Aston Martin announced its intention to raise 653 million pounds ($773.15 million) Saudi Arabia’s sovereign wealth fund will become the second-largest stakeholder with a nearly 17 percent stake. The company aimed to increase its investment to up to 20% by 2023. In a capital raising intended to pay off debt and strengthen its company, Saudi … Read more
Public Investment Fund of Saudi Arabia is in discussions to acquire a stake in Aston Martin. The PIF already owns stakes in Lucid Motors and McLaren. Aston’s owner, Lawrence Stroll, has said that the company does not require further investment. According to four sources, the Public Investment Fund of Saudi Arabia is in negotiations with … Read more
England’s Ian Poulter says he will pursue his suspension from the PGA Tour for playing in the Saudi-supported LIV Golf Invitational Series. The breakaway circuit has deeply impacted the game, with any semblance of Phil Mickelson and Dustin Johnson missing. Poulter was among 17 golf players endorsed by the U.S.- based Tour soon after play … Read more
RIYADH: Saudi Real Estate Refinance Company has completed issuing a SR2 billion ($533 million) Sukuk to support lenders in the kingdom’s housing market, Arab News reported. The 10-year Sukuk was issued at a fixed profit rate of 3.04 per cent marketed to Saudi institutional investors, the deal was oversubscribed 2.5 times, the company said in a statement. … Read more
JEDDAH: Uber and some of its rivals will have to change their business models in the UK after losing a court battle, re-classifying its drivers as workers, Arab News reported. The company is also required to give its drivers access to vacation pay, rest breaks and minimum wage while they’re using the app. The partly PIF-owned firm … Read more
RIYADH: Saudi Arabia, which reported last month a surplus in its first quarterly budget surplus since the first quarter of 2019, is applying restraints on spending even, as oil prices are trading near multiyear high, Arab News reported. The Saudi Ministry of Finance has started to apply the spending cap regardless of the oil price and revenues, … Read more
RIYADH: Saudi Arabia’s Public Investment Fund (PIF) is exploring a sale of part of its stake in Saudi telecom giant ‘stc’ to international and local investors, while maintaining majority stake of more than 50 per cent in the company, Arab News quoted the PIF, as saying, in a statement. PIF has appointed Goldman Sachs Saudi Arabia, HSBC … Read more
DUBAI: The Public Investment Fund (PIF) has completed the acquisition of Emaar’s The Economic City, Arab News quoted the company’s statement, as saying. Under the investment deal, the sovereign wealth fund becomes a major shareholder in the company with a 25 per cent stake. Emaar EC transferred part of its loan, worth SR2.8 billion, from the Ministry … Read more
