It saw 4.8 percent expansion in the first quarter of 2022, though that slowed to just 2.9 percent in the final three months of the year. Retail sales surged 10.6 percent on-year in March, the biggest increase since June 2021, though industrial production climbed 3.9 percent last month, an improvement from January-February but below analysts' expectations of 4.4 percent. Know more about our Privacy Policy here. The giga-projects are designed to stimulate the economy and their benefits are expected . Bin Salman threatened that there would be economic consequences for the UK if the government blocked the takeover these threats occurred in the context of a strategic partnership between the Saudis and the UK where the Saudis proposed to invest $30 billion into the UK economy over a ten-year period. See here for a complete list of exchanges and delays. The Chinese economy is also beset by a series of other crises, from a debt-laden property sector to flagging consumer confidence, global inflation, the threat of recession elsewhere, and geopolitical tensions with the US. When completed, an email will be sent to the email address you specify It gave no possible investment targets for either Sanabil or the PIF. Despite the global economic slowdown due to the COVID-19 pandemic, PIF has taken advantage of investment . [29], In 2016, SoftBank Group and the PIF announced that they would establish a SoftBank Vision Fund which aims to invest up to $45billion over five years in the tech sector. Thursday, 16 February, 2023. The Program was launched in the fourth quarter of 2017 with the aim of strengthening PIF's position and making it an essential arm to achieve Vision 2030. Tiger Woods turned down an offer worth nearly $1billion. The Public Investment Fund reduced its holdings in US companies to $7.05 billion by the end of Q3 2020 from $10.1 billion in Q2 2020.The Kingdom's sovereign wealth fund acquired 13 million shares in Canada's NovaGold for $154.6 million, it said in a filing to the US Securities and Exchange Commission (SEC). Few know what's going on there, including sometimes other government ministries. We use "[55] Hatice Cengiz, the fiance of Saudi journalist Jamal Khashoggi, who was murdered by operatives of the Saudi regime, urged the Premier League to block PIF's takeover. Iris Pang, the chief economist for Greater China at ING, said the primary reason for the faster-than-expected growth was the much stronger growth in retail sales, which were "mainly boosted by catering". Access your favorite topics in a personalized feed while you're on the go. "[73], In 2022, PIF made a $1.5 billion investment in Credit Suisse as part of a broader goal of to diversify its portfolio into global banking. Markets are pricing in a 91 percent chance of the Fed raising interest rates by 25 basis points at its next meeting in May, the CME FedWatch tool showed, with traders expecting rate cuts toward the end of the year. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Read more: GOLDMAN SACHS: Buy these 21 cheap, unappreciated stocks that offer above-average growth potential. Saudi Arabia's Public Investment Fund (PIF) is investing $3.5 billion into Uber, with its Managing Director Yasir Al Rumayyan joining Uber's board. You may change or cancel your subscription or trial at any time online. [75], PIF has been characterized as among the least transparent sovereign wealth funds in the world. Equal-WTWhaleScore 2.0 [16] In March 2016, it was announced that ownership of Saudi Aramco would be transferred to the PIF and that the Kingdom will seek to list 5 percent of Aramco's shares by 2017. 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. 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). Saudi Arabia's $320 billion sovereign-wealth fund known as the Public Investment Fund (PIF) is the driving force behind Saudi Arabia's vision for economic diversification and mission as a powerhouse investor on the global stage. 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". The losses were related to the investments in WeWork and Uber Technologies Inc. