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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.
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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.

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Russia’s Pipeline Gas Exports to Europe up 13% in 2024, Calculations Show

Gazprom logo and stock graph are seen through a magnifier displayed in this illustration taken September 4, 2022. (Reuters)
Gazprom logo and stock graph are seen through a magnifier displayed in this illustration taken September 4, 2022. (Reuters)
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Russia’s Pipeline Gas Exports to Europe up 13% in 2024, Calculations Show

Gazprom logo and stock graph are seen through a magnifier displayed in this illustration taken September 4, 2022. (Reuters)
Gazprom logo and stock graph are seen through a magnifier displayed in this illustration taken September 4, 2022. (Reuters)

Pipeline gas exports by Russian energy giant Gazprom to Europe increased by 13% in 2024 to around 32 billion cubic meters (bcm), Reuters calculations showed on Saturday, slightly more than the 31 bcm supplied to China.

Gazprom's average daily pipeline exports have been stable this December, at 91.3 million cubic meters (mcm), in comparison with November, but rose by 7% from December 2023, calculations based on data from European gas transmission group Entsog and Gazprom's daily reports on gas transit via Ukraine showed.

Its total supply to the European Union stood at about 2.8 bcm in December, the preliminary data showed, including 1.5 bcm, or 49.2 mcm per day, sent via Turkey.

Gas transit via Ukraine has reached around 1.3 bcm this month, or 42.1 mcm per day, almost unchanged from November despite Russia halting gas exports to Austria's OMV in mid-November over a contractual dispute.

Gazprom's exports to Europe via Ukraine this year have reached about 15 bcm.

The transit agreement between Moscow and Kyiv expires in the end of the year and is unlikely to continue as Ukraine has repeatedly said it was unwilling to do so amid the military conflict.

President Vladimir Putin said on Thursday there was no time left this year to sign a new Ukrainian gas transit deal, and laid the blame firmly on Ukraine for refusing to extend the agreement that brings gas to Slovakia, the Czech Republic and Austria.

Gazprom, which has not published its own monthly statistics since the start of 2023, did not respond to a request for comment.

Russia supplied about 63.8 bcm of gas to Europe by various routes in 2022, Gazprom data and Reuters calculations show. That fell by 55.6% to 28.3 bcm last year.

At their peak in 2018-2019, annual flows to Europe reached between 175 bcm and 180 bcm.