Company Insights Public Investment Fund (PIF) Public Investment Fund (PIF) News Transport Shares in Saudi-backed EV maker Lucid tumble Shares in electric car manufacturer Lucid Group tumbled in pre-market trading on Thursday after Saudi Arabia-backed, loss-making company said it would issue further stock to bolster its ailing finances. Saudi Arabia has bet big on Lucid as part of its economic diversification programme, with plans afoot to build a manufacturing plant in the kingdom. Yet […] June 1, 2023 Aviation Boeing looks at selling 150 jets to Riyadh Air Boeing Co is looking at striking a deal to sell about 150 737 Max jetliners to Saudi Arabia’s Riyadh Air. The new carrier, wholly owned by the kingdom’s Public Investment Fund, is looking for about 300 to 400 single-aisle jets in total, Bloomberg News reported, citing informed sources. European plane manufacturer Airbus may also claim […] May 29, 2023 Health PIF-owned company aims to stub out smoking in Saudi Saudi Arabia’s Public Investment Fund (PIF) has launched a company that aims to cut smoking in the kingdom by a quarter by 2032. Badael will develop, manufacture and distribute tobacco-free alternatives which will help an estimated one million people make the switch from smoking, according to a statement. The initiative has the potential to save […] May 26, 2023 Energy Saudi Arabia to invest billions in Iraq, officials say Saudi Arabia will develop an Iraq gas field and invest $3 billion across various industries in the country, Iraqi officials said on Thursday, in a further sign of improving ties between the neighbours. Riyadh has endured a fraught relationship with Baghdad over the past two decades as Iraq fell under the increasing influence of Saudi’s […] May 26, 2023 Business of Sport Newcastle Utd’s shirt kicks off sponsorship rules debate Saudi Arabia’s sovereign wealth fund is believed to be in talks to award Newcastle United Football Club’s latest shirt sponsorship deal to a little known sports entity it owns. While the move means the country has decided to leave its major powerhouse brands on the bench, experts believe the deal may still fall foul of […] May 25, 2023 Analysis Economy New wave of Saudi spending is no cause for concern A spike in spending during the first quarter of 2023 is likely to lead to a “modest” full-year fiscal deficit for the Saudi government but room remains to make further outlays, experts say. The government recorded a deficit of nearly SAR3 billion ($800 million) in the period, driven by a 29 percent surge in spending, […] May 25, 2023 Analysis Neom Italy woos Saudi and other Gulf nations in trade drive Italy is courting Saudi Arabia to invest in a new fund, as the European country increasingly turns to the GCC to boost trade and investment volumes. Industry minister Adolfo Urso said Saudi was ready for further investments following a video call with the kingdom’s investment minister, Khalid Al Falih. Italy’s prime minister Giorgia Meloni plans […] May 25, 2023 Energy PIF energy company unveils $3.3bn solar projects A subsidiary of Saudi Arabia’s sovereign wealth fund is to develop three huge solar energy projects that aim to power about 750,000 homes in the kingdom. The Public Investment Fund (PIF)’s Water and Electricity Holding Company, known as Badeel, is working on the developments with ACWA Power. The state-owned Saudi Power Procurement Company has signed […] May 22, 2023 Tech Amsterdam game maker to open regional HQ in UAE Dutch mobile, PC and console games developer MY.GAMES will establish its regional headquarters in Abu Dhabi in partnership with UAE-based AD Gaming. The Amsterdam-headquartered company will hire and develop local game developers, Abu Dhabi Media Office said in a statement. The company’s Abu Dhabi-based team will work on more than 70 games across AD Gaming’s […] May 22, 2023 Analysis Finance Saudi fund buys into US gaming and e-payments firms Saudi Arabia’s sovereign wealth fund has bought shares in gaming, electronic payment and alternative energy companies, increasing the value of its US holdings by 14 percent in the first three months of this year. The total value of holdings held by the Public Investment Fund (PIF) in US listed companies was $35.52 billion as of […] May 18, 2023 Posts navigation Previous 1 … 75 76 77 … 95 Next