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. [1] By April 2022, Kushner's equity firm primarily depended on Saudi money, as it only had $2.5billion under its management. Separate data on March activity also released on Tuesday showed retail sales growth quickened to 10.6 percent, beating expectations and hitting a near two-year high, while factory output growth also sped up but was just below expectations. Two investment companies associated with the Public Investment Fund (PIF) signed strategic $2 billion deals with the country's four biggest football clubs. Public Investment Fund Follow Saudi Arabian Investment Company J.S.C.C Follow DUBAI, April 16 (Reuters) - A 4% stake in oil major Saudi Aramco (2222.SE) has been transferred from state. Geographically, PIF has expanded its investments in North America, Europe, Asia, Latin America, and Africa. The government is looking to increase work within the sports sector and has an important strategy in place. Meanwhile, top bullion consumer China's economic recovery gathered pace in the first quarter as the country's gross domestic product grew 4.5 percent year-on-year, beating expectations. Political or religious commentary will not be tolerated. Meanwhile, Aramco, in a statement to Tadawul said that the transfer will not affect Aramcos total number of issued shares, as the shares transferred will rank equally alongside other existing ordinary shares in the firm. Public Investment Fund is based out of Riyadh. It ended the period with stakes worth between $75 million and $80 million in Warren Buffett's Berkshire Hathaway, Booking.com, IBM, Pfizer, Qualcomm, and Starbucks. The $300 billion fund, which aims to diversify Saudi Arabia's economy away from oil, likely capitalized on the coronavirus sell-off to purchase the stocks at bargain prices. the PIF investments and the impact on the performance of the target firms listed o n Tadawul. For a full comparison of Standard and Premium Digital, click here. Registration on or use of this site constitutes acceptance of our terms of use agreement which includes our privacy policy. The (COVID-19 pandemic) interrupted those discussions, so I would very much hope that our colleagues will pick up on this. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. Particular importance is attached to the issues of mutual access of products to the markets of both countries. for Q4 2022. [59][60][61][62], LIV Golf's strategy differed from other leagues as it offered the richest golf tournaments in history and was able to convince star players to take part. Saudi Arabia's PIF discloses investments in dozens of buyout firms. Pierce is a joint venture between Shell, which owns 92.5 percent of the stake, and Ithaca Energy owns the rest. [63] In June 2022, LIV Golf Invitational Series commenced its eight-event journey, with total prize money of $255million. [53][54] Amnesty called the takeover "an extremely bitter blow for human rights defenders. Saudi Arabia's Public Investment Fund has bought $8.2 billion worth of new investments in global stocks. commentary and analysis you can trust. However, its aggressive spending is surprising as depressed oil prices have hammered the kingdom's finances in recent months. (This story corrects lead to show $40.8 bln is portfolio's market value, not Q2 investments). The giga-projects are designed to stimulate the economy and their benefits are expected to expand significantly beyond the real estate and infrastructure sectors, helping to diversify the economy away from oil, especially given their sheer scale. All rights reserved. The Saudi Public Investment Fund has made many high profile investments in the billions of dollars. "[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. [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. Minutes of the last Reserve Bank of Australia meeting showed that the central bank considered an 11th-consecutive rate hike in April before deciding to pause. organisation A free trade deal will mark a step up in India-Russia economic relations as New Delhi maintained expanding ties with both Russia and the West amid the war in Europe, which it has not explicitly criticized. The PIF acquired 213,000 class A shares in Alphabet, 4.7 million class A shares in Zoom and 1.8 million shares in Microsoft, a U.S. Securities and Exchange Commission filing showed. He said, "We know they killed Khashoggi and have a horrible record on human rights". Sovereign Wealth Fund Institute and SWFI are registered trademarks of the Sovereign Wealth Fund Institute. 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. Trade between them is minuscule compared to the size of the two countries, Singh said. Oversea-Chinese Banking Corp. currency strategist Christopher Wong said it was quite an encouraging report, with retail sales, GDP and property sales all higher than expected, reinforcing that post-pandemic recovery momentum remained intact. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. You are limited to the prior 8 quarters of 13F filings. