Business-oriented and enthusiastic Strategy Consultant with leadership, management, and solution design skills. [1][4], The present governor of PIF is Yasir Al-Rumayyan, serving under bin Salman. [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. The (COVID-19 pandemic) interrupted those discussions, so I would very much hope that our colleagues will pick up on this. [14] The shares for the second 4% stake in 2023 were valued around $73 billion. They support the Kingdoms economic transformation efforts and promote investments in several sectors, while achieving high returns over the medium and long terms. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Public Investment Fund has met the qualifications for inclusion in our WhaleScore system. [15], The PIF has 38% stake in Posco Engineering & Construction Co., a 5% stake in Uber (for $3.5billion), and a 5% stake in the video game companies Capcom and Nexon (for $1billion). The Biden administration this year has sold 26 million barrels of crude from the reserve through release mandated by Congress in previous years. The Kingdoms sovereign wealth fund acquired 13 million shares in Canadas NovaGold for $154.6 million, it said in a filing to the US Securities and Exchange Commission (SEC). US emergency crude oil reserves fall by 1.58m barrels PIF's giga-projects, designed to create new ecosystems and unlock new sectors, are heavily enabled by and promote technology and knowledge in Saudi Arabia. All quotes delayed a minimum of 15 minutes. 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. commentary and analysis you can trust. Create Email Alert, ***Log In or FILE - Storage tanks are seen at the North Jiddah bulk plant, an Aramco oil facility, in Jiddah, Saudi Arabia, on March 21, 2021. "Loss in household wealth due to the real estate crisis and loss of household income during the pandemic are factors why consumers have not spent more.". We give you the access and tools to invest like a Wall Street money manager at a Main Street price. See here for a complete list of exchanges and delays. S&P 500WhaleScore Follow @arabnews. 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. 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". Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. 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 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). 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 . as well as other partner offers and accept our, Andrew Francis Wallace/Toronto Star via Getty Images, Visit Business Insider's homepage for more stories, according to a Securities and Exchange Commission filing last week, GOLDMAN SACHS: Buy these 21 cheap, unappreciated stocks that offer above-average growth potential, invested in a range of European oil companies last quarter, 'We have a depression on our hands': The CIO of a bearish $150 million fund says the market will grind to new lows after the current bounce is over and warns 'a lot more pain' is still to come, Registration on or use of this site constitutes acceptance of our. Download 13F Summary RIYADH, T0 [34] He also said PIF would borrow conservatively to finance specific assets and would seek further partnerships such as those with Blackstone and SoftBank. Riyadh-based Sanabil is an investment company that commits approximately $3 billion a year to private transactions, its website says. [31], During the 2017 Saudi-US CEO Forum, which was part of President Donald Trump's official trip to Saudi Arabia, PIF announced plans to "invest $40billion in infrastructure projects, mostly in the U.S." Blackstone, whose CEO and founderStephen A. Schwarzmanis a top supporter of Trump, entered into a non-binding memorandum by which the PIF committed $20billion to the project. Saudi Arabia. Equal-WTWhaleScore 2.0 While Russia has long been Indias top source of military hardware, last month it became New Delhis top supplier of crude oil, displacing Iraq. The oil major further noted that this is a private transfer between the state and Sanabil Investments, and Aramco, as a company is not a party to the transfer and has not entered into any agreements. [1], In 2021, PIF invested $1billion in the investment fund established by former Donald Trump administration official Steven Mnuchin just after he left government. [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. Current Assets for PIF is $607,418,895,000 and SWFI has 42 periods of historical assets, 17 subsidiaries, 14 Opportunities/RFPs, 197 personal contacts available for CSV Export. So, it would require a rethink in terms of the FTA, Singh told Arab News. Read more: 'We have a depression on our hands': The CIO of a bearish $150 million fund says the market will grind to new lows after the current bounce is over and warns 'a lot more pain' is still to come. Following on the success of its VRP 2018-2020, the . 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. PIF advisers raised questions about the merits of the investment, but PIF management overruled the advisers. This map represents countries where PIF has carried out dire ct investments. It also disclosed a small stake in Berkshire Hathaway. In the 39-year history of SoftBank, the Saudi Arabia-backed funds paid the group its worst-ever losses, where the overall company losses were 1.36trillion yen (more than $12.5billion). REUTERS/Dado Ruvic/Ilustration. Geographically, PIF has expanded its investments in North America, Europe, Asia, Latin America, and Africa. 