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Saudi Arabia Moves Closer to $1 Billion stake in a Pakistani mine – Report
Saudi Arabia is moving closer to a potential deal to acquire a minority stake in a Pakistan mine controlled by Barrick Gold Corp., people with knowledge of the matter told Bloomberg.
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MBS’ True Legacy
Writing in Al-Arabiya, Richard Wilson, SUSTG president and The 966 Co-host, points out the fundamental (rather than flashy) changes that represent Crown Prince Mohammed Bin Salman’s true legacy.
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PIF Increases Investment in Lucid
Ayar Third Investment Company, a PIF affiliate, will buy $1 billion in convertible preferred stock and will be able to convert the preferred stock into about 280 million shares, according to a regulatory filing with the U.S. securities regulator.
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NYT Reports on Proposed $40B Saudi AI Investment
The New York Times’ Maureen Farrell and Rob Copeland report that Saudi Arabia is working with Wall Street banks to establish a $40 billion AI-focused investment fund.
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Saudi Arabia Transfers 8% of Aramco to Kingdom’s Public Investment Fund
Saudi Arabia has moved a roughly $160 billion stake in its state oil giant Aramco into its main sovereign wealth fund, the Public Investment Fund, according to a report in the Wall Street Journal.
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Saudi PIF, Bahraini Counterpart Mumtalakat Sign Agreement to Boost Cooperation and Investment
Saudi Arabia’s Public Investment Fund (PIF) and its Bahrani counterpart, Mumtalakat, have signed a memorandum of understanding (MoU) to expand cooperation and enable new and promising investment opportunities in Bahrain.
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Lucid CEO Says Saudi Arabia Views Struggling EV Maker as Strategic Investment for Economic Diversification
Lucid Motors CEO said at the Geneva International Motor Show today that the struggling EV maker and its Saudi backers are “in this together for the long run” and the relationship is like a “marriage,” according to a report in Bloomberg.
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Khalid bin Musaed bin Saif bin Abdulaziz Al-Saif (1953-2024)
*A note from SUSTG’s President, Richard Wilson.* My friend, Khaled Al-Saif, a true Saudi patriot, passed away on February 18.
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SoftBank to Create Industrial Robots for Saudi Arabia
Alat (Arabic for ‘machines’), the PIF funded $100 billion initiative to create an automated manufacturing hub in Saudi Arabia will invest up to $150 million in partnership with SoftBank.
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What it’s like to live in Saudi Arabia during Riyadh Season, PIF-backed Alat launches with eyes on a big impact, and more…
The boys are back for their normal format and catch up on just some of the seemingly endless new developments and storylines emerging from Saudi Arabia of late.
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MUST-READS
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PIF-owned SITE and Korean AhnLab forge cybersecurity venture for Saudi market
The Saudi market is poised to benefit from advanced cybersecurity solutions through a new venture established by a Public Investment Fund-owned company and Korean firm AhnLab. Saudi Information Technology Co., also known as SITE, will hold a 75 percent stake in the local joint venture to be set up in the Kingdom, with the East Asian-based company holding the remaining 25 percent, according to a press release. The new entity is expected to be launched during the first half of 2024, subject to customary regulatory approvals and the fulfillment of certain commercial conditions, it added.
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Luxury EV maker Lucid to raise $1 bln from Saudi’s PIF affiliate
Ayar Third Investment Company, a PIF affiliate, will buy $1 billion in convertible preferred stock and will be able to convert the preferred stock into about 280 million shares, according to a filing with the U.S. securities regulator. The California-based company, which has been facing weaker-than-expected demand, said it intends to use the proceeds for corporate purposes and capital expenditure, among other things.
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Answering remaining questions about PGA Tour-Saudi PIF alliance
An important step toward a potential peace accord in men's professional golf will take place Monday in the Bahamas when Yasir Al-Rumayyan, governor of Saudi Arabia's Public Investment Fund, is scheduled to meet player directors of the PGA Tour's policy board, including Tiger Woods. While the initial meeting might be nothing more than a meet-and-greet -- or a chance "to put a face to a name," as player director Adam Scott puts it -- it might be another step toward reuniting the fractured sport, which has been embroiled in controversy since the PIF helped launch the rival LIV Golf League in June 2022.