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. [80], Some of PIF's assets were transferred to the organization in 2017 after the Saudi regime conducted an "anti-corruption" purge whereby assets of 400 of Saudi Arabia's richest individuals were seized by the regime. The PIF maintained its ownership in Uber, Live Nation, Carnival, Suncor Energy Inc., Automatic Data Processing Inc., and the Utilities Select Sector SPDR Fund. Meanwhile, the euro was up 0.07 percent to $1.0934 but was below the one-year high of $1.10755 it touched last week, with traders expecting the regions central bank to stick to its monetary tightening path. Chinas economy grew by a faster-than-expected 4.5 percent in the first quarter, with hopes of oil demand recovery buoyed further by a surge in oil refinery throughput to record levels in March. 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. 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 . to see more advanced email alert options such as selecting any type of If Saudi Arabia wants to use the game of golf as a way for them to get to where they want to be, I think we're proud to help them on that journey. S&P 500WhaleScore Premium access for businesses and educational institutions. Share Logo of the Public Investment Fund (PIF) Brazil's BRF Co. stated that it signed a memorandum of understanding (MoU) with the Public Investment Fund ( PIF) to establish a joint venture (JV) to produce and sell poultry products in the Kingdom. The Public Sector Investment Facility (PIF) is one of Finland's development policy instruments for funding investments in developing countries. 1 auto market, G7 puts focus on push for global fossil fuel phaseout deal, J&J lifts profit forecast as cancer drugs, Stelara buoy pharma unit, Exclusive: Airbus advises airlines of 2024 delays, keeps output goals, AstraZeneca confident new COVID antibody protects against known variants. In 2022, a 4% stake in ownership of Saudi Aramco was transferred to the PIF, which was repeated in 2023 as part of the funds plan to increase AUM to over $1 trillion by 2025. About Public Investment Fund (PIF) is building a world-class domestic and international investment portfolio, and is positioned to be transformed into the world's largest sovereign wealth fund.. 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. [11] The board says PIF is aligned with the government's Vision 2030[12] with the aim to diversify the economy. [14] The shares for the second 4% stake in 2023 were valued around $73 billion. LIMIT THE USE OF MY SENSITIVE PERSONAL INFORMATION, % of top 20 holdings the same as top 20 most commonly held by all managers. The fund has also built up a stake of roughly 5% in Tesla (. Mondays announcement comes at a time when India is also in talks for an FTA with the UK, the EU, and the Gulf Cooperation Council. RIYADH: Gold prices rose on Tuesday after two sessions of losses as the dollar eased, while investors sought more clarity on the USFederal Reserve's monetary policy stance. High in the Pyrenees, a vast, abandoned station reopens as a hotel, Motorbikes so good even Aquaman wants to ride them. 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. Our Standards: The Thomson Reuters Trust Principles. | Saleem Alsharari - . Saudi Arabia's sovereign-wealth fund plowed billions of dollars into US stocks such as Boeing, Disney, and Facebook last quarter. PIF maintains a leading and impactful investment strategy in line with Vision 2030, to drive Saudi Arabia's economic transformation through active, long-term investments and high standards of governance and transparency. cookies The dollar index, which measures the currency against six major rivals, eased 0.078 percent to 102.01 after rising 0.5 percent overnight. See here for a complete list of exchanges and delays. These are the 10 largest disclosed investments by PIF. Spot silver was flat at $25.10 per ounce, platinum edged up 0.1 percent to $1,049.05 and palladium gained 0.9 percent to $1,573.75. Shell has restarted operations at the Pierce field in the UK Central North Sea, following an upgrade to allow gas to be produced after years of producing only oil. Earlier this month, in its first disclosure of investments, Sanabil Investments revealed its ties to more than 50 venture capital and private equity firms including Blackstone, KKR & Co., Andreessen Horowitz, General Atlantic, Hellman & Friedman and Platinum Equity. This map represents countries where PIF has carried out dire ct investments. 