Transport Shares in Saudi-backed EV maker Lucid tumble Shares in electric car manufacturer Lucid Group tumbled in pre-market trading on Thursday after Saudi Arabia-backed, loss-making company said it would issue further stock to bolster its ailing finances. Saudi Arabia has bet big on Lucid as part of its economic diversification programme, with plans afoot to build a manufacturing plant in the kingdom. Yet […] June 1, 2023
Aviation Boeing looks at selling 150 jets to Riyadh Air Boeing Co is looking at striking a deal to sell about 150 737 Max jetliners to Saudi Arabia’s Riyadh Air. The new carrier, wholly owned by the kingdom’s Public Investment Fund, is looking for about 300 to 400 single-aisle jets in total, Bloomberg News reported, citing informed sources. European plane manufacturer Airbus may also claim […] May 29, 2023
Health PIF-owned company aims to stub out smoking in Saudi Saudi Arabia’s Public Investment Fund (PIF) has launched a company that aims to cut smoking in the kingdom by a quarter by 2032. Badael will develop, manufacture and distribute tobacco-free alternatives which will help an estimated one million people make the switch from smoking, according to a statement. The initiative has the potential to save […] May 26, 2023
Energy Saudi Arabia to invest billions in Iraq, officials say Saudi Arabia will develop an Iraq gas field and invest $3 billion across various industries in the country, Iraqi officials said on Thursday, in a further sign of improving ties between the neighbours. Riyadh has endured a fraught relationship with Baghdad over the past two decades as Iraq fell under the increasing influence of Saudi’s […] May 26, 2023
Business of Sport Newcastle Utd’s shirt kicks off sponsorship rules debate Saudi Arabia’s sovereign wealth fund is believed to be in talks to award Newcastle United Football Club’s latest shirt sponsorship deal to a little known sports entity it owns. While the move means the country has decided to leave its major powerhouse brands on the bench, experts believe the deal may still fall foul of […] May 25, 2023
Analysis Economy New wave of Saudi spending is no cause for concern A spike in spending during the first quarter of 2023 is likely to lead to a “modest” full-year fiscal deficit for the Saudi government but room remains to make further outlays, experts say. The government recorded a deficit of nearly SAR3 billion ($800 million) in the period, driven by a 29 percent surge in spending, […] May 25, 2023
Analysis Neom Italy woos Saudi and other Gulf nations in trade drive Italy is courting Saudi Arabia to invest in a new fund, as the European country increasingly turns to the GCC to boost trade and investment volumes. Industry minister Adolfo Urso said Saudi was ready for further investments following a video call with the kingdom’s investment minister, Khalid Al Falih. Italy’s prime minister Giorgia Meloni plans […] May 25, 2023
Energy PIF energy company unveils $3.3bn solar projects A subsidiary of Saudi Arabia’s sovereign wealth fund is to develop three huge solar energy projects that aim to power about 750,000 homes in the kingdom. The Public Investment Fund (PIF)’s Water and Electricity Holding Company, known as Badeel, is working on the developments with ACWA Power. The state-owned Saudi Power Procurement Company has signed […] May 22, 2023
Tech Amsterdam game maker to open regional HQ in UAE Dutch mobile, PC and console games developer MY.GAMES will establish its regional headquarters in Abu Dhabi in partnership with UAE-based AD Gaming. The Amsterdam-headquartered company will hire and develop local game developers, Abu Dhabi Media Office said in a statement. The company’s Abu Dhabi-based team will work on more than 70 games across AD Gaming’s […] May 22, 2023
Analysis Finance Saudi fund buys into US gaming and e-payments firms Saudi Arabia’s sovereign wealth fund has bought shares in gaming, electronic payment and alternative energy companies, increasing the value of its US holdings by 14 percent in the first three months of this year. The total value of holdings held by the Public Investment Fund (PIF) in US listed companies was $35.52 billion as of […] May 18, 2023
