MUST-READS

• BlackRock signs agreement with PIF to accelerate growth of capital markets in Saudi Arabia by launching a Riyadh-based multi-asset investment management platform
  BlackRock Saudi Arabia and PIF have expressed the intention to establish BlackRock Riyadh Investment Management (BRIM), which will encompass investment strategies across a range of asset classes, all of which are expected to be managed by a Riyadh-based portfolio management team and supported by BlackRock’s industry-leading global asset management platform.
  PIF is playing a leading role in advancing Saudi Arabia’s economic transformation and diversification, as well as driving global economies and shaping the future of industries. Locally since 2017, PIF has created 94 new companies and created over 644,000 direct and indirect jobs.

• BlackRock to launch PIF-backed Saudi investment platform
  The world's largest asset manager BlackRock (BLK.N), opens new tab said on Tuesday it plans to launch a new investment platform in Saudi Arabia, backed by up to $5 billion from Saudi sovereign wealth fund the Public Investment Fund (PIF).
  BlackRock and PIF said they had signed a memorandum of understanding under which BlackRock would establish a Riyadh-based multi-asset investment platform, anchored by PIF's initial cash injection, subject to certain agreed milestones being hit.

• Saudi fund PIF’s managed assets hit $749bln in 2023

  Saudi Arabian sovereign wealth fund PIF's managed assets reached 2.81 trillion riyals ($749.2 billion) in 2023, state news agency SPA reported on Thursday. The kingdom's non-oil government revenue reached 457 billion riyals last year and non-oil activities accounted for 50% of real gross domestic product (GDP), SPA added. ($1 = 3.7505 riyals)

• Saudi PIF Merges Mobile Tower Firms to Create Regional Giant

  Saudi Arabia’s sovereign wealth fund agreed to buy a majority stake in Saudi Telecom Co.’s tower unit for 8.7 billion riyals ($2.3 billion) and plans to merge it with other local assets to create a new mobile tower giant.

  The Public Investment Fund will own 54% of the new venture while STC, as Saudi Telecom is known, will hold 43%, according to a filing on the Saudi stock exchange. The entity will combine towers unit Tawal with Golden Lattice Investment Co., which the PIF bought from Zain Saudi last year, and manage a portfolio of about 30,000 towers across five countries.

• Saudi’s PIF and STC agree deal to create region’s largest telecom tower company
  Saudi Arabia's sovereign wealth fund PIF has agreed to buy a 51% stake in Telecommunication Towers Company Ltd (TAWAL) from STC Group (7010.SE), opens new tab, paving the way for the creation of the region's largest telecom tower company, PIF and STC said on Monday. Under the agreement, PIF and STC will combine TAWAL and Golden Lattice Investment Company (GLIC) to set up a newly-formed company with around 30,000 mobile tower sites and estimated annual revenues of around $1.3 billion, they said in a joint statement.

• Saudi PIF-backed Savvy Games to invest more in mobile after ‘Monopoly Go’ success

  After seeing the major success of its mobile game Monopoly Go, Saudi Arabia’s Savvy Games Group plans to invest more in mobile game development and acquisitions, according to the company’s chief executive officer.

  Savvy, wholly owned by Saudia Arabia’s Public Investment Fund (PIF), agreed to buy mobile game maker Scopely for $4.9 billion last April, the same month the Monopoly title was released. Since then, the online iteration of the famous board game has grossed $2 billion in revenue.

• PIF-owned SITE and Korean AhnLab forge cybersecurity venture for Saudi market

  The Saudi market is poised to benefit from advanced cybersecurity solutions through a new venture established by a Public Investment Fund-owned company and Korean firm AhnLab. Saudi Information Technology Co., also known as SITE, will hold a 75 percent stake in the local joint venture to be set up in the Kingdom, with the East Asian-based company holding the remaining 25 percent, according to a press release. The new entity is expected to be launched during the first half of 2024, subject to customary regulatory approvals and the fulfillment of certain commercial conditions, it added.

• Luxury EV maker Lucid to raise $1 bln from Saudi’s PIF affiliate

  Ayar Third Investment Company, a PIF affiliate, will buy $1 billion in convertible preferred stock and will be able to convert the preferred stock into about 280 million shares, according to a filing with the U.S. securities regulator. The California-based company, which has been facing weaker-than-expected demand, said it intends to use the proceeds for corporate purposes and capital expenditure, among other things.

• Answering remaining questions about PGA Tour-Saudi PIF alliance

  An important step toward a potential peace accord in men's professional golf will take place Monday in the Bahamas when Yasir Al-Rumayyan, governor of Saudi Arabia's Public Investment Fund, is scheduled to meet player directors of the PGA Tour's policy board, including Tiger Woods. While the initial meeting might be nothing more than a meet-and-greet -- or a chance "to put a face to a name," as player director Adam Scott puts it -- it might be another step toward reuniting the fractured sport, which has been embroiled in controversy since the PIF helped launch the rival LIV Golf League in June 2022.

• 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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