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  • Aramco, PIF dividends, consolidation help Saudi to ease fiscal balance

    The large fiscal consolidation measures introduced in May, sizeable Saudi Aramco and Public Investment Fund (PIF) dividends, as well as curbing of expenditure helped the kingdom contain deterioration in fiscal balance in 2020, according to a BofA Global Research report.

  • PIF unit makes Saudi Arabia’s largest ever private military industry deal

    The deal is in line with Saudi Arabia’s Vision 2030 reform plan to localize over 50 percent of military equipment spending. Currently around 85 percent of AEC’s employees are Saudi nationals, including 500 engineers.

  • Saudi sovereign fund PIF says total staff count crossed 1,000 in December

    The sovereign fund, which had around 40 employees in 2016, told Reuters in an email that 80 new recruits have been drawn from this year’s cohort of its Graduate Development Program.

  • Saudi sovereign fund PIF seeks loan of up to $7 billion

    Saudi Arabia’s sovereign wealth fund is seeking a loan of up to $7 billion from banks, its third such debt raising since 2018, two sources familiar with the matter said. The move comes three months after it paid back a $10 billion bridge loan raised last year. Over the last two years, banks have lent billions to the fund, which is the engine of Crown Prince Mohammed bin Salman’s economic transformation plans for Saudi Arabia.

  • Saudi crown prince says PIF to inject $40 billion annually in economy in 2021, 2022

    Saudi Arabia’s Crown Prince Mohammed bin Salman said the kingdom’s sovereign wealth fund, the Public Investment Fund, (PIF) will inject 150 billion riyals annually ($40 billion) into the economy in 2021 and 2022, and has become a key growth driver. The fund is the main vehicle for boosting Saudi Arabian investments at home and abroad as the young prince, known in the West as MbS, seeks to diversify the kingdom’s oil-heavy economy through his Vision 2030 strategy. “Economic diversification is key to the kingdom’s sustainability, and we are working hard to achieve this through PIF investments in tourism, sports, industry, agriculture, transportation, mining, space and other sectors,” he said in a statement published by the Saudi Press Agency (SPA).

  • Saudi Arabia’s PIF Continues to Invest in Indian Companies

    Saudi Arabia’s Public Investment Fund (PIF) is continuing to focus on acquisitions in the Indian private sector. It recently invested $500 million (SAR 1.88 billion) in the Digital Fiber Infrastructure Trust (DFIT).

  • Saudi PIF in talks to buy stake in UAE supermarket chain Lulu – sources

    Lulu operates shopping centres, hypermarkets and other businesses with an annual turnover of $7.4 billion, according to its website. It has operations in Saudi Arabia and other Gulf states as well as in Egypt, India, Indonesia and Malaysia.

  • PIF-backed Tatweer’s CEO says EdTech in Saudi Arabia offers ‘big opportunity’

    Education technology (EdTech) in Saudi Arabia offers huge opportunities, and the amount being spent on the sector is increasing globally. Abdullah Al Tamimi, CEO, Tatweer Educational Technologies, which is owned by Saudi’s Public Investment Fund (PIF), told the EduTech Digital Summit that billions of dollars are being spent on edtech solutions globally.

  • PIF sets up 26 wholly-owned firms to boost Saudi economy

    Saudi sovereign wealth fund Public Investment Fund (PIF) established 26 fully-owned subsidiaries during the past few years in a bid to drive the kingdom’s economic growth in various fields and support emerging sectors in line with the National Vision 2030. The announcement was made by the PIF on Sunday on its official Twitter account. The PIF leads the Saudi transformation plan aiming to diversify the GCC nation's economy within the framework of the National Transformation Plan 2020.

  • Saudi PIF Ranks 8th Among World’s Top SWFs With $390b Assets

    Saudi Arabia’s Public Investment Fund (PIF) maintained its 8th position among the world’s largest sovereign wealth funds (SWFs) for September 2020, recent data from SWF Institute showed. The Kingdom’s sovereign wealth fund assets increased by $30 billion to $390 billion, hovering near a targeted level of $400 billion by the end of 2020.