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PGA’s Monahan Had Constructive Talks With Saudi’s PIF About Possible Investment
PGA Tour Commissioner Jay Monahan said he had a “constructive” conversation on Monday with Yasir Al-Rumayyan, the governor of Saudi Arabia’s Public Investment Fund, about an investment in PGA Tour Enterprises. The talks, which included players who are also on the entity’s board of directors, represent “an important part of our due diligence process in selecting potential investors for PGA Tour Enterprises,” Monahan said in a memo to players reviewed by Bloomberg News.
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Rory McIlroy explains what he wants PGA Tour players to learn from Saudi PIF meeting
Patrick Cantlay confirmed a Golfweek report that a group of PGA Tour players are planning to meet with Yasir Al-Rumayyan, the head of Saudi Arabia’s Public Investment Fund, on Monday in an effort to continue towards a deal that would seemingly reunite men’s professional golf. The original report stated the meeting was tentatively scheduled at a private residence in Ponte Vedra Beach, Florida, following the conclusion of the Players Championship at nearby TPC Sawgrass.
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PIF sources deny it has made $2bn ‘take-it-or-leave-it’ offer to unite tennis tours
PIF has declined to comment on the reports but sources have denied there is a deadline and stressed speculation about any offers are premature as talks continue with the various bodies. Saudi sources also dismissed suggestions that PIF is trying to “buy tennis”, stressing that it wants to be part of the “existing ecosystem” of the sport.
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Saudi Arabia’s PIF updates its asset size to $925.2bn
Saudi Arabia’s sovereign wealth fund has revised its asset size on its website, reaching $925.2 billion, after it climbed to the fifth spot in a ranking of state-owned investment organizations. The significant rise in the Public Investment Fund’s standing follows its procurement of an additional 8 percent stake in Aramco, boosting its shareholding’s estimated value to $328 billion. This acquisition has significantly impacted PIF’s overall assets under management, exceeding $860 billion, a rise from $700 billion by the end of 2022.
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Report: Saudi Arabia’s PIF pitches $1bln investment into tennis
Golf isn't the only sport Saudi Arabia's Public Investment Fund is trying to get its hands on. In the midst of negotiations with the PGA Tour, PIF is also looking to invest in tennis, specifically the ATP Tour and the WTA Tour, Sportico reported Wednesday. PIF is not looking to take over the tours, per the report. Instead, the money invested would primarily be used to acquire licensing that would bring a Masters 1000 event to Saudi Arabia. ATP chairman Andrea Gaudenzi reportedly made those on the tours aware of the offer last weekend at the BNP Paribas Open in Indian Wells, Calif.
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Saudi Arabia’s PIF updates its asset size to $925.2bn
Saudi Arabia’s sovereign wealth fund has revised its asset size on its website, reaching $925.2 billion, after it climbed to the fifth spot in a ranking of state-owned investment organizations. The significant rise in the Public Investment Fund’s standing follows its procurement of an additional 8 percent stake in Aramco, boosting its shareholding’s estimated value to $328 billion. This acquisition has significantly impacted PIF’s overall assets under management, exceeding $860 billion, a rise from $700 billion by the end of 2022.
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Saudi Arabia’s PIF To Ramp Up Bond Sales, IPOs to Pay for MBS’s Projects
Saudi Arabia’s sovereign wealth fund is considering plans to accelerate debt sales or obtain bank loans as it hunts for new sources of cash to help pay for Crown Prince Mohammed bin Salman’s trillion-dollar economic transformation project. The Public Investment Fund could also line up equity offerings in its portfolio companies as part of the push, according to people familiar with the matter. The moves come as the fund’s cash reserves have dropped to $15 billion as of September — the lowest level since 2020, the earliest year for which data is available.
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