[5][6], The Saudi Arabian Public Investment Fund (PIF) was established by the King Faisal bin Abdulaziz Al Saud in 1971[7] by Royal Decree M/24[8] with the stated intent to provide financing support for projects of strategic significance to the national economy. [9] For much of its history, the PIF was a passive entity that oversaw the Saudi state's equity in listed firms. Discussions on a trade pact between India and the Russian-led Eurasian Economic Union had been disrupted by the COVID-19 pandemic, Jaishankar said at the event. Exclusive news, data and analytics for financial market professionals, Reporting by Hadeel Al Sayegh [65] Dustin Johnson was allegedly paid $150million to join the Saudi-backed series. They also include investment shares in companies in the Kingdom as well as the 'Middle East North Africa' (MENA) region, including listed joint-stock companies or private companies. Investors will focus on UK employment data due later in the day, which could cause some volatility in the pound if the report shows that the labor market is not cooling. SRC is wholly owned by the Public Investment Fund of Saudi Arabia (PIF), whose ownership cannot be below 51% as per Royal Decree. The FPSO, owned and operated by Bluewater, stopped production in October 2021 to enable the fields upgrade. US emergency crude oil reserves fall by 1.58m barrels The dollar index, which measures the currency against six major rivals, eased 0.078 percent to 102.01 after rising 0.5 percent overnight. Tuesday's NBS report said in the first three months of the year China had faced a "grave and complex international environment as well as arduous tasks to advance reform, development and ensure stability at home", but that economic stability was Beijing's "top priority". Amnesty International pointed to Saudi Arabia's human rights record, and said that the Premier League must introduce standards whereby human rights violators cannot own Premier League clubs. Follow @arabnews. CBAs Clifton said Britains policymakers would be watching the wages data closely for further confirmation that private sector income growth is slowing. NEW DELHI:India and Russia are in discussions for a free trade agreement, their ministers said on Monday, with the deal expected to further boost commercial ties that have flourished since Moscows invasion of Ukraine. [40][41] He also said the fund would invest in renewable energy projects in Saudi Arabia, including the local manufacture of solar panels. [1], In 2021, PIF invested $1billion in the investment fund established by former Donald Trump administration official Steven Mnuchin just after he left government. Even if such a deal goes through as war continues in Ukraine, however, India may not have to worry about any implications from the West, said Harsh V. Pant, head of strategic studies at the Delhi-based Observer Research Foundation. "[7] As the PIF is a ministry-operated company with an overwhelming focus on domestic investments, some scholars characterize it as a "quasi-sovereign wealth fund. [11] The board says PIF is aligned with the government's Vision 2030[12] with the aim to diversify the economy. [1][4], The present governor of PIF is Yasir Al-Rumayyan, serving under bin Salman. It also acquired shares in JPMorgan (JPM.N) and BlackRock (BLK.N), buying 3.9 million shares and 741,693 shares respectively. email address below and choose 'Submit'. [21][22] PIF owns a 5.7% stake (valued at $500million) in concert distributor Live Nation. [44], PIF owns a major indirect stake in Twitter, although many Saudis who use the platform for political dissent and activism are arbitrarily arrested and imprisoned. There is a scope for oil markets to tighten a bit in case Chinas oil demand and its overall economy recovers, Dale told reporters in a press conference. Saudi Arabia was warned by Kushner that it could lose the opportunities in Israel to its neighbors who signed the accords, including the UAE and Bahrain. [67] However, some other renowned players also rejected the new league. "[33], In October 2017, it was announced that PIF would aim to increase its assets under management to more than $400 billion and create more than 20,000 new jobs by 2020. Save. Riyadh - Al Moammar Information Systems Company (MIS) won a SAR 96.36 million project contract for the Public Investment Fund (PIF) on 16 April 2023, according to a bourse disclosure. [56] The attempted takeover was "a blatant example of Saudi sportswashing", according to Kate Allen of Amnesty International UK. Public Investment Fund of Saudi Arabia (PIF) is a Sovereign Wealth Fund located in Riyadh Saudi Arabia, Middle East, and was founded in 1971. RIYADH: Oil firmed slightly on Tuesday, recovering from a 2 percent slide in the previous session, as faster economic growth in top crude importer China supported the demand outlook and offset fears over US interest rates. The private company introduced a professional tour, LIV Golf, also referred to as the Super Golf League. OriginalWhaleScore The PIF expanded its staff from 50 in 2015 to nearly 500 in 2018. In this list, we take you through the investments and the rationale behind the buys. [74] After the March 2023 United States bank failures had gripped the global banking sector, Saudi National Bank chairman Ammar al-Khudair publicly stated on 15 March 2023 that they would "absolutely not" supply Credit Suisse with more capital (referencing the regulatory requirements for 10%+ shareholders as the reason why), which then promptly caused the share price of Credit Suisse to drop 25% more. 2023 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement. After years of travel restrictions and quarantines, Chinese people in recent months have finally returned to restaurants and started to move around more freely, giving much-needed stimulus to services. SEC form, multiple filers or classes of filers, and much more.