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Saudi Arabia’s PIF to Buy 10% Stake in London Heathrow Airport

Heathrow is one of the world’s largest air traffic platforms, connecting the UK with global trading partners to help stimulate economic growth. (Reuters)
Heathrow is one of the world’s largest air traffic platforms, connecting the UK with global trading partners to help stimulate economic growth. (Reuters)
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Saudi Arabia’s PIF to Buy 10% Stake in London Heathrow Airport

Heathrow is one of the world’s largest air traffic platforms, connecting the UK with global trading partners to help stimulate economic growth. (Reuters)
Heathrow is one of the world’s largest air traffic platforms, connecting the UK with global trading partners to help stimulate economic growth. (Reuters)

Saudi Arabia’s Public Investment Fund announced that it has entered into a share purchase agreement to acquire a 10% stake in London Heathrow Airport as part of a shareholder reshuffle, SPA said on Wednesday.
Under the terms of the agreement, PIF will acquire 10% in FGP TopCo, the holding firm of Heathrow Airport Holdings, while French-based private equity fund Ardian will acquire 15% through separate vehicles.
The transaction is subject to complying with ROFO (Right of First Offer) and full tag-along rights which may be exercised by the other TopCo shareholders pursuant to the Shareholders’ Agreement and the Articles of Association of the company, in addition to satisfaction of applicable regulatory conditions.

PIF is pleased to be investing in Heathrow, a world-class airport, which acts as a key gateway to the world.
PIF’s investment in Heathrow is in line with its strategy to support the business as a long-term partner.
Heathrow is one of the world’s largest air traffic platforms, connecting the UK with global trading partners to help stimulate economic growth.

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Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
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Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)

The United States on Thursday called on Israel to extend its cooperation with Palestinian banks for another year, to avoid blocking vital transactions in the occupied West Bank.

"I am glad that Israel has allowed its banks to continue cooperating with Palestinian banks, but I remain convinced that a one-year extension of the waiver to facilitate this cooperation is needed," US Treasury Secretary Janet Yellen said Thursday, on the sidelines of a meeting of G20 finance ministers in Rio de Janeiro.

In May, Israeli Finance Minister Bezalel Smotrich threatened to cut off a vital banking channel between Israel and the West Bank in response to three European countries recognizing the State of Palestine.

On June 30, however, Smotrich extended a waiver that allows cooperation between Israel's banking system and Palestinian banks in the occupied West Bank for four months, according to Israeli media, according to AFP.

The Times of Israel newspaper reported that the decision on the waiver was made at a cabinet meeting in a "move that saw Israel legalize several West Bank settlement outposts."

The waiver was due to expire at the end of June, and the extension permitted Israeli banks to process payments for salaries and services to the Palestinian Authority in shekels, averting a blow to a Palestinian economy already devastated by the war in Gaza.

The Israeli threat raised serious concerns in the United States, which said at the time it feared "a humanitarian crisis" if banking ties were cut.

According to Washington, these banking channels are key to nearly $8 billion of imports from Israel to the West Bank, including electricity, water, fuel and food.