عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Arabia's PIF Invests $1.3 Billion in 4 Local Construction Firms

Saudi Arabia's sovereign wealth fund has invested a total of $1.3 billion in four local construction firms.
Saudi Arabia's sovereign wealth fund has invested a total of $1.3 billion in four local construction firms.
TT
20
TT

Saudi Arabia's PIF Invests $1.3 Billion in 4 Local Construction Firms

Saudi Arabia's sovereign wealth fund has invested a total of $1.3 billion in four local construction firms.
Saudi Arabia's sovereign wealth fund has invested a total of $1.3 billion in four local construction firms.

Saudi Arabia's sovereign wealth fund has invested a total of $1.3 billion in four local construction firms to support the sector tasked with spearheading projects across the Kingdom, it said on Tuesday.

The Public Investment Fund said it acquired new shares as part of capital increases representing significant minority stakes in Nesma & Partners Contracting Company, ElSeif Engineering Contracting Company, AlBawani Holding Company and Almabani General Contractors Company.

"These partnerships demonstrate PIF’s commitment to unlock the capabilities of key strategic sectors in Saudi Arabia," PIF's deputy governor Yazeed Al-Humied said in a statement.

PIF's investment "will support local capacity expansion across the sector and stimulate private sector participation and investment to meet current and future demand," Al-Humied was quoted as saying.

The fund acquired a controlling stake in interior design and specialty contracting firm Depa in March 2022, paying 150 million dirhams ($40.84 million) for 750 million new shares.

Most Viewed

 
Business

Syria, World Bank Discuss Tools to Support Syrian Economic Recovery

People wait their turn in a queue outside an ATM in Damascus on April 16, 2025. (Photo by LOUAI BESHARA / AFP)
People wait their turn in a queue outside an ATM in Damascus on April 16, 2025. (Photo by LOUAI BESHARA / AFP)
TT
20
TT

Syria, World Bank Discuss Tools to Support Syrian Economic Recovery

People wait their turn in a queue outside an ATM in Damascus on April 16, 2025. (Photo by LOUAI BESHARA / AFP)
People wait their turn in a queue outside an ATM in Damascus on April 16, 2025. (Photo by LOUAI BESHARA / AFP)

Members of the Syrian government and a delegation from the World Bank discussed in Damascus tools to support Syria's economic recovery, the Syrian foreign ministry said on Wednesday.

Sources told Reuters on Saturday that Syrian officials are planning to attend the annual spring meetings held by the International Monetary Fund and World Bank in Washington, D.C. this month, which would be the first such visit in at least two decades.

Syria has around $15 million in arrears to the World Bank which must be paid off before the international financial institution can approve grants and provide other forms of assistance.

But Damascus is short of foreign currency and a previous plan to pay off the debts using assets frozen abroad did not materialize, according to two people familiar with the matter.

A technical delegation from the World Bank met with Syria's Finance Minister Mohammed Yosr Bernieh on Monday, according to the Syrian state news agency Sana.
The meeting, which was the first public meeting between the Syrian government and the World Bank, included discussions on strengthening financial and economic ties between the two sides.
Bernieh also highlighted the negative effects of the international sanctions imposed on Syria and policies of the former regime on the country's financial and banking sector.