Banking & Finance Saudi wealth fund’s returns hit 25% in 2021 as markets recover By Pramod Kumar September 28, 2022, 5:31 AM Reuters/Ahmed Yosri The kingdom is currently in talks with more banks as it aims to get advisers on board for Aramco's upcoming IPO The Public Investment Fund (PIF), the Saudi sovereign wealth fund, offered 25 percent returns to shareholders last year as global stock markets rebounded, Bloomberg reported, citing the fund’s prospectus for its debt green bond sale. Investor returns more than doubled from an annual average of 12 percent between 2017 and 2020. However, 2021 returns matched the S&P 500 Index, which rallied 27 percent higher last year. PIF’s shareholders’ profit declined to SAR 81.8 billion ($21.75 billion) in 2021 from SAR 212.7 billion a year earlier due to discontinued operations. Revenue grew to SAR 228.2 billion from SAR 179 billion a year earlier. According to the report, PIF made a one-off gain in 2022 from its stake sale in Saudi-listed Saudi Basic Industries Corporation (Sabic) for nearly $70 billion.
Transport Morocco to invest $4bn in airport expansion Morocco will invest MAD42 billion ($4.1 billion) in airport expansion by 2030, the country’s transport and logistics minister has said. The investment aligns with the strategy to strengthen the country’s airports as a global gateway, Morocco World News reported citing Abdessamad Kayouh. The investments intend to modernise major airports, including Casablanca, Rabat, Tangier, Marrakesh, Fez, […] 3 hours ago
Energy Oil slips after Trump calls on Opec to lower prices Oil prices were down on Friday after newly inaugurated US President Donald Trump on Thursday drew a direct link between persistently high inflation and global oil prices during video remarks before the World Economic Forum in Davos, Switzerland. Trump said he intends to address the problem by boosting domestic production and by asking “Saudi Arabia […] 3 hours ago
Finance Global trade will grow in 2025 despite tariff threats, says UAE minister Global trade is expected to grow in 2025 despite threats by US President Donald Trump to impose new import tariffs, UAE’s minister of state for foreign trade Thani Al Zeyoudi has said. The momentum in foreign trade and global trade is growing, he told Bloomberg Television at the World Economic Forum in Davos, Switzerland. “Trump is […] 3 hours ago
Infrastructure Etihad Rail train to link Abu Dhabi and Dubai in 30 minutes Authorities from Abu Dhabi and Dubai formally unveiled plans on Thursday for a high-speed passenger rail link that will reduce travel between the two cities to 30 minutes. Spearheaded by Etihad Rail, the train service will reach speeds of up to 350km/h, and “pass through key strategic destinations and tourist attractions”, an Abu Dhabi media […] 9 hours ago
