Saudi PIF Acquires 25% of Emaar The Economic City

The logo of Dubai's Emaar Properties on a building under construction in Dubai, UAE, March 3, 2016. (Reuters)
The logo of Dubai's Emaar Properties on a building under construction in Dubai, UAE, March 3, 2016. (Reuters)
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Saudi PIF Acquires 25% of Emaar The Economic City

The logo of Dubai's Emaar Properties on a building under construction in Dubai, UAE, March 3, 2016. (Reuters)
The logo of Dubai's Emaar Properties on a building under construction in Dubai, UAE, March 3, 2016. (Reuters)

The Public Investment Fund (PIF), Saudi Arabia's sovereign wealth fund, has completed the acquisition of a 25 percent stake in Emaar The Economic City (EEC) after obtaining required regulatory approvals, it said on Monday.

EEC, linked to Dubai property developer Emaar and working on Saudi Arabia's King Abdullah Economic City, issued new shares to PIF through a 2.8 billion riyals ($755 million) debt conversion.

“The PIF’s strategic investment will provide an opportunity to leverage synergies between EEC and PIF’s ecosystem in the real estate, manufacturing, logistics and tourism sectors,” the fund said in a statement.

It will also accelerate the development of EEC by establishing King Abdullah Economic City (KAEC) as a great enabler of socio-economic development in Saudi Arabia.

The investment aims to unlock the potentials of promising non-oil sectors to enhance the Kingdom’s efforts to diversify revenue sources, create strategic and operational value, improve the primary infrastructure and support economic development, the statement added.



Saudi Mining Licenses Reach 2,401 by End of 2024

Saudi Mining Licenses Reach 2,401 by End of 2024
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Saudi Mining Licenses Reach 2,401 by End of 2024

Saudi Mining Licenses Reach 2,401 by End of 2024

The Saudi Ministry of Industry and Mineral Resources announced on Sunday that the number of valid mining licenses in the Kingdom has reached 2,401 by the end of 2024.

The licenses cover various categories, including mining, exploration, reconnaissance, building materials quarries, and small mine operations.

According to the 2024 Mining Sector Indicators Bulletin, issued by the National Industrial and Mining Information Center, the majority of these licenses were granted for building materials quarries (1,481), followed by exploration (642), mining and small mining exploitation (215), reconnaissance (41), and surplus mineral ore extraction (22).

The bulletin serves as a critical tool for monitoring developments in the mining sector, tracking both existing and newly issued licenses across various regions of the Kingdom. By boosting transparency and providing accurate data, the initiative supports investors and decision-makers in making informed choices that contribute to the sector’s growth and sustainability.