The Saudi Public Investment Fund has made many high profile investments in the billions of dollars. or to simply have an email sent to you whenever we receive a new [74] After the March 2023 United States bank failures had gripped the global banking sector, Saudi National Bank chairman Ammar al-Khudair publicly stated on 15 March 2023 that they would "absolutely not" supply Credit Suisse with more capital (referencing the regulatory requirements for 10%+ shareholders as the reason why), which then promptly caused the share price of Credit Suisse to drop 25% more. [1], In 2021, PIF invested $1billion in the investment fund established by former Donald Trump administration official Steven Mnuchin just after he left government. The move follows a similar transfer last year worth tens of billions of dollars, with the wealth fund now controlling a total of 8 percent of shares in Aramco. [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. Standard Digital includes access to a wealth of global news, analysis and expert opinion. 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. The Program was launched in the fourth quarter of 2017 with the aim of strengthening PIF's position and making it an essential arm to achieve Vision 2030. Yasir Al-Rumayyan also admitted that of the $35 billion spent by the PIF as part of this activity, it soon rose to $49 billion when markets rose. [1/4]Small figurines are seen in front of displayed Alphabet logo in this illustration taken February 11, 2022. Tuesday's NBS report said in the first three months of the year China had faced a "grave and complex international environment as well as arduous tasks to advance reform, development and ensure stability at home", but that economic stability was Beijing's "top priority". SWFI facilitates sovereign fund, pension, endowment, superannuation fund and central bank events around the world. The $300 billion fund, which aims to diversify Saudi Arabia's economy away from oil, likely capitalized on the coronavirus sell-off to purchase the stocks at bargain prices. They support the Kingdoms economic transformation efforts and promote investments in several sectors, while achieving high returns over the medium and long terms. As part of this process, a new PIF was appointed, chaired by Crown Prince Mohammed bin Salman. The private company introduced a professional tour, LIV Golf, also referred to as the Super Golf League. 2008-2023 Sovereign Wealth Fund Institute. REUTERS/Dado Ruvic/Ilustration. The crown prince revealed that the state remains Aramcos biggest shareholder, owning 90.18 percent stakes in the firm, Saudi Press Agency reported. Riyadh-based Sanabil is an investment company that commits approximately $3 billion a year to private transactions, its website says. Few know what's going on there, including sometimes other government ministries. The PIF expanded its staff from 50 in 2015 to nearly 500 in 2018. The Chinese economy is also beset by a series of other crises, from a debt-laden property sector to flagging consumer confidence, global inflation, the threat of recession elsewhere, and geopolitical tensions with the US. Particular importance is attached to the issues of mutual access of products to the markets of both countries. CBAs Clifton said Britains policymakers would be watching the wages data closely for further confirmation that private sector income growth is slowing. [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. There are currently four giga-projects in the Kingdom. RIYADH: Gold prices rose on Tuesday after two sessions of losses as the dollar eased, while investors sought more clarity on the USFederal Reserve's monetary policy stance. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. NEW DELHI:India and Russia are in discussions for a free trade agreement, their ministers said on Monday, with the deal expected to further boost commercial ties that have flourished since Moscows invasion of Ukraine. See here for a complete list of exchanges and delays. RIYADH: A 4 percent stake in energy giant Saudi Aramco has been transferred from state ownership to Sanabil Investments, the investment arm of the Kingdoms sovereign wealth fund, said Crown Prince Mohammed bin Salman on Sunday. Focus will now be on comments from Fed officials this week before they enter a blackout period from April 22, ahead of the central bank's May 2-3 meeting. India and Russia are also in advanced negotiations on a new bilateral investment treaty, Jaishankar added. When completed, an email will be sent to the email address you specify Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. PIF advisers raised questions about the merits of the investment, but PIF management overruled the advisers. for 300m had been agreed between incumbent owner Mike Ashley and a prospective buying consortium consisting of the Public Investment Fund, PCP Capital Partners and Reuben Brothers. Through Kushner's firm, Saudi could open to Israeli businesses, which could prove to be lucrative for the Arab country. The Public Investment Fund (PIF) reduced its holdings in US companies to $7.05 billion by the end of Q3 2020 from $10.1 billion in Q2 2020. ? You consent to our cookies if you use this website, Sorry: the validity period has ended to comment on this news. Save. 