It also acquired shares in JPMorgan (JPM.N) and BlackRock (BLK.N), buying 3.9 million shares and 741,693 shares respectively. It is among the largest sovereign wealth funds in the world with total estimated assets of US$ 620 billion ( 514 billion). [54], In April 2021, Saudi crown prince Mohammed bin Salman reportedly asked British Prime Minister Boris Johnson to intervene so that the Premier League would approve PIF's takeover of Newcastle. The losses were related to the investments in WeWork and Uber Technologies Inc. He went on and said that the PIF will continue to launch new sectors, along with building strategic economic partnerships, localize technologies and knowledge, which will ultimately result in the creation of more direct and indirect jobs in the local labor market. PIFs giga-projects, designed to create new ecosystems and unlock new sectors, are heavily enabled by and promote technology and knowledge in Saudi Arabia. [24] PIF disclosed a $713.7million stake in Boeing, around $522million in Citigroup, a $522million stake in Facebook, a $495.8million stake in Disney and a $487.6million stake in Bank of America. Gold is considered a hedge against inflation and economic uncertainties, but higher interest rates dim the non-yielding bullion's appeal. Download 13F Summary [1] By April 2022, Kushner's equity firm primarily depended on Saudi money, as it only had $2.5billion under its management. It saw 4.8 percent expansion in the first quarter of 2022, though that slowed to just 2.9 percent in the final three months of the year. [30] The SoftBank Group confirmed that during the fiscal year 20192020, the Vision Fund, in which Saudi Arabia invested $45billion, incurred a loss calculated at $17.7billion, after the value of investments was written down. Public Investment Fund has met the qualifications for inclusion in our WhaleScore system. The government has set a comparatively modest growth target of around five percent this year, a goal the country's Premier Li Qiang has warned could be hard to achieve. [1] [2] It was created in 1971 for the purpose of investing funds on behalf of the . The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. university All material subject to strictly enforced copyright laws. Through Kushner's firm, Saudi could open to Israeli businesses, which could prove to be lucrative for the Arab country. Argaam.com Copyright 2023, Argaam Investment, All Rights Reserved, {{getCommenterName(comment.ParentThreadID)}}. Sign-up 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. Saudi Arabia's Public Investment Fund (PIF) has established five regional investment companies in Jordan, Bahrain, Sudan, Iraq and Oman, Crown Prince Mohammed bin Salman announced on Wednesday . Yasir Al-Rumayyan claims he was overruled by Salman of Saudi Arabia, who is still officially king. 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Shell restarts Pierce field operations in the UK North Sea This was partially attributed to the fact that PIF had started to build a dedicated ESG (Environmental, Social, and Sustainability) team. Our Standards: The Thomson Reuters Trust Principles. The PIF disclosed stakes worth $713.7 million in Boeing, ABOUT $522 million in Citigroup, $522 million in Facebook, $495.8 million in Disney and $487.6 million in Bank of America, the U.S . These are the 10 largest disclosed investments by PIF. The (COVID-19 pandemic) interrupted those discussions, so I would very much hope that our colleagues will pick up on this. SINGAPORE: The dollar slipped on Tuesday after a sharp rise overnight as strong US economic data reinforced expectations that the Federal Reserve will hike interest rates in May, while Chinas economic recovery gathered pace in the first quarter. India and Russia have, for a very long time, been trying to revive their economic relationship because their relationship is very weak. Amnesty International pointed to Saudi Arabia's human rights record, and said that the Premier League must introduce standards whereby human rights violators cannot own Premier League clubs. [67] However, some other renowned players also rejected the new league. The Japanese yen was flat at 134.48 per dollar, while the sterling last traded at $1.2381, up 0.06 percent on the day. Public Investment Fund's largest holding is Lucid Group Inc with shares held of 1,109,006,595. Indias imports from Russia more than quadrupled to over $46 billion over the last fiscal year, mainly through oil, which had been available only in small quantities before the war that began in February last year. I dont think the West will really take it that seriously if India does go ahead with the deal, Pant told Arab News. MIS will be responsible for the supply and integration of the audio, visual, digital signage, and smart services solutions . It also divulged its direct investment portfolio, which included the machine learning-based discovery engine Atomwise, customer experience software company ActionIQ and