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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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Saudi PIF Completes $7 bln Inaugural Murabaha Credit Facility

The Public Investment Fund (PIF) logo
The Public Investment Fund (PIF) logo
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Saudi PIF Completes $7 bln Inaugural Murabaha Credit Facility

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

Saudi Arabia's Public Investment Fund (PIF) completed on Monday a $7 billion inaugural murabaha credit facility.
In a statement, PIF said the credit facility is supported by a syndicate of 20 international and regional financial institutions.
PIF head of the Global Capital Finance Division and head of Investment Strategy and Economic Insights Division Fahad AlSaif said: “This inaugural murabaha credit facility demonstrates the flexibility and depth of PIF’s financing strategy and use of diversified funding sources, as we continue to drive transformative investments, globally and in Saudi Arabia”, the Saudi Press Agency reported on Monday.
This financing complements PIF’s successful sukuk issuances over the past two years, the statement added. It also underpins PIF’s strong financial position, as well as its best-practice approach to debt financing.
PIF is rated Aa3 by Moody’s with stable outlook and A+ by Fitch with stable outlook. PIF has four main sources of funding: capital injections from government, government asset transfers, retained earnings from investments, and loans and debt instruments.