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. "Consumption saw a recovery during the first quarter partly because of pent-up demand but is not yet back on pre-pandemic levels," Teeuwe Mevissen, an analyst at RaboBank, said. [64] Some of the prominent professional golf players participated in the event, including Phil Mickelson, Dustin Johnson, Graeme McDowell, Sergio Garca, Martin Kaymer, Louis Oosthuizen, Charl Schwartzel and Lee Westwood. 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. university [8] [9] $100 billion was raised with PIF contributing $45 billion, SoftBank contributing $28 billion, the Mubadala Investment Company contributing $15 billion and the rest from other investors including Apple. SEC form, multiple filers or classes of filers, and much more.***. PIF has built deep connections with top-tier international investors and partners, asset managers, investment banks, and international brokerage firms to become one of the world's largest investment institutions. [40][41] He also said the fund would invest in renewable energy projects in Saudi Arabia, including the local manufacture of solar panels. 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. [3] The wealth fund has been controlled by Crown Prince Mohammed bin Salman, Saudi Arabia's de facto ruler since 2015. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. The giga-projects are designed to stimulate the economy and their benefits are expected . Access your favorite topics in a personalized feed while you're on the go. The industry leader for online information for tax, accounting and finance professionals. 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. 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. PIFs giga-projects, designed to create new ecosystems and unlock new sectors, are heavily enabled by and promote technology and knowledge in Saudi Arabia. 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. DUBAI, Aug 16 (Reuters) - Saudi Arabia's Public Investment Fund (PIF) bought shares in Alphabet (GOOGL.O), Zoom Video (ZM.O) and Microsoft (MSFT.O) as part of a wider pick of U.S. stocks,. [11] The board says PIF is aligned with the government's Vision 2030[12] with the aim to diversify the economy. 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? Other third-party content, logos and trademarks are owned by their perspective entities and used for informational purposes only. Saudi PIF backed the event with $2billion in funds. 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. the MV of securities sold, whichever is less, [10] In March 2015, oversight of PIF was moved from the Ministry of Finance to the Council of Economic and Development Affairs (CEDA). Chinas gross domestic product grew 4.5 percent year-on-year in the first three months of 2023, data showed on Tuesday, beating analyst forecasts for a 4 percent expansion as the end of COVID-19 curbs lifted the worlds second-largest economy out of a slump. Signing an FTA would be Russias way of saying that they are serious about economic relations with India, Pant said. for Q4 2022. Try full digital access and see why over 1 million readers subscribe to the FT, Purchase a Trial subscription for 1 for 4 weeks, You will be billed 65 per month after the trial ends, China starts surgical retaliation against foreign companies after US-led tech blockade, Chinas economy rebounds more than expected after Covid reopening, China hit by surge in Belt and Road bad loans, Two charged in New York with running secret police station for China, Transformational change: Bidens industrial policy begins to bear fruit, Depositors pull nearly $60bn from three US banks as Apple raises pressure, EY to cut 3,000 jobs in US to eliminate overcapacity, Apple and Goldman Sachs offer US savings account with 4.15% annual interest, Swiss-owned companys Russian gold trades expose gap in western sanctions, Live news updates from April 17: Corporate defaults surge, Treasury bills sell at 22-year yield high, Live news: Moscow court rules to keep US reporter Evan Gershkovich in detention, Pension fund Calstrs braced for writedowns in $50bn property portfolio, How the Ukraine war has divided the world, The west is in the grip of a decoupling delusion, The dangers of asset managers when it comes to long-term infrastructure, Tech skills shortfall frustrates start-ups looking to hire, Mohammed Alardhi: the fighter pilot on taking the controls at Investcorp, We must slow down the race to God-like AI. You are limited to the prior 8 quarters of 13F filings. Sign-up organisation [55] The other 19 Premier League clubs condemned the takeover, saying it damaged the Premier League's brand. A full list of rating actions is at the end of this rating action commentary. When completed, an email will be sent to the email address you specify [70] The CEO Greg Norman and star players had to face questions about their association with LIV Golf, despite the Kingdom's abysmal human rights records. Yasir Al-Rumayyan claims he was overruled by Salman of Saudi Arabia, who is still officially king. The transfer will solidify PIFs strong financial position and credit rating, the crown prince's statement said of the fund that is responsible for the bulk of projects aimed at transforming the Saudi economy to reduce its reliance on oil revenue. Aiming to provide unmatched, innovative, and engineered solutions to assure low-risk, sustainable, and cost-efficient business projects. 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. In support of its considerable domestic investments, the Saudi leadership aims to transform the PIF into a 'global investment powerhouse' by pledging to invest 25% of its assets in international portfolios, split between the International Diversified Pool and International Strategic Investment Pool (PIF, Citation 2017a, p. 21). Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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