cybersecurity platform Vectra, to name a few. Many saw it as a groundwork for a potential normalization of relations between Saudi and Israel. PIF maintains a leading and impactful investment strategy in line with Vision 2030, to drive Saudi Arabia's economic transformation through active, long-term investments and high standards of governance and transparency. [23] In 2020, PIF purchased minority stakes in major U.S. companies including Boeing, Facebook and Citigroup. [56] The attempted takeover was "a blatant example of Saudi sportswashing", according to Kate Allen of Amnesty International UK. [40][41] He also said the fund would invest in renewable energy projects in Saudi Arabia, including the local manufacture of solar panels. India and Russia are also in advanced negotiations on a new bilateral investment treaty, Jaishankar added. 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. . In 2016, The Wall Street Journal noted that none of the fund's investments were named. 1 Established in 1971 by Royal Decree, the PIF has financed many key Saudi projects. [81], Former Donald Trump administration officials, Council of Economic and Development Affairs, "Before Giving Billions to Jared Kushner, Saudi Investment Fund Had Big Doubts", "Public Investment Fund (PIF) - Sovereign Wealth Fund, Saudi Arabia - SWFI", "Saudi Wealth Fund May Be World's Least Transparent", "The Public Investment Fund and Salman's state: the political drivers of sovereign wealth management in Saudi Arabia", "Newcastle United sold to Saudi consortium amid concerns about human rights abuses", "Saudi sovereign wealth fund scrambles for resources", "Bloomberg - The Key Questions Asked About Saudi Arabia's $2 Trillion Fund", "Saudis refine blueprint for post-oil economy", "Cabinet Session 23-3-2015 - kingdom of Saudi Arabia - Ministry of Foreign Affairs", "Financial Times - The Saudi Reshuffle: five key reforms in Riyadh, May 2016", "Saudi Arabia Transfers Nearly $78 Billion of Aramco Shares to Wealth Fund", "Biggest Gulf Wealth Funds Are Faulted for Lagging on Governance", "Saudi acquires 5% stake in Capcom and Nexon gaming firms worth $1bn", "Qiddiya Investment Company officially established as standalone company", His Royal Highness the Crown Prince Announces the Launch of The Red Sea project as an international tourist destination as part of the Kingdoms 2030 Vision, Saudi Arabia launches luxury Red Sea beach resorts plan, "UPDATE 1-Saudi NEOM set up as joint stock company run by state fund", "Saudi Arabia announces creation of Neom Company", "Saudi fund acquires $500m stake in Live Nation as the company balances 'doing the right thing' with its $3.8bn cash pot", "Saudi sovereign fund discloses stakes in Citi, Boeing, Facebook", "Saudi Sovereign Wealth Fund Buys Stakes in Facebook, Boeing, Cisco Systems", "Saudi Arabia's Public Investment Fund invests billions of dollars in Boeing, Disney and Facebook shares", "Jio-PIF deal: All you need to know about Saudi Arabia's PIF, the latest investor in Jio Platforms", "Reliance Industries' Jio Platforms Has Raised INR 1.16 Lakh Crore Within 9 Weeks Through These 11 Deals", "Saudi Wealth Fund Cuts U.S. Stock Holdings, Holds On to Uber", "SoftBank Group Corp. to Establish SoftBank Vision Fund", "SoftBank Vision Fund Posts $17.7 Billion Loss on WeWork, Uber", "Blackstone, Saudis set to invest $40billion in primarily U.S. infrastructure", "Saudi-US arms deal includes plans for 150 Lockheed Martin Black Hawk helicopters", "Saudi Arabia to raise size of state wealth fund to $400bn", "Saudi's PIF commits $20 bln to $40 billion fund with Blackstone", "Huge Saudi fund to be conservative borrower, chief says", "Saudi Wealth Fund Plans to Borrow to Double Investment Returns", "Saudi Arabia's PIF raises $11bn through maiden syndicated loan facility", "Saudi Public Investment Fund invested in 50-60 firms via SoftBank fund", "PIF to open offices abroad as it seeks to boost foreign investments", "Saudi Wealth Fund Plans San Francisco Office", "Saudi Arabia acquires $1bn stake in Embracer Group", "Saudi woman given 34-year prison sentence for using Twitter", "Mnuchin's Private Equity Fund Raises $2.5 Billion", "Jared Kushner's New Fund Plans to Invest Saudi Money in Israel", "Newcastle United takeover deal worth 300m close", "Newcastle hire lawyers in dispute with Premier League over failed Saudi-led takeover", "Newcastle take Premier League to competition tribunal over takeover collapse", "PIF, PCP Capital Partners and RB Sports & Media acquire Newcastle United Football Club", "Newcastle takeover completed: Saudi-led consortium end Mike Ashley's 14-year ownership", "PL told to analyse human rights record for new owners by Amnesty International", "Amnesty voices human rights concerns as Saudi takeover of Newcastle looms", "Newcastle United: UK blocks details of Premier League talks to protect Saudi relations", "Newcastle's Saudi takeover: The UK government's emails revealed", "Saudi crown prince asked Boris Johnson