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PIF Opens Subsidiary Company Office in Paris to Boost Global Expansion

PIF Opens Subsidiary Company Office in Paris to Boost Global Expansion
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PIF Opens Subsidiary Company Office in Paris to Boost Global Expansion

PIF Opens Subsidiary Company Office in Paris to Boost Global Expansion

The Public Investment Fund (PIF)  announced on Monday the opening of a new subsidiary company office in Paris, expanding its global presence and deepening ties in France, a priority international market. The new office reflects PIF’s approach to engaging closely with local partners, leading businesses and institutional investors.

French President Emmanuel Macron, PIF Governor Yasir Al-Rumayyan, and other senior officials and business figures will attend the opening ceremony, which coincides with the annual “Choose France” event hosted in Paris.

PIF is an active, long-term investor in the world's most innovative and transformational industries, businesses, and markets. This new office will enable it to further strengthen its partnerships in the region.

A statement highlighted that between 2017 and 2024, PIF invested $84.7 billion across Europe, adding $52 billion to the continent’s GDP and creating over 254,000 direct and indirect European jobs. These investments included $8.6 billion in France, which added $4.8 billion to the nation’s GDP and created 29,000 direct and indirect jobs for the French economy.

The addition of Paris also aligns with PIF’s strategy to drive global economies and lead the economic transformation of Saudi Arabia. As one of the world’s most impactful investors, PIF has created more than 1.1 million direct and indirect jobs domestically and globally. PIF is committed to building new partnerships with a diverse range of leading international institutions.

"PIF has previously opened subsidiary company offices in New York, London, Hong Kong, and Beijing, and has approximately 220 portfolio companies," the statement read.

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Oil Slips as Iran-Israel Conflict Enters Sixth Day

FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
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Oil Slips as Iran-Israel Conflict Enters Sixth Day

FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo

Oil prices fell on Wednesday, after a gain of 4% in the previous session, as markets weighed up the chance of supply disruptions from the Iran-Israel conflict and as they ponder a direct US involvement.

Brent crude futures fell 93 cents, or 1.2%, to $75.52 a barrel by 0918 GMT. US West Texas Intermediate crude futures fell 88 cents, also 1.2%, to $73.96 per barrel.

US President Trump warned on social media on Tuesday that US patience was wearing thin, and called for an "unconditional surrender" from Iran.

While he said there was no intention to kill Iran's leader Ali Khamenei "for now," his comments suggested a tougher stance toward Iran as he weighs whether to deepen US involvement.

A source familiar with internal discussions said one of the options Trump and his team are considering included joining Israel on strikes against Iranian nuclear sites.

A direct US involvement threatens to widen the confrontation further, putting energy infrastructure in the region at higher risk of attack, analysts say.

"The biggest fear for the oil market is the shutdown of the Strait of Hormuz," ING analysts said in a note.

"Almost a third of global seaborne oil trade moves through this chokepoint. A significant disruption to these flows would be enough to push prices to $120 [a barrel]," the bank added.

Iran is OPEC's third-largest producer, extracting about 3.3 million barrels per day (bpd) of crude oil.

Meanwhile, Iranian ambassador to the United Nations in Geneva Ali Bahreini said on Wednesday that Tehran has conveyed to Washington that it will respond firmly to the United States if it becomes directly involved in Israel's military campaign.

Markets are also looking ahead to a second day of US Federal Reserve discussions on Wednesday, in which the central bank is expected to leave its benchmark overnight interest rate in the range of 4.25% to 4.50%.

However, the conflict in the Middle East and the risk of slowing global growth could potentially push the Fed to cut rates by 25 basis points in July, sooner than the market's current expectation of September, said Tony Sycamore, market analyst with IG.

Lower interest rates generally boost economic growth and demand for oil.

Confounding the decision for the Fed, however, is the Middle East conflict's potential creation of a new source of inflation via surging oil prices.

US crude stocks fell by 10.1 million barrels in the week ended June 13, market sources told Reuters, citing American Petroleum Institute figures on Tuesday. Official Energy Information Administration data is due later on Wednesday.