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  • PIF-owned Amaala awards almost $1bln in contracts – Al Eqtisadiah

    Saudi sovereign fund's Amaala announced that it has awarded more than 230 contracts with a total value of SR3.6 billion ($959.8 million) to local and international companies, Al Eqtisadiah reported. Around 78 percent of the contracts were awarded to Saudi companies as part of their commitment to megaprojects Saudi Vision 2030 and contributing to the Saudi economy, the company said in a tweet.

  • Saudi Arabia to merge PIF-backed Red Sea tourism project developers to cut costs

    The Red Sea Development Company (TRSDC) and Amaala, owned by the kingdom's sovereign wealth fund, the Public Investment Fund, are developing adjacent mega projects on the country's west coast. They will soon be unified under the "Red Sea Group" to increase efficiencies, John Pagano, who is chief executive of both companies, said in an interview on Tuesday.

  • Saudi wealth fund PIF to issue green debt soon, says governor

    Saudi Arabia's sovereign wealth fund plans to announce soon its first green debt deal, with borrowing linked to sustainability, the Public Investment Fund's governor told a virtual event. "We will be the first sovereign wealth fund in the world to announce this green issuance," Governor Yasir al-Rumayyan told an event on Tuesday held alongside the United Nations General Assembly.

  • PIF Invests in Former Treasury Secretary Mnuchin’s Private Equity Fund

    Steve Mnuchin, a former Goldman Sachs executive who served as U.S. Treasury secretary during the Trump administration, has raised $2.5 billion at his private equity firm, according to a Bloomberg News report here on Monday. Most of the money raised for Washington D.C.-based Liberty Strategic Capital came from sovereign wealth funds in the Middle East, including Saudi Arabia’s Public Investment Fund, the report added, citing people familiar with the matter.

  • Saudi Arabia to Combine PIF-Backed Red Sea Coast Developers

    The Red Sea Development Co. will take over Amaala, both owned by the country’s Public Investment Fund and building adjacent tourist destinations, John Pagano, chief executive officer of both companies, said in an interview Monday. He declined to give financial details.

  • PIF offers to buy 60% stake in Zain Saudi’s towers

    The Public Investment Fund, Saudi Arabia's sovereign fund, has made a non-binding offer to buy a 60% stake in the towers of Kuwaiti-backed Zain KSA (7030.SE), while two other investors offered to buy another 20% stake, valuing the towers at $807 million, Zain said on Tuesday. Zain KSA, which will keep a 20% stake, plans to sell its passive, physical towers infrastructure and retain all other wireless communication antennas, software, technology, and IPs, it said in a statement.

  • Saudi Arabia’s PIF hires banks to advise on ESG

    Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), has hired five international banks as members of an environmental, governance and social (ESG) panel for its medium-term capital-raising strategy, IFR News reported on Monday. Sources told Reuters in July that PIF sent banks a request for proposals to help it set up an ESG framework that would allow it to expand its funding base by attracting ESG-focused investors.

  • Emaar The Economic City debt conversion gives Saudi PIF 25% stake

    Saudi Arabia's sovereign wealth fund PIF will hold a 25% stake in Emaar The Economic City (EEC) (4220.SE) after the company issues 283.3 million new ordinary shares to PIF in lieu of the fund repaying the Saudi finance ministry a loan for EEC, EEC said on Thursday.

  • PIF-Backed ACWA Power to Seek Over $1 Billion in Saudi IPO

    While ACWA runs many natural gas-fired power plants, the Saudi government plans to make it the main vehicle for the kingdom’s major solar and green-hydrogen projects. ACWA is part of a consortium, along with U.S.-based AirProducts and Chemicals Inc., developing a $5 billion plant that will export green hydrogen from the new city of Neom. It’s also building a renewable power project for the kingdom’s Red Sea Development Co

  • Saudi Arabia’s PIF raises stake in U.S. game maker Activision by 13.3 percent

    The Public Investment Fund (PIF) bought 4.4 million shares in the video game maker in the second quarter, according to a Securities and Exchange Commission filing. PIF, which did not immediately respond to a comment request on the filing, is at the centre of Saudi Arabia's plans to transform the economy by creating new sectors and diversifying revenues away from oil.