Skip to content Skip to Search
Skip navigation

Saudi wealth fund set to close $11bn refinance deal

Car, Transportation, Vehicle Lucid
The Public Investment Fund owns stake in luxury electric-vehicle group Lucid

Saudi Arabia’s Public Investment Fund (PIF) will refinance an $11 billion loan and significantly increase the borrowing size, Bloomberg reported, citing people familiar with the matter.

The sovereign wealth fund will use a significant portion of the loan to refinance debt maturing next year.

The final terms are yet to be decided, the report said.

In 2018, the PIF took its first-ever $11 billion loan, provided by some of the biggest global lenders and priced at 75 basis points over LIBOR. 

In Q2 2022, the PIF took new stakes in 17 companies, bringing the value of its investments in US equities to $41 billion. 

The fund, which manages more than $620 billion in assets globally, invested $464 million in Google parent company Alphabet, $507 million in the video conferencing company Zoom, and $474 million in Microsoft. 

Latest articles

Passengers at Muscat International Airport. Oman plans for it to be joined by six more locations

Oman plans 6 new airports in tourism push

The majority of Oman’s six new airports are expected to be operational by 2028 and 2029, as part of the government’s initiative to promote tourism, a senior government official has said. Work is under way on designing the new projects, which will increase the number of airports to 13, Naif Al Abri, chairman of the Civil […]

The under-construction Golden Pass LNG facility in Texas

Builder of Qatar-Exxon LNG facility files for bankruptcy

Zachry Holdings, the lead contractor on the QatarEnergy and ExxonMobil Golden Pass LNG project in Texas, has filed for Chapter 11 bankruptcy protection. Zachry Holding’s share of the $10 billion Golden Pass project is valued at $5.8 billion. The company said it is pursuing a “structured exit”. “Because we have been unable to find a […]

The new East Africa cloud service will give customers access to secure, high-speed cloud and AI services across the region

G42 and Microsoft to invest $1bn in Kenya data centre

Abu Dhabi-based artificial intelligence (AI) company G42 has partnered with US tech giant Microsoft to invest $1 billion in a green data centre in Kenya. The data centre, which will be built by G42 and its partners, will provide access to Azure – a computing platform developed by Microsoft – through a new East Africa cloud region. […]

Turkish Airlines flew 18.5 million passengers from January to March 2024, up 8.4 percent annually

Turkish Airlines revenue rises 10% to nearly $5bn

Revenue at Turkey’s national carrier Turkish Airlines rose 10 percent year on year in the first quarter of 2024 to $4.8 billion, driven by growing passenger numbers. Turkish Airlines flew 18.5 million passengers from January to March, up 8.4 percent annually, it said in its latest investor presentation. Passenger revenue climbed 5 percent year on year […]