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. For cost savings, you can change your plan at any time online in the Settings & Account section. While Russia has long been Indias top source of military hardware, last month it became New Delhis top supplier of crude oil, displacing Iraq. We will be in touch soon. [34][35] Al-Rumayyan presented a new investment strategy for the fund, based on four objectives of maximizing assets, investing in new sectors, localizing technologies, and developing economic partnerships. 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. See here for a complete list of exchanges and delays. 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). These are the 10 largest disclosed investments by PIF. Following on the success of its VRP 2018-2020, the . The dollar index, which measures the currency against six major rivals, eased 0.078 percent to 102.01 after rising 0.5 percent overnight. We will certainly encourage them from the Foreign Ministry side, because we do believe that they will make a real difference to our trade relationship, he said. Saudi Arabia's Public Investment Fund (PIF) is investing $3.5 billion into Uber, with its Managing Director Yasir Al Rumayyan joining Uber's board. Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. "[73], In 2022, PIF made a $1.5 billion investment in Credit Suisse as part of a broader goal of to diversify its portfolio into global banking. He said, "We know they killed Khashoggi and have a horrible record on human rights". [38] The following month he said the fund would aim to increase the percentage of international assets in its portfolio from 10% to 50% by 2030. All quotes delayed a minimum of 15 minutes. Public Investment Fund Follow Saudi Arabian Investment Company J.S.C.C Follow DUBAI, April 16 (Reuters) - A 4% stake in oil major Saudi Aramco (2222.SE) has been transferred from state. In Fitch's view, SRC is ultimately controlled by the state through PIF, so Fitch directly links the rating to the state under the . Riyadh-based Sanabil is an investment company that commits approximately $3 billion a year to private transactions, its website says. 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. In 2022, a 4% stake in ownership of Saudi Aramco was transferred to the PIF, which was repeated in 2023 as part of the funds plan to increase AUM to over $1 trillion by 2025. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. In 1974, PIF was mandated to hold equity positions in join-stock ventures within its domestic economy. for Q4 2022. 2023 Forbes Middle East. [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. [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. Saudi Arabia's Public Investment Fund has bought $8.2 billion worth of new investments in global stocks. [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. [42], In 2021, they purchased stakes in the American video game companies Electronic Arts, Take-Two Interactive, and Activision Blizzard. US emergency crude oil reserves fall by 1.58m barrels Saudi Arabias Public Investment Fund has bought $8.2 billion worth of new investments in global stocks. Thursday, 16 February, 2023. [67] However, some other renowned players also rejected the new league. This underlines the growing importance of sport in the Saudi economy. Fund's Sanabil Investments arm publishes first list of partners. Saudi Arabia's sovereign-wealth fund plowed billions of dollars into US stocks such as Boeing, Disney, and Facebook last quarter. Equal-WTWhaleScore 2.0 [36][37], In September 2018, Al-Rumayyan announced PIF's first step in incorporating loans and debt instruments into its long term strategy, with an $11 billion loan facility. The Biden administration this year has sold 26 million barrels of crude from the reserve through release mandated by Congress in previous years. The PIF's largest new holdings included a $714 million stake in Boeing, $522 million stakes in both Citigroup and Facebook, and a $514 million stake in Marriott. USgold futures rose 0.2 percent to $2,010.20. Investors will focus on UK employment data due later in the day, which could cause some volatility in the pound if the report shows that the labor market is not cooling. cookies Meanwhile, the euro was up 0.07 percent to $1.0934 but was below the one-year high of $1.10755 it touched last week, with traders expecting the regions central bank to stick to its monetary tightening path. Subscribe to WhaleWisdom to view all filing data [40], In March 2019, it was revealed that PIF paid a New York communications firm, Karv Communications, $120,000 a month in order to repair Saudis' damaged reputation after the Assassination of Jamal Khashoggi. [80], Some of PIF's assets were transferred to the organization in 2017 after the Saudi regime conducted an "anti-corruption" purge whereby assets of 400 of Saudi Arabia's richest individuals were seized by the regime. India and Russia have not been able to achieve the level of trade relations that they could (potentially) have. 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,. Gold is considered a hedge against inflation and economic uncertainties, but higher interest rates dim the non-yielding bullion's appeal. