Real Estate Seven awards $346m contract for new entertainment venue Saudi Arabian developer Seven is investing SAR1.3 billion ($346 million) to develop a new entertainment destination in the Jazan region. The development has been awarded to Riyadh-based Alfanar Projects. Located adjacent to the North Corniche Park along Jazan’s waterfront, it will span more than 60,000 sq m, with 73,000 sq m of built-up space. Designed […] December 18, 2024
Finance PIF ‘interested in Newcastle Airport stake’ Saudi Arabia’s Public Investment Fund (PIF) is understood to be interested in buying a minority stake in Newcastle airport, UK media say. The sovereign wealth fund is believed to be the frontrunner in a deal to buy the 49 percent shareholding owned by Infrabridge, a global infrastructure investment company based in Florida, The Times reports. […] December 17, 2024
Finance Mubadala and Carlyle launch partnership Abu Dhabi sovereign fund Mubadala and a subsidiary of US investment firm Carlyle have launched a partnership to lend to private equity companies worldwide. Mubadala, which has $302 billion in assets under management, and AlpInvest Partners have already completed their first deal, according to a statement by the Abu Dhabi institution. The partnership will provide […] December 13, 2024
Aviation PIF acquires 15% stake in London’s Heathrow airport Saudi Arabia’s Public Investment Fund (PIF) has acquired a 15 percent stake in FGP TopCo, the holding company of Heathrow Airport Holdings. The stake was purchased from Spanish infrastructure giant Ferrovial and other FGP TopCo shareholders. Simultaneously, Ardian, a Paris-headquartered private equity fund, has acquired 22.6 percent of FGP TopCo from the same shareholders through a […] December 13, 2024
Finance $500bn QIA to go ‘aggressive’ and close big deals says CEO The $500-billion Qatar Investment Authority (QIA) will be investing more “aggressively” and closing more “big-ticket” deals, according to a news report. Mohammed Al-Sowaidi, the fund’s new chief executive officer, told the Financial Times that QIA will invest with “more frequency” and undertake a review of its investment strategy. The fund remains bullish on the US, […] December 12, 2024
Business of Sport PIF close to $1.5bn stake in PGA commercial arm Saudi Arabia’s Public Investment Fund is close to agreeing a deal to acquire a minority stake in PGA Tour Enterprises, the tour’s commercial arm. The sovereign wealth fund is aiming to acquire a stake of around 6 percent as part of the deal, Bloomberg reported. The investment will amount to $1.5 billion, the Wall Street […] December 11, 2024
Finance ADQ in bid to buy Spanish waste company, reports say ADQ, an Abu Dhabi sovereign wealth fund, has joined buyout groups Blackstone and EQT for the second round of bids to buy Spanish waste management company Urbaser, Spain’s Expansion newspaper said on Tuesday. Urbaser’s owner, private equity firm Platinum, hired Citi and Santander as advisors for the sale earlier this year in a deal that could value the company at […] December 11, 2024
Tourism PIF sets up company to develop Saudi hotel brands Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has launched Adeera, a hotel management company. The aim is to develop homegrown Saudi hotel brands and help the kingdom achieve its goal of attracting 150 million annual tourists. Adeera has been described as “a national champion” that will build new world-class Saudi hotel brands […] December 11, 2024
Analysis Business of Sport Saudi Arabia expands global reach with 900 sports deals Saudi Arabia’s vast number of sports sponsorship deals, now in excess of 900, are part of the kingdom’s strategy to diversify away from oil but their long-term success will not be known for some time to come, experts have said. Play the Game, a publicly funded sports ethics institute in Denmark, compiled a list of […] December 9, 2024
Finance Mubadala to focus on Asia investments says CEO Abu Dhabi wealth fund Mubadala Investment Company will focus on investments across Asia, CEO and managing director Khaldoon Al Mubarak has said. “Asia in general, we are under-invested,” Reuters reported, quoting Al Mubarak at the Milken Institute Middle East and Africa summit. “You have to take a very strong view on India, you have to […] December 9, 2024
Food & Drink ‘World first’ date soft drink launched by PIF subsidiary A soft drink made from dates has been launched by Al Madinah Heritage Company, a subsidiary of Saudi Arabia’s Public Investment Fund. Milaf Cola, which is claimed to be the world’s first commercial soft drink made from dates, uses only premium fruit and contains no added sugar. Dates have historically been used in Middle Eastern beverages […] December 6, 2024
