Saudi Fund Flexes Muscles With of Billion-Dollar ProjectsBy
PIF announces projects valued at more than $10b in past month
CEOs worldwide to fly to kingdom for 3-day event from Oct. 24
Saudi Arabia’s wealth fund is on a roll.
In the past month alone, the Public Investment Fund announced projects valued at more than $10 billion -- in industries ranging from property, energy, recycling and entertainment. Last week it set up a real-estate refinancing firm with a mandate of $20 billion in deals in five years.
The fund already holds about $130 billion of assets in listed Saudi companies and has investments with Blackstone Group LP to SoftBank Group Corp. This month it scooped up a $2.4 billion stake in food processor Almarai Co.
The flurry of investments comes ahead of a three-day event starting Oct. 24 hosted by PIF. The who’s who in the business world are attending, including executives from JPMorgan Chase & Co., BlackRock Inc., Credit Suisse Group AG, Goldman Sachs Group Inc. to central bank governors.
- Link to PIF event: http://bit.ly/2irVr4D