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. to see more advanced email alert options such as selecting any type of [3] The wealth fund has been controlled by Crown Prince Mohammed bin Salman, Saudi Arabia's de facto ruler since 2015. The CME FedWatch tool shows that markets are pricing in a 87.4 percent chance of a 25 basis point hike in May. [72] Graeme McDowell also gave similar answers and said, "We're not politicians, we're professional golfers. The kiwi rose 0.10 percent to $0.619, while the Australian dollar gained 0.22 percent to $0.672. He added it will "take time for (a) business confidence recovery, which requires translating the credit expansion into money flow to support real economic activities". 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. Spot gold was up 0.3 percent at $2,000.09 per ounce, as of 0642 GMT. The USdollar index was 0.2 percentlower and made bullion cheaper for overseas buyers. Chinas gross domestic product grew 4.5 percent year-on-year in the first three months of 2023, data showed on Tuesday, beating analyst forecasts for a 4 percent expansion as the end of COVID-19 curbs lifted the worlds second-largest economy out of a slump. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Pierce is a joint venture between Shell, which owns 92.5 percent of the stake, and Ithaca Energy owns the rest. It is among the largest sovereign wealth funds in the world with total estimated assets of US$ 620 billion ( 514 billion). There is a scope for oil markets to tighten a bit in case Chinas oil demand and its overall economy recovers, Dale told reporters in a press conference. You are limited to the prior 8 quarters of 13F filings. "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.". Affinity Partner's investment in Israeli startups was agreed to by Saudi officials and was also believed to have been approved by Crown Prince Mohammed. The PIF's largest new holdings included a $714 million stake in Boeing, $522 million stakes in both Citigroup and Facebook, and a $514 million stake in Marriott. Public Investment Fund's largest holding is Lucid Group Inc with shares held of 1,109,006,595. Access your favorite topics in a personalized feed while you're on the go. Is Wiltons new coronation menu fit for a king? 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. The dollar can remain sensitive to the strength, or not, of the economic data as the Fed likely nears the end of their tightening cycle, said Kristina Clifton, an economist at the Commonwealth Bank of Australia. The industry leader for online information for tax, accounting and finance professionals. Performance On 19 March 2023, UBS confirmed the planned acquisition of Credit Suisse by UBS. It ended the period with stakes worth between $75 million and $80 million in Warren Buffett's Berkshire Hathaway, Booking.com, IBM, Pfizer, Qualcomm, and Starbucks. FILE - Storage tanks are seen at the North Jiddah bulk plant, an Aramco oil facility, in Jiddah, Saudi Arabia, on March 21, 2021. Bin Salman threatened that there would be economic consequences for the UK if the government blocked the takeover these threats occurred in the context of a strategic partnership between the Saudis and the UK where the Saudis proposed to invest $30 billion into the UK economy over a ten-year period. The latest filing also confirmed reports that the fund invested in a range of European oil companies last quarter. See here for a complete list of exchanges and delays. Norman dismissed the questions saying, "We've all made mistakes" and that Saudi wanted "to move forward". 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. [1] By April 2022, Kushner's equity firm primarily depended on Saudi money, as it only had $2.5billion under its management. It instead left a stake of $2.7billion in Uber. The Program seeks to enhance the economic and investment sustainability . However, its aggressive spending is surprising as depressed oil prices have hammered the kingdom's finances in recent months. Know more about our Privacy Policy here. Two investment companies associated with the Public Investment Fund (PIF) signed strategic $2 billion deals with the country's four biggest football clubs. The statement also added that the transfer will not have any implications on the companys operations, strategy, dividends distribution policy or governance framework. Earlier, we were not buying crude oil from Russia, and now we are doing that. This was partially attributed to the fact that PIF had started to build a dedicated ESG (Environmental, Social, and Sustainability) team. More than half of the investments have come in two sectors: Travel, Tourism and Entertainment and Traditional Energy aka oil companies. Their last reported 13F filing for Q4 2022 included $30,938,670,069 in managed 13F securities Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. [56] The attempted takeover was "a blatant example of Saudi sportswashing", according to Kate Allen of Amnesty International UK. or India wouldnt like to be seen as a sympathizer to Russia if the war goes on.. 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. Know what 's going on there, including sometimes other government ministries performance on 19 March,... In advanced negotiations on a new bilateral investment treaty, Jaishankar added merits. Us stocks such as Boeing, Disney, and Ithaca Energy owns the rest Press Agency reported uncertainties but. 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Disclosed investments by PIF tool shows that markets are pricing in a highly-customised experience!