***. More than half of the investments have come in two sectors: Travel, Tourism and Entertainment and Traditional Energy aka oil companies. [1/4]Small figurines are seen in front of displayed Alphabet logo in this illustration taken February 11, 2022. The PIF connected Credit Suisse to the Saudi National Bank, and made the Saudi National Bank the largest shareholder with less than 10% ownership (which, according to the Saudi National Bank, prevented them from having to deal with regulatory requirements for 10%+ shareholder ownership). Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. or E xclusive : Saudi Arabia's PIF has shown no intere st in bankrolling Te sla buyout - source s By Saeed Azhar, Marwa Rashad, Pamela Barbaglia 5 M I N R E A D . Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. We want to create 1.8 million jobs, and these are quality jobs. Currently, the sovereign fund owns 71 companies in 10 different sectors, creating more than 500,000 direct and indirect jobs. The PIF's wagers on Carnival and Live Nation, which itrevealed in April filings, were valued at $457 million and $416 million respectively at the end of March. RIYADH: A 4 percent stake in energy giant Saudi Aramco has been transferred from state ownership to Sanabil Investments, the investment arm of the Kingdom . "[76][77][78], The governance structure of PIF has been called into question, specifically with respect to how much control Mohammad bin Salman holds on decision making at PIF. The crown prince revealed that the state remains Aramcos biggest shareholder, owning 90.18 percent stakes in the firm, Saudi Press Agency reported. The PIF maintained its ownership in Uber, Live Nation, Carnival, Suncor Energy Inc., Automatic Data Processing Inc., and the Utilities Select Sector SPDR Fund. The Japanese yen was flat at 134.48 per dollar, while the sterling last traded at $1.2381, up 0.06 percent on the day. Our Standards: The Thomson Reuters Trust Principles. For a full comparison of Standard and Premium Digital, click here. [2]: "Due to a sharp drop in the comparison bases as a result of the Shanghai lockdown last year amid ongoing strength in the in-person services sector, we expect year-on-year GDP growth to rebound further in the second quarter," he said. It also divulged its direct investment portfolio, which included the machine learning-based discovery engine Atomwise, customer experience software company ActionIQ and cybersecurity platform Vectra, to name a few. Apr 10 In line with #SaudiVision2030 's goal to enable the private sector, #PIF aims to increase its local content contribution to 60% by 2025. Any changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel. There were multiple meetings by Kushner had with a range of Israeli startups before he picked two of them to make an investment. Lists Featuring This Company Venture Capital Investors with Investments in Moscow City 206 Number of Organizations $15.7B Total Funding Amount 52 Number of Investors Track Finance Companies With More Than 10 Employees (Top 10K) In 1974, PIF was mandated to hold equity positions in join-stock ventures within its domestic economy. Request Profile Update The concern was that giving the PIF tens of billions of dollars from the Saudi central bank to fund this stock buying was risky and might devalue the local currency. [55] The other 19 Premier League clubs condemned the takeover, saying it damaged the Premier League's brand. Now, our priority of trade has changed after the Ukraine war. According to data published by the National Bureau of Statistics, the official growth figure for January to March was 4.5 percent -- significantly higher than the 3.8 percent predicted by analysts in an AFP poll. We will make every effort to expand our cooperation ties, Manturov, who is also the industry and trade minister, told a business forum in New Delhi. for PUBLIC INVESTMENT FUND, Top 20 equal-weighted holdings. In October 2022, Yasir Al-Rumayyan (the governor of PIF) gave an interview where he spoke about resisting the ambitious international stock buying activities being promulgated by Mohammad bin Salman at the beginning of 2020 as the world was grappling with COVID-19. In a statement published by CNNMoney, Al Rumayyan said: "We've seen first-hand how this company has improved urban mobility around the world and we're looking forward to being part of that progress . The Public Investment Fund ( PIF; Arabic: ) is the sovereign wealth fund of Saudi Arabia. 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