Saudi Arabia’s sovereign wealth fund has chosen Goldman Sachs, Bank of America Merrill Lynch and Michael Klein as advisers on its planned sale of a stake in petrochemicals firm SABIC to Saudi Aramco, sources familiar with the process told Reuters.
Saudi Arabia has announced that it has contributed $100 million for Global Coalition to Defeat ISIS-supported stabilization projects in areas liberated from ISIS in northeast Syria, the largest Coalition contribution to date for these liberated areas.
A new Public Investment Fund (PIF)-backed “city within a city” is being planned for North Riyadh, according to a report in the English-language daily Arab News.
Saudi Arabia plans to form "a higher committee for hydrocarbons," which will fall under the leadership of Crown Prince Mohammed bin Salman, according to the state-run Saudi Press Agency.
Saudi Aramco has invited banks to pitch for an advisory role on the potential acquisition of a strategic stake in Saudi Basic Industries Corp (SABIC), two sources with direct knowledge of the matter told Reuters.
ACWA Power says it will begin construction this year on a 100MW solar energy plant in South Africa as Saudi Arabia and the UAE announced that the two countries will invest a combined $20 billion into the country, according to reports.
The program supports the Kingdom’s Vision 2030 goal to increase women’s participation in the workforce, and is done in cooperation with Al Khaleej Training and Education.
Following years of effort by Saudi officials to increase transparency in its stock market, the Kingdom won inclusion into MSCI, Inc.'s highly sought-after emerging market index, expanding the asset class by as much as $600 billion for the Kingdom.
