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Recent stories from sustg
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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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Hyundai and Red Sea Global Agree to Test EVs and Air Mobility Systems
Hyundai Motor Group said on Monday it has agreed with Saudi Arabia’s state-sponsored developer Red Sea Global (RSG) to cooperate in the Middle Eastern country’s push for electrification and other eco-friendly future mobility projects.
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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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2nd Edition of FII in Miami, Florida Kicks Off Tomorrow
Leaders from the public and private sector, business and finance executives and others will descend this week on Miami for the second FII event to take place in that city to discuss potential solutions to the planet’s ongoing conflicts and climate change, as well as artificial intelligence.
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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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Aramco Equity Transfer Helps the Public Investment Fund, Hurts Saudi Government Budget
Crown Prince Mohammed bin Salman announced March 7 that a further 8% of Saudi Aramco’s equity has been transferred to the Public Investment Fund. The PIF now holds 16% of Aramco’s equity and the government 82.2%, with the remainder held publicly following the company’s 2019 initial public offering. This latest equity transfer is no surprise given the ambitious target that has been set for growing the PIF’s assets under management. With the equity transfer valued at around 615 billion riyals ($164 billion), the PIF’s assets under management are now likely in excess of 3.3 trillion riyals ($890 billion) and rapidly closing in on the 2025 target of 4 trillion riyals ($1.1 trillion).
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Transformation of Saudi economy creates opportunities, Public Investment Fund official tells investors
It is important that investors understand the long-term structural changes to the Saudi economy that are taking place and the opportunities they offer, the head of the National Development Division at the Saudi Public Investment Fund said on Thursday. Speaking at the Future Investment Initiative Priority forum in Miami, Jerry Todd said the three pillars of this transformation are industrialization of the economy, the development and expansion of service sectors, and the building-up of green energy capacity.
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Formula E attracts backing from Saudi Arabia’s Public Investment Fund
Now the Saudi Arabian PIF has agreed a multi-year deal with Formula E, offroad electric series Extreme E and electric powerboat championship E1. The three series will be promoted under the new brand Electric 360. Formula E founder Alejandro Agag called the deal “a huge milestone for us in our journey to pioneer the most cutting-edge sustainable transport technology.” “PIF will not only play a strategic role in helping us leverage our unique technological platforms, but also foster global collaboration, education and skills development for the next generation worldwide.”
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Going Big: Assessing the Growth Ambitions of the Saudi Public Investment Fund
As its global and domestic footprint has grown, the PIF’s assets under management have risen rapidly. It is currently the world’s seventh-largest sovereign wealth fund. Looking ahead, the PIF aims to reach 4 trillion riyals ($1.1 trillion) of assets under management by 2025 and 7.5 trillion riyals ($2 trillion) by 2030.
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Fitch Affirms Public Investment Fund at ‘A+’; Outlook Stable
Fitch Ratings has affirmed Public Investment Fund's (PIF) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) at 'A+' with Stable Outlook. Fitch has also affirmed PIF's special-purpose vehicle (SPV) GACI First Investment Company's guaranteed EMTN programme ratings and senior unsecured long-term ratings of US dollar-denominated bonds at 'A+'.
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SRJ Sports Investments (SRJ), the sports-focused fund launched in August by Saudi Arabia’s Public Investment Fund (PIF), has appointed Danny Townsend as its chief executive officer
SRJ Sports Investments (SRJ), the sports-focused fund launched in August by Saudi Arabia’s Public Investment Fund (PIF), has appointed Danny Townsend as its chief executive officer.
“Danny will help drive SRJ’s ambitions to deliver long-term impact through strategic, sustainable investments” Bander Bin Mogren, SRJ chairman, said in a statement. “The Board of Directors are confident in Danny’s leadership and strategic vision for the organization, and we look forward to achieving great success together.”
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Deal between PGA and DP World Tours and Saudi Arabia’s Public Investment Fund ‘not workable’
"I think all parties want it done," DP World Tour player Eddie Pepperell said on the Chipping Forecast podcast - available on BBC Sounds - when discussing the framework agreement. "But ultimately it is not really workable. "It comes back to the number one issue that we've had all along, and that is the time constraints on people, especially with the emergence of the TGL."
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Report: PFL Sells $100M+ Minority Stake to Saudi Arabia’s Public Investment Fund
On Wednesday, the Professional Fighters League announced the sale of a minority stake to SRJ Sports Investments, a company launched earlier this month by Saudi Arabia's Public Investment Fund. According to ESPN's Marc Raimondi, the commitment from SRJ to the PFL is worth "more than $100 million," with one source saying it "could be worth substantially more" than that number. As part of the deal, the PFL will launch a new regional league called PFL MENA in 2024, and SRJ will be an investor in the new league to "support PFL's expansion into Saudi Arabia and the Middle East," per Raimondi.
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Report: PFL Sells $100M+ Minority Stake to Saudi Arabia’s Public Investment Fund
On Wednesday, the Professional Fighters League announced the sale of a minority stake to SRJ Sports Investments, a company launched earlier this month by Saudi Arabia's Public Investment Fund. According to ESPN's Marc Raimondi, the commitment from SRJ to the PFL is worth "more than $100 million," with one source saying it "could be worth substantially more" than that number. As part of the deal, the PFL will launch a new regional league called PFL MENA in 2024, and SRJ will be an investor in the new league to "support PFL's expansion into Saudi Arabia and the Middle East," per Raimondi.
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Saudi Arabian Public Investment Fund says assets surpasses 2.23 trillion riyals in 2022
Saudi Arabia's Public Investment Fund on Sunday released its annual report for 2022, which said its assets under management (AUM) surpassed 2.23 trillion riyals ($594.43 billion). The kingdom's sovereign wealth fund reported an AUM of 1.98 trillion riyals for 2021. The PIF said it generated a total shareholders' return of 8% and established 25 companies in 2022, and locally deployed 120 billion riyals in that year in strategic sectors.
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