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Saudi PIF Forms Partnership with Central Group in Selfridges

PIF will hold 40% interest in Selfridges Group (PIF)
PIF will hold 40% interest in Selfridges Group (PIF)
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Saudi PIF Forms Partnership with Central Group in Selfridges

PIF will hold 40% interest in Selfridges Group (PIF)
PIF will hold 40% interest in Selfridges Group (PIF)

Saudi Arabia’s Public Investment Fund (PIF) announced on Monday that it will form a strategic partnership with Central Group, a leading retail, real estate and hospitality conglomerate.

Through this partnership, PIF will hold 40% interest in Selfridges Group, a chain of high-end department stores in the United Kingdom.

This transaction follows a binding agreement for the total buyout of Signa Group’s interest in Selfridges Group by PIF, and is subject to customary and applicable regulatory approvals.

PIF will hold 40% of both Selfridges Group’s operating and property companies, with Central Group owning the remaining 60%.

The deal includes new investment by both PIF and Central to strengthen Selfridges Group’s position and support future development.

This partnership aligns with PIF’s strategy of investing in key strategic sectors globally and is underpinned by a shared vision to unlock further value in Selfridges Group.

By combining PIF's investment capabilities with Central Group’s industry leadership, this collaboration will accelerate the growth of Selfridges Group, cementing its position as a leading force in European luxury retail.
“We are pleased to be partnering with Central Group in Selfridges Group, one of Europe’s most iconic luxury department stores. This transaction allows Selfridges Group to build on its position as a premier retail destination,” said Turqi Al-Nowaiser, Deputy Governor and Head of International Investments Division at PIF.

Selfridges Group owns and operates 18 premier luxury department stores across three countries, including Selfridges in the UK, De Bijenkorf in the Netherlands, and Brown Thomas and Arnotts in Ireland.

Its flagship locations on London’s Oxford Street and Manchester’s Exchange Square are renowned as cultural and retail landmarks.

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BP Abandons Goal to Cut Oil Output, Resets Strategy

The ogo of British Petrol BP is seen at a petrol station in Pienkow, Poland, June 8, 2022 (Reuters)
The ogo of British Petrol BP is seen at a petrol station in Pienkow, Poland, June 8, 2022 (Reuters)
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BP Abandons Goal to Cut Oil Output, Resets Strategy

The ogo of British Petrol BP is seen at a petrol station in Pienkow, Poland, June 8, 2022 (Reuters)
The ogo of British Petrol BP is seen at a petrol station in Pienkow, Poland, June 8, 2022 (Reuters)

BP has abandoned a target to cut oil and gas output by 2030 as CEO Murray Auchincloss scales back the firm's energy transition strategy to regain investor confidence, three sources with knowledge of the matter said.

When unveiled in 2020, BP's strategy was the sector's most ambitious with a pledge to cut output by 40% while rapidly growing renewables by 2030.

BP scaled back the target in February last year to a 25% reduction, which would leave it producing 2 million barrels per day at the end of the decade, as investors focused on near-term returns rather than the energy transition.

The London-listed company is now targeting several new investments in the Middle East and the Gulf of Mexico to boost its oil and gas output, the sources told Reuters.

Auchincloss took the helm in January but has struggled to stem the drop in BP's share price, which has underperformed its rivals so far this year as investors question the company's ability to generate profits under its current strategy.

The company continues to target net zero emissions by 2050.

“As Murray said at the start of year... the direction is the same – but we are going to deliver as a simpler, more focused, and higher value company,” a BP spokesperson said.

Auchincloss will present his updated strategy though in practice BP has already abandoned it, the sources said. It is unclear if BP will provide new production guidance.

Back to the Middle East, the sources said BP is currently in talks to invest in three new projects in Iraq, including one in the Majnoon field.

BP holds a 50% stake in a joint venture operating the giant Rumaila oilfield in the south of the country, where it has been operating for a century.

In August, BP signed an agreement with the Iraqi government to develop and explore the Kirkuk oilfield in the north of the country, which will also include building power plants and solar capacity.

Unlike historic contracts which offered foreign companies razor-thin margins, the new agreements are expected to include a more generous profit-sharing model, sources have told Reuters.

BP is also considering investing in the re-development of fields in Kuwait, the sources added.

In the Gulf of Mexico, BP has announced it will go ahead with the development of Kaskida, a large and complex reservoir, and the company also plans to green light the development of the Tiber field.

It will also weigh acquiring assets in the prolific Permian shale basin to expand its existing US onshore business, the sources said.