Company Insights Public Investment Fund (PIF) Finance Public Investment Fund (PIF) News Development Saudi venture buys 10% of world’s largest copper maker Manara Minerals, a joint venture between Saudi Arabian Mining Co (Ma’aden) and the sovereign Public Investment Fund (PIF), will acquire a stake in Brazilian miner Vale’s subsidiary. Manara Minerals will buy 10 percent of Vale Base Metals Limited (VBM), while US investment firm Engine No. 1 will acquire three percent. The two agreements are worth […] July 28, 2023 Exclusive Energy Acwa Power bids to turbocharge Saudi’s green targets When it comes to the green transition, Saudi Arabia has got some catching up to do. The country is targeting a 50-50 split in electricity generation between renewables and gas by 2030, but in 2021 just 0.2 percent of electricity came from renewable sources. To achieve this Vision 2030 goal, the country has tasked its […] July 28, 2023 Banking & Finance PIF seeks $5bn investments in Oman Saudi Arabia’s sovereign wealth fund, PIF, has signed a memorandum of understanding with its Omani counterpart to seek out investments in Oman worth $5 billion. The agreement aims to support the expansion of investment and cooperation between PIF and its portfolio companies with the Oman Investment Authority (OIA), said a PIF announcement on Thursday. The […] July 27, 2023 Banking & Finance Abu Dhabi asset manager plans $250m carbon fund Offset8 Capital, an Abu Dhabi asset management company, is planning to raise $250 million for a carbon investment fund focused on financing climate mitigation and adaptation projects. Proposed investments will aim to support local communities in Africa and Southeast Asia on projects involving mangrove restoration, reforestation and biochar. Offset8, which is based in the financial […] July 27, 2023 Economy Saudi 2023 growth forecast cut to 1.9% by IMF The International Monetary Fund (IMF) has cut Saudi’s 2023 GDP forecast to 1.9 percent, as the kingdom’s oil production cuts weigh on its economic performance. Industry experts do not see this impacting the kingdom’s investment drive and the development of its massive slate of giga-projects. It may lead to further debt issuance to finance any […] July 26, 2023 Retail Qatar in talks to invest $1bn in Reliance Retail Ventures Qatar Investment Authority (QIA) is negotiating to buy a minority stake in Indian billionaire Mukesh Ambani’s Reliance Retail Ventures. The $450 billion Qatari sovereign fund is weighing a $1 billion investment to take about one percent and valuing the retail business at around $100 billion, informed sources told the Financial Times newspaper. The agreement is […] July 26, 2023 Banking & Finance Saudi National Bank’s Q2 2023 profit up 9% to $1.3bn The net profit of Saudi National Bank (SNB) grew 9.3 percent year on year to SAR5 billion ($1.33 billion) in the second quarter of 2023 on rising operating income and a decline in bad loan provisions. Provisions for credit losses dropped 87 percent year on year in the second quarter to SAR76 million, as total […] July 26, 2023 Agriculture Saudi dairy giant plans to turn bio-waste into fertiliser Saudi farming giant National Agricultural Development Company has signed a deal to recycle the bio-waste produced by its 92,000 cows. The business, which is known as Nadec, said an estimated 150,000 tons of bio-waste were produced annually at its dairy farms in the kingdom. In a filing to the Saudi Stock Exchange on Tuesday, Nadec […] July 25, 2023 Manufacturing Talks begin to set up Mena’s largest telco tower venture Qatar’s Ooredoo, Kuwait’s Zain Group and UAE’s TASC Towers Holding have started talks to create one of the largest telecommunications tower companies in the Middle East and North Africa (Mena). The discussions seek to combine their 30,000 telecommunication tower assets in Qatar, Kuwait, Algeria, Tunisia, Iraq and Jordan into a jointly owned independent tower firm […] July 25, 2023 Energy Saudi hunts for critical minerals in energy transition Saudi state mining giant Ma’aden and US-based Ivanhoe Electric have closed a deal to investigate 48,500 sq km of under-explored lands in the Arabian Shield for “critical minerals” that are key to powering the global energy transition. Surveys could begin as soon as September in the new joint venture, which is worth nearly $130 million. […] July 24, 2023 Posts navigation Previous 1 … 69 70 71 … 93 Next
