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PIF to Sell Part of Stake in Saudi Telecom

The logo of Saudi Arabia's Public Investment Fund (PIF)
The logo of Saudi Arabia's Public Investment Fund (PIF)
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PIF to Sell Part of Stake in Saudi Telecom

The logo of Saudi Arabia's Public Investment Fund (PIF)
The logo of Saudi Arabia's Public Investment Fund (PIF)

Saudi Arabia's Public Investment Fund (PIF), the country's sovereign wealth fund, is considering selling part of its 70% stake in Saudi Telecom Co (STC) while retaining majority ownership, the state fund said on Thursday.

"The potential transaction is expected to contribute to PIF's establishment and development of new sectors, in addition to strengthening the Saudi economy's growth and diversifying its sources of income," PIF said in a statement.

PIF said it had appointed Goldman Sachs, HSBC, Morgan Stanley and SNB Capital to advise on the deal.

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Saudi Industry Minister Discusses Mining Investments with Spanish Energy Minister

The Saudi and Spanish delegations meet in Madrid on Saturday. (SPA)
The Saudi and Spanish delegations meet in Madrid on Saturday. (SPA)
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Saudi Industry Minister Discusses Mining Investments with Spanish Energy Minister

The Saudi and Spanish delegations meet in Madrid on Saturday. (SPA)
The Saudi and Spanish delegations meet in Madrid on Saturday. (SPA)

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef held talks in Madrid on Saturday with Spanish Minister of State for Energy Sara Aagesen Muñoz on boosting mining cooperation and attracting Spanish mining companies to invest in promising opportunities in the Kingdom.

Alkhorayef emphasized the strong relations between Riyadh and Madrid, describing Spain as a key partner.

This partnership is reflected in the robust economic and trade ties between the two countries, expressing optimism about further developing cooperation in the industrial and mining sectors, he remarked.

Alkhorayef highlighted the Kingdom’s Vision 2030, which seeks to diversify the economy and boost non-oil exports by focusing on key sectors such as industry, mining, energy, and logistics.

He stressed the vital role of the private sector in this transformation and underscored the Kingdom's openness to foreign investments in these emerging economic sectors.

On Saudi Arabia’s comprehensive mining strategy, Alkhorayef outlined several initiatives aimed at transforming the mining sector into a significant pillar of the Kingdom's economy.

He underlined the attractive investment opportunities available to international companies, inviting Spanish mining firms to capitalize on the Kingdom’s potential in this promising field.

The meeting was attended by Saudi Ambassador to Spain Princess Haifa bint Abdulaziz bin Ayyaf Al Muqrin.