Saudi Fund’s $1 Billion Deal Boosts Middle East Selldowns
Equity sales are a key pillar of the PIF’s hunt for cash to fund Saudi’s trillion-dollar Vision 2030 development plan, and more secondary sales could follow.
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A $1 billion stake sale in Saudi Arabia’s largest mobile phone operator is the latest sign that the market for follow-on equity offerings is picking up in the Middle East.
The Public Investment Fund’s sale of a 2% stake in Saudi Telecom Co. follows secondary share sales in Saudi Aramco and Adnoc Drilling Co. to the tune of roughly $12 billion and $900 million respectively earlier this year.