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Saudi sovereign wealth fund signs $50 bn of MoUs with Chinese firms
VCCircle
·
1y ago
Medial
Saudi Arabia's sovereign wealth fund, PIF, has signed several agreements totaling $50 billion with leading Chinese financial institutions. The agreements, known as memorandums of understanding (MoUs), were signed with ABC, BoC, CCB, SINOSURE, CEXIM, and ICBC. The MoUs cover various areas of cooperation including capital flows through both debt and equity. The move is in line with Saudi Arabia's Vision 2030 plan to diversify its economy and develop a strong private sector. China has expressed readiness to deepen cooperation with Saudi Arabia in areas such as infrastructure, energy, green development, and the digital economy.
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In Charts: How Middle East sovereign funds are cementing their global dominance
VCCircle
·
1y ago
Medial
Middle East sovereign wealth funds, including Saudi Arabia's Public Investment Fund, increased their investment activity in 2023 and expanded their influence in the global market. These funds outpaced state-backed investors from other countries like Singapore and Canada. Saudi Arabia's sovereign wealth fund took the lead in dealmaking.
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US tech firms Nvidia, AMD secure AI deals as Trump tours Gulf states
VCCircle
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2m ago
Medial
U.S. tech companies Nvidia, AMD, and Qualcomm announced significant AI deals in the Middle East during President Trump's Gulf tour, securing $600 billion in commitments to U.S. firms from Saudi Arabia. Nvidia will supply AI chips to Saudi AI startup Humain, launched by Saudi Arabia's sovereign wealth fund, while AMD has a $10 billion collaboration with Humain. Saudi Arabia aims to become an AI hub, diversifying its oil-reliant economy.
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Abu Dhabi’s Mubadala overtakes Saudi Arabia’s PIF as world’s top wealth fund spender
Livemint
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7m ago
Medial
Abu Dhabi's Mubadala Investment Company became the top spender among sovereign wealth funds in 2024, surpassing Saudi Arabia's Public Investment Fund, with an investment of $29.2 billion. The increase reflects a broader Gulf region trend, with Abu Dhabi, Qatar, and Saudi Arabia investing a record $82 billion. Sovereign funds focused significantly on digital infrastructure and AI, marking $27.7 billion in investments. Overall, sovereign wealth assets reached $13 trillion, highlighting their growing global financial impact.
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Saudi-owned Scopely to buy Pokemon Go maker Niantic's game division for $3.5 bn
VCCircle
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4m ago
Medial
Niantic Labs is selling its video-game division to Saudi-owned Scopely for $3.5 billion as it shifts focus to geospatial technology, following the unreplicable success of Pokemon Go. The deal boosts Saudi Arabia's gaming hub ambitions, supported by its sovereign wealth fund, Savvy Games. Niantic will spin off its geospatial AI business into Niantic Spatial, led by CEO John Hanke, distributing $350 million to equity holders and funding the new firm with $250 million.
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Saudi sovereign wealth fund swings to $36.8 bn profit in 2023
VCCircle
·
1y ago
Medial
Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), reported a profit of $36.81 billion in 2023, a significant improvement from the previous year's loss of $15.6 billion. The fund's total revenues more than doubled to $88.3 billion, driven by enhanced investment and non-investment activities in sectors such as banking, telecommunications, and gaming. PIF, which manages around $925 billion in assets, is instrumental in realizing the economic goals outlined in Saudi Arabia's Vision 2030 plan. The fund's funding sources include retained earnings, capital injections, government assets, and loans.
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How Middle East sovereign funds are cementing their global dominance
VCCircle
·
1y ago
Medial
In 2023, sovereign wealth funds from Middle Eastern countries, including Saudi Arabia, increased their investments globally, surpassing state-backed investors from Singapore and Canada. The Public Investment Fund (PIF) of Saudi Arabia led the way in deploying capital. This trend showcases the growing dominance of Middle East sovereign funds and their role in global investments.
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Saudi Arabia to consider Sovereign Wealth Fund office in India's GIFT City
Reuters
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1y ago
Medial
Saudi Arabia is considering setting up an office for its sovereign wealth fund, the Public Investment Fund (PIF), in India's Gujarat International Finance Tec-City (GIFT). This move was discussed during the state visit of Saudi Crown Prince Mohammed bin Salman to India. The two countries have signed 50 initial agreements and plan to form a joint task force for $100 billion in Saudi investments in India. Half of this investment is designated for a refinery project on India's western coast, while the rest will target sectors like oil, gas, petrochemicals, technology, and manufacturing.
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Aramco to buy 50% of Air Products Qudra's blue hydrogen business
VCCircle
·
1y ago
Medial
Saudi oil company Aramco will acquire a 50% stake in the blue hydrogen industrial gases business of Air Products Qudra (APQ), as part of Saudi Arabia's push to become a major hydrogen producer. The financial terms of the deal were not disclosed, but it includes options for Aramco to purchase hydrogen and nitrogen. APQ is a joint venture between Air Products and Qudra Energy. Saudi Arabia aims to be the world's largest hydrogen supplier, reducing its reliance on crude oil. This move aligns with the country's broader economic agenda driven by its sovereign wealth fund, the Public Investment Fund.
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China's JinkoSolar to ink pact with Saudi's PIF for renewable power facility
VCCircle
·
1y ago
Medial
JinkoSolar, a Chinese solar company, has announced plans to partner with Saudi Arabia's sovereign wealth fund and a local renewable firm to build a solar cell and module manufacturing facility. The new facility, expected to require an investment of $1 billion, aims to reach an annual production capacity of 10 gigawatts for high-efficiency solar cells and modules. The move comes as Saudi Arabia seeks to achieve net-zero emissions by 2060 and expand its renewable energy capacity to between 100 gigawatts and 130 gigawatts by 2030.
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BlackRock to launch PIF-backed Saudi investment platform
VCCircle
·
1y ago
Medial
BlackRock, the world's largest asset manager, announced plans to launch a new investment platform in Saudi Arabia. The platform will be backed by up to $5 billion from the Saudi sovereign wealth fund, the Public Investment Fund (PIF). The goal of the platform is to accelerate the growth of Saudi Arabia's capital markets, with a focus on raising additional funds both locally and internationally. BlackRock's platform will primarily target Saudi Arabia but will also span investments across the Middle East and North Africa. This move highlights Saudi Arabia's increasing attractiveness for international investment.
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