Economy PIF secures $10bn from French export credit agency Saudi Arabia’s Public Investment Fund has signed an agreement with Bpifrance Assurance Export, a French export credit agency, to seek funding for up to $10 billion. The five-year pact will focus on projects supporting Vision 2030 and is aligned with the fund’s strategy to grow build long-term global partnerships. The agreement will unlock new opportunities for French […] December 6, 2024
Tech Mubadala-led group buys stake in US company Zelis A consortium led by Abu Dhabi’s Mubadala Investment Company is to acquire a minority stake in Zelis, a US-based financial technology company. The other partners are Norwest and HarbourVest. Parthenon and Bain Capital remain the majority owners in Zelis. Zelis is helping to streamline the US healthcare financial experience, which is complex and needs technology-driven solutions, […] December 5, 2024
Gaming PIF continues to trim stake in Japan’s Nintendo The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, has further reduced its holding Japanese gaming company Nintendo. In the latest move, PIF cut its holding to 5.26 percent from 6.3 percent, the second reduction this month. The fund lowered its stake to 6.3 percent from 7.5 percent on November 13. The news comes despite comments […] December 3, 2024
Trade Oman and Turkish pension fund launches $500m JV A new container port in the southern Turkish city of Iskenderun is to be the first project in a joint venture worth $500 million between one of Turkey’s leading retirement funds and Oman’s sovereign wealth agency. The Oman Investment Authority (OIA) and the Turkish military pension fund Oyak plan to invest in a range of […] December 3, 2024
Finance Qatar-backed consortium in play for Hong Kong’s ESR A consortium including Qatar Holding is planning to take Hong Kong-listed real estate fund manager ESR private, with the deal valued at more than $7 billion, according to Reuters. ESR stopped trading of its shares on Friday, “pending the release of an announcement in relation to inside information of the company”, it said in a […] November 29, 2024
Analysis Agriculture Down on the farm, Saudi Arabia has a $9.8bn hole to fill The Saudi government is stepping up efforts to attract investors to its agriculture sector after identifying a funding gap of SAR37 billion ($9.8 billion). The Ministry of Environment, Water and Agriculture says there are investment opportunities in plant and animal production, as well as fisheries, processing, manufacture of agricultural products and infrastructure development. Saudi Arabia […] November 28, 2024
Banking & Finance QIA invests in owner of McDonald’s China The Qatar Investment Authority has invested in a continuation fund that will hold a controlling stake in McDonald’s China. Trustar Capital, a Chinese private equity firm, raised $1 billion for the fund, sources told Reuters, with the QIA, Qatar’s sovereign wealth fund, committing the largest amount, to become the anchor investor. Other investors include the […] November 26, 2024
Economy Saudi ratings upgraded on continued economic reforms Ratings agency Moody’s has upgraded Saudi Arabia’s credit rating on the back of the kingdom’s continued progress in economic diversification, which is likely to be sustained. The Gulf state’s long-term local and foreign currency issuer and senior unsecured ratings were upgraded to “Aa3” from “A1”. In addition, the local and foreign currency medium-term note programme […] November 25, 2024
Video length: 03:43 VIDEO Tech Funding squeeze stifles AI innovation in Mena Emerging technology and AI startups in the Mena region are struggling to find investors. Industry experts say that the Middle East attracts less than 5 percent of global funding for AI because of the lack of specialised venture capital funds that are willing to take risks. “Our region lags behind the rest of the world […] November 25, 2024
Giga-projects Saudi’s Diriyah adds cultural districts to $63bn plan Diriyah Company, backed by Saudi Arabia’s Public Investment Fund, has started construction on multi-billion dollar educational and arts districts in the $63.2 billion giga-project. Spanning an area of 14 sq km, the “world’s biggest urban development projects” will house the Qurain Cultural District and Northern District. The Qurain Cultural District will include a range of arts, […] November 21, 2024
Finance PIF sells stake in US concert promoter Live Nation Saudi Arabia’s Public Investment Fund has sold its shares in US concert promoter Live Nation Entertainment, according to a US Securities and Exchange Commission filing. The sovereign wealth fund acquired a 5.7 percent stake in Live Nation, worth about $500 million, in April 2020 – just as the pandemic began to affect events and travel. […] November 19, 2024
