BlackRock Saudi Arabia and the Public Investment Fund (PIF) of Saudi Arabia have solidified their commitment to enhancing the Saudi capital markets ecosystem through a first-of-its-kind partnership. This collaboration involves the establishment of BlackRock Riyadh Investment Management (BRIM), which will operate from Riyadh and focus on managing diverse asset classes for the Saudi market. The […]
In a historic move, Tamara, the leading fintech platform in Saudi Arabia and the GCC region, has become the Kingdom’s first homegrown fintech unicorn. This remarkable achievement comes with the completion of a $340 million Series C equity funding round, marking a significant moment in the region’s financial technology sector. Record-Breaking Series C Funding Led […]
The Public Investment Fund (PIF) has announced its investment in Alkhorayef Petroleum, from the Alkhorayef Group, through a share subscription agreement for a 25% shareholding. The remaining 75% stake will be retained by Alkhorayef Group, the parent company. Strategic Goals of the Investment This investment by PIF is part of a broader initiative to enhance […]
A groundbreaking agreement has been solidified between the Public Investment Fund (PIF) of Saudi Arabia and Hyundai Motor Company (Hyundai), aiming to set up a state-of-the-art automated vehicle manufacturing facility in Saudi Arabia. With an anticipated investment surpassing $500 million, PIF will dominate a 70% ownership, leaving Hyundai with 30% and a pivotal role as […]
Standard Chartered Group has announced the sale of its global aviation finance leasing business to AviLease, a Saudi Arabian company owned by the Public Investment Fund, for an initial cash consideration of $700m. The deal is part of Standard Chartered’s broader strategy to focus on its core businesses and follows an announcement made in January […]
In a monumental step for Saudi Arabia’s renewable energy vision, leading energy player ACWA Power, in collaboration with the Water and Electricity Holding Company (Badeel) – under the Public Investment Fund (PIF) – and Saudi Aramco Power Company (SAPCO), has announced the successful financial close of the Al Shuaibah 1 and Al Shuaibah 2 solar […]
Vale, a global leader in the metals industry, has entered into a binding agreement with Manara Minerals, a joint venture between Ma’aden and Saudi Arabia’s Public Investment Fund. Simultaneously, investment firm Engine No. 1 has agreed to invest under identical terms in Vale Base Metals Limited (VBM), the holding entity for Vale’s energy transition metals […]
CENTOGENE, a provider of data-driven solutions for rare and neurodegenerative diseases, and Lifera, a biopharmaceutical company owned by the Public Investment Fund (PIF), have announced the formation of a joint venture (JV) with an aim to revolutionize genetic testing in the Gulf Cooperation Council (GCC) region. The strategic collaboration is geared towards broadening regional access […]
The Public Investment Fund (PIF), a sovereign wealth fund of Saudi Arabia, has acquired a 30% interest in the Saudi Tabreed District Cooling Company, a district cooling service provider, for a reported consideration of $250 million. The acquisition anticipates to support PIF’s strategy to grow and develop the local utilities and low-carbon sectors as well […]
Saudi Aramco has obtained unconditional approval from the European Commission (EC) for its previously announced acquisition of a 70% stake in Saudi Basic Industries Corporation (SABIC) from the Public Investment Fund (PIF) of Saudi Arabia for SAR 259.12 billion ($69 billion). The acquisition, which was announced a year ago, has all the unconditional approvals in […]