Brazilian miner Vale is reportedly close to completing a deal to sell a roughly 10% stake in its $25 billion base metals unit to a joint venture between Saudi Arabia’s sovereign-wealth fund, the PIF, and the Saudi mining company Ma'aden, people familiar with the matter told the Wall Street Journal.
Saudi Arabia’s sovereign wealth fund lost $11 billion on its investments last year, as the fall in global stock and bond prices impacted its holdings, according to a report in Bloomberg.
Two top PGA Tour officials will meet with US lawmakers today on Capitol Hill and plan to tell them that Saudi Arabia would have little sway over the golf business if a proposed merger with LIV Golf goes through, according to Bloomberg.
Saudi Arabia's NEOM hosted the first test campaign of air taxi flights in the northwest of Saudi Arabia, building on a reputation of a leader in technologies in the under-development futuristic zone.
Tourism Minister Ahmed Al-Khateeb said at an Arab-China investment summit that Saudi Arabia is investing $800 billion in the tourism sector over the next ten years, according to reports.
Shares of Lucid Group's stock tumbled today on news that the group is raising about $3 billion in a common stock offering, with the majority of the money coming from the electric vehicle maker’s Saudi owners, the Public Investment Fund.
