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Public Investment Fund (PIF) News

Ma'aden has signed a contract with the Turkish company Tekfen Construction and Installation for approximately $234 million, for construction work in Wa'ad Al Shamal

Ma’aden signs $1bn contracts to develop industrial cities

Saudi mineral giant Ma’aden has signed three contracts worth a combined $922 million with foreign companies to develop a third phosphate fertiliser project. The majority state-owned Saudi mining company announced the agreements in a note to the Saudi bourse on Thursday, coinciding with the final day of the Future Minerals Forum in Riyadh. Ma’aden is […]

Saudi minister of industry and mineral resources Bandar Alkhorayef says the kingdom wants to help Pakistan with infrastructure

Saudi development fund might invest $100m in Pakistan mining

Saudi Arabia might invest more than $100 million in Pakistan’s mining infrastructure through its development fund to scale up operations to meet demand.  Minister of industry and mineral resources Bandar Alkhorayef also confirmed that mining company Manara Minerals, a joint venture between Saudi sovereign wealth fund the Public Investment Fund and miner Ma’aden, is interested in investing […]

Tesla Saudi Arabia

Tesla to enter Saudi Arabia within months

Elon Musk’s Tesla is set to launch in Saudi Arabia this quarter, marking its entry into one of the world’s largest oil-producing nations as it continues expanding across the Gulf, sources familiar with the plans told AGBI. The US electric vehicle maker will open sales through pop-up stores and establish a showroom and service centre, […]

PIF Dazn Diletta Leotta

PIF close to $1bn stake deal in sports network Dazn

Saudi Arabia’s Public Investment Fund is close to agreeing a deal to acquire a 10 percent stake in the UK-based global sports network Dazn.  The deal, which has been under discussion for more than a year, is said to be worth at least $1 billion, which would value the broadcaster at $10 billion, the New […]

The US is anxious to ensure that advanced chips from companies such as Nvidia do not end up in Russia or China

Tighter US chip rules offer challenges and opportunities

Despite fierce industry opposition, the White House on Monday further tightened the government’s grip on exports from the US of advanced semiconductors outside of fewer than 20 partner countries, none of them in the Middle East. However, some industry experts say, it is not all bad news for Gulf states such as the UAE and […]

Saudi Reinsurance has its headquarters in Riyadh. The PIF says its investment will help the reinsurer's growth

PIF acquires 23% stake in Saudi Reinsurance Company

Saudi Arabia’s Public Investment Fund has acquired a 23 percent stake in Saudi Reinsurance Company (Saudi Re) through a capital increase and subscription to new shares.  Reinsurance offers insurance companies insurance of their own, helping insurers manage their risks by absorbing some of their losses.  The investment will improve the reinsurer’s growth potential in the Saudi market […]

Alba, which was launched in 1971 and employs 3,200 people, is the oldest aluminium smelter in the Middle East

Alba and Ma’aden end merger discussions

Aluminium Bahrain (Alba) and the Saudi Arabian Mining Company (Ma’aden) have ended talks over a merger of the two Gulf manufacturing giants. Discussions had been taking place since last year and it had been hoped that a deal could be completed in the first quarter of 2025, according to Alba’s chief executive, Ali Al Baqali. […]

The opening of the sixth line of the Riyadh metro should be celebrated, but the country can do better with its economic growth

Balancing the Saudi books to improve growth

The sixth line of the Riyadh metro has now opened – a considerable achievement executed at unprecedented speed, according to architects and engineers interviewed by Valentina Pasquali. But the IMF is predicting growth in the Saudi economy of only 1.5 percent this year. Not so great. It is easy to be sceptical of macroeconomic forecasts, subject as they […]

Bahrain's Investcorp Capital is to invest in the $4.2 billion redevelopment of New York’s JFK International Airport’s Terminal 6

Middle East investors turn to airports for safe returns

Middle Eastern money is making its way into airports around the world as investment in aviation assets continues to catch the eye. Abu Dhabi Investment Authority (Adia), the UAE’s largest sovereign wealth fund, is the latest headline-grabber as its estimated $4 billion takeover bid as part of a consortium for Malaysia’s Airports Holdings was confirmed […]