BlackRock and PIF set to transform Saudi capital markets with new investment platform

BlackRock and PIF set to transform Saudi capital markets with new investment platform

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 […]

Tamara becomes first Saudi fintech unicorn with $340m Series C funding

Tamara becomes first Saudi fintech unicorn with $340m Series C funding

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 […]

Saudi’s PIF to invest in Alkhorayef Petroleum for 25% stake

Saudi’s PIF to invest in Alkhorayef Petroleum for 25% stake

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 […]

Hyundai Motor, PIF ink $500m deal for automated vehicle plant in Saudi Arabia

Hyundai Motor, PIF ink $500m deal for automated vehicle plant in Saudi Arabia

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 to sell aviation finance business to AviLease for $700m

Standard Chartered to sell aviation finance business to AviLease for $700m

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 […]

Al Shuaibah solar PV projects : ACWA Power-led consortium announces financial closure

Al Shuaibah solar PV projects : ACWA Power-led consortium announces financial closure

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 secures strategic investments for energy transition metals business

Vale secures strategic investments for energy transition metals business

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, Lifera form genetic testing JV in Saudi Arabia and GCC

CENTOGENE, Lifera form genetic testing JV in Saudi Arabia and GCC

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 […]

PIF acquires 30% stake in cooling system developer Saudi Tabreed

PIF acquires 30% stake in cooling system developer Saudi Tabreed

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 […]

EC approves Saudi Aramco’s $69bn stake acquisition in SABIC

EC approves Saudi Aramco’s $69bn stake acquisition in SABIC

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 […]