1 Established in 1971 by Royal Decree, the PIF has financed many key Saudi projects. Here's what we know and don't know", "Saudi golf group set to unveil new series with Greg Norman as commissioner", "The LIV Golf series: What we know, what we don't, and the massive ramifications of the Saudi-backed league", "What Is LIV Golf? 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. Together with the Eurasian Economic Commission, it is planned to intensify negotiations with India to conclude a free trade agreement.. Editing by David Goodman, US warns companies over Russian oil price cap evasion via ESPO pipeline, BP's chief economist sees oil market tightening by H2 2023, Oil slips on economy worries, despite upbeat China data, Exxon declares force majeure on crude liftings in Nigeria, Nissan unveils new EV for China as it aims to up game in no. The Public Investment Fund ( PIF; Arabic: ) is the sovereign wealth fund of Saudi Arabia. The crown prince revealed that the state remains Aramcos biggest shareholder, owning 90.18 percent stakes in the firm, Saudi Press Agency reported. Currently, the sovereign fund owns 71 companies in 10 different sectors, creating more than 500,000 direct and indirect jobs. As part of this process, a new PIF was appointed, chaired by Crown Prince Mohammed bin Salman. personalising content and ads, providing social media features and to The central bank, however, said it was ready to tighten further if inflation and demand failed to cool. [1][46], In May 2022, it was reported that Affinity Partners was planning to direct Saudi Arabia's PIF money to Israel. PIFs giga-projects, designed to create new ecosystems and unlock new sectors, are heavily enabled by and promote technology and knowledge in Saudi Arabia. 2023 Forbes Middle East. [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. Saudi Aramcos 4% stakes transferred to PIFs Sanabil Investments, Oil Updates Crude prices edge up; BPs chief economist sees oil market tightening in H2 2023, Gold rises on dollar pullback; clarity on Fed policy awaited, Chinas economy rebounds after zero-Covid scrapped, Dollar pauses for breath as China GDP beats estimates, India, Russia to intensify talks on free trade pact with Moscow-led bloc, Saudi Arabia reports 355 new COVID-19 cases, Saudi Arabia reports 153 new COVID-19 cases, Saudi Arabia reports 280 new COVID-19 cases, 2 deaths, KSA reports 87 new COVID-19 cases, 1 death, Tunisian authorities ban meetings at opposition Ennahda party offices, Saudi basketball player opens door for next generation of female ballers, Ramadan recipes: A Maldivian take on maqluba for an Eid Al-Fitr party treat, Egyptian filmmaker Haya Khairat to wincinematographyaward at Cannes Film Fest, For Palestinians, holiest Ramadan night starts at checkpoint, Kings leave Warriors in hole, Sixers take 2-0 lead, Aramco, Saudi Coffee Co. ink deal to improve the brew in the Kingdom, Aramco JV breaks ground on China petchem complex, Gold gains on dollar pullback; investors weigh Fed rate hike prospects, China auto show highlights intense electric car competition, Dollar falls after weak retail sales data, Ukraine rejects Iraqi offer to mediate talks with Russia, Elon Musk says hell create TruthGPT to counter AI bias, Japans ambassador to Iraq meets Iraqi PM, encourages private sector investment, Cairo working around the clock to safeguard Egyptians caught up in Sudan crisis, Egypt faces a diplomatic challenge as Sudan plunges deeper into crisis, Runaway growth of AI chatbots portends a future poised between utopia and dystopia, New Delhi maintains expanding ties with both Moscow and the West, Russian deputy PM is on two-day visit to New Delhi. All text and design is copyright 2020 WhaleWisdom.com. [39], At the Milken Institute in Abu Dhabi in February 2019, Al-Rumayyan announced that PIF would open new offices in London, New York and San Francisco, and would increase its workforce from 450 to 700 by the end of 2019. [2]: [30] The SoftBank Group confirmed that during the fiscal year 20192020, the Vision Fund, in which Saudi Arabia invested $45billion, incurred a loss calculated at $17.7billion, after the value of investments was written down. [66] Phil Mickelson also committed to the series after signing a $200million contract. April 16, 2023 10:26. In November 2022, PIF Governor Yasir Al-Rumayyan said that PIF is committed to creating more job opportunities in the future. [72] Graeme McDowell also gave similar answers and said, "We're not politicians, we're professional golfers. Golf Invitational Series commenced its eight-event journey, with total prize money of $.! 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