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Sanabil SILQ

Sanabil leads $110m funding for Saudi-Bangladesh startup

Sanabil Investments, a venture capital arm of Saudi Arabia’s Public Investment Fund, has made its first investment in South Asia. The PIF unit and the US venture capital fund Valar Ventures, which was co-founded by Peter Thiel, the co-founder of Paypal, are jointly leading the $110 million funding round for SILQ Group, a new e-commerce platform, […]

Saudi minister of industry and mineral resources Bandar Al-Khorayef at the inauguration of Lucid Motor's first EV manufacturing plant in Saudi Arabia

PIF-owned Lucid raises new funds to repay debt

US electric vehicle maker Lucid Motors, majority-owned by Saudi Arabia’s Public Investment Fund (PIF), has raised $1.1 billion in new funding to repay existing debt. The EV maker has received $1.1 billion through convertible senior notes, debt which can be converted into shares, due in 2030, according to a company statement.  Lucid will use $936 […]

The discoveries will strengthen Saudi Arabia's ability to meet both domestic and global energy demand for decades, said energy minister Prince Abdulaziz bin Salman

Saudi Aramco discovers 14 new oil and gas fields

Saudi Aramco, the state-controlled oil major, has discovered 14 oil and natural gas fields and reservoirs in the Eastern Region and the Empty Quarter, according to Prince Abdulaziz bin Salman, the energy minister. The discoveries include six fields and two reservoirs of oil, as well as two fields and four reservoirs of natural gas, state-run SPA news […]

Saudi Aramco has signed an agreement with Sinopec and Yasref for petrochemical expansion

Aramco and Sinopec move ahead with petrochemical expansion

Saudi Aramco says it has signed an agreement to move forward with expanding a petrochemical complex on the west coast of Saudi Arabia. The oil major, which trades on the Saudi stock exchange, has signed a venture framework agreement with China Petroleum & Chemical Corporation (Sinopec) and Yanbu Aramco Sinopec Refining Company (Yasref) to carry out engineering […]

A Lynas worker walks past sacks of rare earth concentrate. Australia's Lynas is one of Ma'aden's partners under consideration

Ma’aden seeks foreign partner for rare earth processing

Saudi Arabia’s flagship mining company Ma’aden is considering choosing at least one of four foreign companies to form a rare earths processing partnership, three sources with knowledge of the matter said, as the kingdom bids to become a global critical minerals hub. Ma’aden is weighing a partnership with US-based MP Materials, China’s Shenghe Resources, Australia’s Lynas […]

AviLease will provide Turkish Airlines with a total of eight planes

PIF-backed AviLease agrees Turkish Airlines rentals

Saudi Arabia’s Aircraft Leasing Company (AviLease) has signed long-term leases with state-owned Turkish Airlines for Airbus A320neo aircraft.  Two of the aircraft have already been delivered, with the remaining six scheduled for delivery throughout 2025, the airline said in a statement. Riyadh-based AviLease’s CEO Edward O’Byrne, said these aircraft will support Turkish Airlines’ growth plans and […]

PIF subsidiary Salic increased its stake in Brazilian beef exporter Miverva to 33.83 percent from 25.5 percent in 2020

PIF unit backs Brazilian beef exporter’s capital top-up

Salic International Investment Company, a subsidiary of Saudi Arabia’s Public Investment Fund, and Brazil’s VDQ Holdings have committed to a rights issue by Minerva, a beef exporter seeking to raise new capital. As part of the deal, the two companies, which own stakes in Minerva, have guaranteed a minimum 1 billion reais ($169 million) to […]