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Public Investment Fund (PIF)

Public Investment Fund (PIF) News

Middle Eastern carriers reported a 14 percent year-on-year demand growth for air cargo in June, according to Iata

PIF plans new cargo airline to take on UAE and Qatar

Saudi Arabia’s Public Investment Fund (PIF) is planning to launch a new cargo airline to compete with the logistics dominance of the UAE and Qatar, a news report said. The sovereign wealth fund is in early discussions with Boeing and Airbus about purchasing or leasing freighters, Bloomberg reported, citing informed sources.  The proposed new cargo […]

Saudi holdings of US treasuries rose by $4 billion to take advantage of US interest rates

Saudi forex assets fall but US Treasury holdings rise

Saudi Arabia’s net foreign assets fell by $15.2 billion month on month in July, but the kingdom’s US Treasuries holdings shot up by another $4 billion in June, new data showed this week.  The Saudi central bank’s net foreign assets decreased from SAR1.67 trillion ($445.3 bn) in June to SAR1.613 trillion in July, preliminary data […]

Traffic on King Fahd road in Riyadh. The Saudi government wants 15% of public transport vehicles to be autonomous

Driverless cars for Saudi officials by next year

Saudi Arabia has launched a project for driverless cars which could result in government agencies using them as early as next year.  The government is installing smart communication devices along roadways that interact with autonomous vehicles, the official Saudi Press Agency said, announcing a new Saudi Road Code.  “These devices provide real-time road condition data, […]

USA fans cheer during a Concacaf Nations League match. The country will co-host the 2026 Fifa World Cup with two other Concacaf members, Canada and Mexico

Saudi Arabia adds soccer in North America to sports portfolio

Saudi Arabia has added the Confederation of North, Central America and Caribbean Association Football (Concacaf) to its squad of sporting investments. The kingdom’s sovereign wealth fund has partnered with the regional governing body for soccer “to support the growth of the sport at all levels”. The Public Investment Fund will sponsor football development initiatives, with […]

The Saudi PIF phase IV Haden photovoltaic project is expected to commence commercial operations by early 2027

China wins $972m contract for new Saudi solar plant

A Chinese state-backed consortium has won a $972 million engineering, procurement and construction (EPC) contract to build a two-gigawatt (GW) solar project near Mecca in Saudi Arabia. The Saudi PIF phase IV Haden photovoltaic project is being developed by Buraiq Renewable Energy Company, a joint venture between Acwa Power, the Public Investment Fund and Saudi […]

Customers queue at a Starbucks in Jeddah airport. Saudi wealth fund PIF has decreased its Starbucks call options by 138,800 shares

PIF cuts down on Starbucks and goes for chips in US rejig

Saudi Arabia’s Public Investment Fund has adjusted its US equities portfolio, including trimming its call options on Starbucks. The global coffee chain has faced boycott calls over its perceived pro-Israel stance in the ongoing Gaza conflict, a claim it denies. In its latest Securities and Exchange Commission filing, PIF decreased its Starbucks call options by […]

Saudi Ground Services will provide ground handling services for all Riyadh Air flights at King Khalid International Airport

Riyadh Air awards $400m ground handling contract

Riyadh Air, Saudi Arabia’s new national carrier, has awarded a SAR1.5 billion ($400 million) ground handling services contract in the kingdom as it gears up to launch operations next year. The 4.5-year contract, with an option for a two-year extension, was awarded to Saudi Ground Services Company, which trades on the Saudi stock exchange. Under […]

Gulf companies returned an average dividend yield of 3.5% and the majority to declare returns for Q2 have been Saudi

Saudi blue-chips help Gulf dividends dwarf global average

Saudi companies form the bulk of Gulf businesses that have announced second quarter dividends, but it is the Commercial Bank of Kuwait that provided the highest dividend yield. Saudi Aramco, Bahrain’s Batelco and Dubai’s Tecom Group are other standouts by this metric.  Of the listed Gulf companies with a market capitalisation of more than $1 […]

Khalid Al Falil, Saudi Arabia's investment minister, said the legal reforms were building 'on an extensive diversification agenda'

Riyadh revamps investment law as it seeks giga-project cash

Saudi Arabia has updated its investment laws as it looks to attract more private sector funding for giga-projects. The update, announced on Sunday, pulls together Vision 2030 reforms and the National Investment Strategy under one framework. It aims to provide investors with “greater transparency, flexibility and confidence”, according to a government statement. Saudi Arabia has […]

Maaden profit up three-fold on higher commodity prices

Maaden, Saudi Arabia’s largest miner, reported a three-fold surge in net profits supported by higher commodity prices and lower raw material costs. The second-quarter 2024 earnings rose to SAR1.02 billion ($260 million) from SAR351 million in the year-earlier period. In addition, an insurance claim of SAR270 million and a one-off severance charge of SAR192 million […]