Fund, signed an agreement with the Saudi Authority for Industrial Cities and Technology Zones to acquire land in Madinah. The news was announced at the inauguration of the Industry and Local Content Medinah Forum in the presence of Prince Saud bin Khalid bin Faisal bin Abdulaziz, the deputy governor of the Madinah region, reported Saudi Pess Agency on Thursday.

  • Saudi Arabia’s PIF announces new aviation deal

    The investment aligns with Saudi Arabia’s efforts to strengthen its position as a prominent global aviation hub...

  • Saudi wealth fund PIF establishes company to boost agritourism and ecotourism

    Saudi Arabia's Public Investment Fund has established a company to develop tourism projects around cities that have attractive natural and farmed landscapes.

    Specialised in agritourism and ecotourism, Dan Company is expected to contribute about $1.6 billion to Saudi Arabia’s non-oil economy by 2030, the PIF said in a statement.

    It aims to develop and operate high-end resorts and lodges in partnership with the local community and will allow visitors to experience regional culture and traditions including arts, crafts and local cuisines, the PIF said.

  • Saudi PIF allocates $3bn for investments in Iraq, says ambassador

    Saudi Arabia’s Public Investment Fund (PIF) has allocated $3 billion for investments in various sectors in Iraq, the country’s envoy in Baghdad said on Wednesday. Saudi Ambassador to Iraq Abdulaziz Al-Shammari's remarks to the Iraqi state media INA came on the sidelines of a signing ceremony of a partnership agreement in the industrial field.

  • Saudi Arabia’s PIF Raises Up to $5 Billion Loan With Korea Export Agency

    Saudi Arabia’s sovereign wealth fund raised a loan of up to $5 billion from a group of nine banks in a deal that involves the Korean export credit agency to help boost trade between the two countries. The Public Investment Fund, which manages about $778 billion in assets, has agreed the initial $3 billion loan with a tenor of 13 years with Korea Trade Insurance Corp. and has an option to boost it to $5 billion, according to a statement on Tuesday.