Development Saudi venture buys 10% of world’s largest copper maker Manara Minerals, a joint venture between Saudi Arabian Mining Co (Ma’aden) and the sovereign Public Investment Fund (PIF), will acquire a stake in Brazilian miner Vale’s subsidiary. Manara Minerals will buy 10 percent of Vale Base Metals Limited (VBM), while US investment firm Engine No. 1 will acquire three percent. The two agreements are worth […] July 28, 2023
Exclusive Energy Acwa Power bids to turbocharge Saudi’s green targets When it comes to the green transition, Saudi Arabia has got some catching up to do. The country is targeting a 50-50 split in electricity generation between renewables and gas by 2030, but in 2021 just 0.2 percent of electricity came from renewable sources. To achieve this Vision 2030 goal, the country has tasked its […] July 28, 2023
Banking & Finance PIF seeks $5bn investments in Oman Saudi Arabia’s sovereign wealth fund, PIF, has signed a memorandum of understanding with its Omani counterpart to seek out investments in Oman worth $5 billion. The agreement aims to support the expansion of investment and cooperation between PIF and its portfolio companies with the Oman Investment Authority (OIA), said a PIF announcement on Thursday. The […] July 27, 2023
Banking & Finance Abu Dhabi asset manager plans $250m carbon fund Offset8 Capital, an Abu Dhabi asset management company, is planning to raise $250 million for a carbon investment fund focused on financing climate mitigation and adaptation projects. Proposed investments will aim to support local communities in Africa and Southeast Asia on projects involving mangrove restoration, reforestation and biochar. Offset8, which is based in the financial […] July 27, 2023
Economy Saudi 2023 growth forecast cut to 1.9% by IMF The International Monetary Fund (IMF) has cut Saudi’s 2023 GDP forecast to 1.9 percent, as the kingdom’s oil production cuts weigh on its economic performance. Industry experts do not see this impacting the kingdom’s investment drive and the development of its massive slate of giga-projects. It may lead to further debt issuance to finance any […] July 26, 2023
Retail Qatar in talks to invest $1bn in Reliance Retail Ventures Qatar Investment Authority (QIA) is negotiating to buy a minority stake in Indian billionaire Mukesh Ambani’s Reliance Retail Ventures. The $450 billion Qatari sovereign fund is weighing a $1 billion investment to take about one percent and valuing the retail business at around $100 billion, informed sources told the Financial Times newspaper. The agreement is […] July 26, 2023
Banking & Finance Saudi National Bank’s Q2 2023 profit up 9% to $1.3bn The net profit of Saudi National Bank (SNB) grew 9.3 percent year on year to SAR5 billion ($1.33 billion) in the second quarter of 2023 on rising operating income and a decline in bad loan provisions. Provisions for credit losses dropped 87 percent year on year in the second quarter to SAR76 million, as total […] July 26, 2023
Agriculture Saudi dairy giant plans to turn bio-waste into fertiliser Saudi farming giant National Agricultural Development Company has signed a deal to recycle the bio-waste produced by its 92,000 cows. The business, which is known as Nadec, said an estimated 150,000 tons of bio-waste were produced annually at its dairy farms in the kingdom. In a filing to the Saudi Stock Exchange on Tuesday, Nadec […] July 25, 2023
Manufacturing Talks begin to set up Mena’s largest telco tower venture Qatar’s Ooredoo, Kuwait’s Zain Group and UAE’s TASC Towers Holding have started talks to create one of the largest telecommunications tower companies in the Middle East and North Africa (Mena). The discussions seek to combine their 30,000 telecommunication tower assets in Qatar, Kuwait, Algeria, Tunisia, Iraq and Jordan into a jointly owned independent tower firm […] July 25, 2023
Energy Saudi hunts for critical minerals in energy transition Saudi state mining giant Ma’aden and US-based Ivanhoe Electric have closed a deal to investigate 48,500 sq km of under-explored lands in the Arabian Shield for “critical minerals” that are key to powering the global energy transition. Surveys could begin as soon as September in the new joint venture, which is worth nearly $130 million. […] July 24, 2023