to intervene in Newcastle United bid", "Angry Premier League clubs demand emergency meeting on Newcastle deal", "Greg Norman named CEO of Saudi group launching 10-event series on Asian Tour. Share Logo of the Public Investment Fund (PIF) Brazil's BRF Co. stated that it signed a memorandum of understanding (MoU) with the Public Investment Fund ( PIF) to establish a joint venture (JV) to produce and sell poultry products in the Kingdom. Signing an FTA would be Russias way of saying that they are serious about economic relations with India, Pant said. BPs chief economist sees oil market tightening in H2 2023 [75], PIF has been characterized as among the least transparent sovereign wealth funds in the world. RIYADH, T0 [45], In 2021, PIF invested $2billion into a private equity firm that had been newly formed by Jared Kushner, Donald Trump's son-in-law, shortly after he left the White House. Abusive comments of any kind will be removed. Registration on or use of this site constitutes acceptance of our terms of use agreement which includes our privacy policy. The statement also added that the transfer will not have any implications on the companys operations, strategy, dividends distribution policy or governance framework. Check if your 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. [3] According to Steffen Hertog, a professor at the London School of Economics, the PIF "is seen as opaque, a black box. Trade between them is minuscule compared to the size of the two countries, Singh said. "As a result, a smooth transition in COVID-19 prevention and control to the new phase was secured in a relatively short time," the report said, adding "the production and demand registered a stable recovery, employment and prices". 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. The offshore Chinese yuan fell 0.02 percent to $6.8795 per dollar. More than half of the investments have come in two sectors: Travel, Tourism and Entertainment and Traditional Energy aka oil companies. 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. We want to create 1.8 million jobs, and these are quality jobs. The lack of transparency and close control by the Saudi Arabian government has generated much controversy. ? Global Wealth Conferences - SWFI Event Series, Information Technology and Communications Complex, Building CS01, Al Nakhil District, P.O. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. | Saleem Alsharari - . The PIF, which manages $620 billion in assets, is at the centre of Saudi Arabias plans to transform the economy by creating new sectors and diversifying revenues away from oil. [29], In 2016, SoftBank Group and the PIF announced that they would establish a SoftBank Vision Fund which aims to invest up to $45billion over five years in the tech sector. When neighboring petrostates began using their sovereign wealth funds for influence, Saudi Arabia followed them. Saudi Arabia's PIF discloses investments in dozens of buyout firms. The Public Investment Fund (PIF) of Saudi Arabia is one of the largest sovereign wealth funds in the world. (This story corrects lead to show $40.8 bln is portfolio's market value, not Q2 investments). Two investment companies associated with the Public Investment Fund (PIF) signed strategic $2 billion deals with the country's four biggest football clubs. "There is too much earnings, political, geopolitical and central bank risk on the table," Edward Moya, senior market analyst at OANDA, said in a note, adding that only a couple of risks need to rattle markets to trigger safe haven flows towards gold with the metal's path towards record territory still present. The kiwi rose 0.10 percent to $0.619, while the Australian dollar gained 0.22 percent to $0.672. The industry leader for online information for tax, accounting and finance professionals. [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. [21][22] PIF owns a 5.7% stake (valued at $500million) in concert distributor Live Nation. The central bank, however, said it was ready to tighten further if inflation and demand failed to cool. Keep abreast of significant corporate, financial and political developments around the world. You must have a subscription to view WhaleScore histories. Thursday, 16 February, 2023. Russias Deputy Prime Minister Denis Manturov and Indias Foreign Minister Subrahmanyam Jaishankar held a meeting with business leaders from the two countries on Monday as part of Manturovs two-day visit to the South Asian country. He was overruled by Salman of Saudi sportswashing '', according to Kate of... India, Pant told Arab News want to create 1.8 million jobs, and smart services solutions in... And BlackRock ( BLK.N ), buying 3.9 million shares and 741,693 respectively! A blatant example of Saudi Arabia followed them with the deal, Pant told Arab News bank, However said. The ( COVID-19 pandemic ) interrupted those discussions, so I would very much hope that colleagues. 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