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PIF Buying 30% Stake in Saudi Tabreed

The Public Investment Fund (PIF) logo
The Public Investment Fund (PIF) logo
    Asharq A-Awsat
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PIF Buying 30% Stake in Saudi Tabreed

The Public Investment Fund (PIF) logo
The Public Investment Fund (PIF) logo

Saudi Arabia's Public Investment Fund (PIF) has acquired a 30% stake in cooling company Saudi Tabreed through a private placement of shares, according to a bourse filing on Wednesday.

The sale is subject to completion procedures.

United Arab Emirates-listed National Central Cooling Company, known as Tabreed, has also boosted its stake in the Saudi venture to 21.8% after acquiring additional shares from Al Mutlaq Group for Industrial Investments for 55 million Saudi riyals ($14.63 million), the bourse filing said.

On Tuesday, Bloomberg News reported that the PIF's stake in Saudi Tabreed could be worth about $250 million.

The company provides district cooling services to major urban developments across Saudi Arabia and the Gulf region.

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Taiwan Expects Small Impact from Trump Tariffs on Chip Exports

A chip is pictured at the Taiwan Semiconductor Research Institute (TSRI) at Hsinchu Science Park in Hsinchu, Taiwan, September 16, 2022. Reuters/Ann Wang/ File Photo
A chip is pictured at the Taiwan Semiconductor Research Institute (TSRI) at Hsinchu Science Park in Hsinchu, Taiwan, September 16, 2022. Reuters/Ann Wang/ File Photo
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Taiwan Expects Small Impact from Trump Tariffs on Chip Exports

A chip is pictured at the Taiwan Semiconductor Research Institute (TSRI) at Hsinchu Science Park in Hsinchu, Taiwan, September 16, 2022. Reuters/Ann Wang/ File Photo
A chip is pictured at the Taiwan Semiconductor Research Institute (TSRI) at Hsinchu Science Park in Hsinchu, Taiwan, September 16, 2022. Reuters/Ann Wang/ File Photo

Taiwan only expects a small impact from any tariffs imposed by the incoming government of US President-elect Donald Trump on semiconductor exports given their technological superiority, Economy Minister Kuo Jyh-huei said on Friday.
Home to the world's largest contract chipmaker, Taiwan Semiconductor Manufacturing Co., the island is a key link in the global technology supply chain for companies such as Apple and Nvidia, according to Reuters.
But Taiwanese policymakers have warned new US tariffs against all countries from the Trump administration could curb economic growth this year for the export-dependent economy.
Trump has pledged a blanket tariff of 10% on global imports into the United States and a far higher 60% tariff on Chinese goods.
In late November, he specifically pledged a 25% tariff on imports from Canada and Mexico when he takes office on Jan. 20.
Asked at a news conference about the impact on Taiwan's export orders of Trump's tariffs, Kuo said it would not much affect the chip sector.
“For our semiconductors and advanced processes, there is an advantage of technological leadership and that cannot be replaced, and so the impact will be small,” he added.
Taiwan will also help companies relocate supply chains to the United States as needed, away from where there might be high import tariffs, Kuo said.
“Now we see that we should be able to develop the aerospace supply chain industry in the United States, and do some joining up with the US aerospace companies, so that some of Taiwan's aerospace research and development centres can be moved there,” he added.