Public Investment Fund (PIF)
Public Investment Fund (PIF) News
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 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 […]
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, […]
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 […]
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 […]
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 […]
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 […]
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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 […]
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 […]