Beijing's virus-containment policy -- an unstinting regime of strict curbs on the population -- strongly constrained normal economic activity before it was abruptly ditched in December. Many saw it as a groundwork for a potential normalization of relations between Saudi and Israel. You must have a subscription to view WhaleScore histories. . If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Russias Deputy Prime Minister Denis Manturov and Indias Foreign Minister Subrahmanyam Jaishankar held a meeting with business leaders from the two countries on Monday as part of Manturovs two-day visit to the South Asian country. as well as other partner offers and accept our, Andrew Francis Wallace/Toronto Star via Getty Images, Visit Business Insider's homepage for more stories, according to a Securities and Exchange Commission filing last week, GOLDMAN SACHS: Buy these 21 cheap, unappreciated stocks that offer above-average growth potential, invested in a range of European oil companies last quarter, 'We have a depression on our hands': The CIO of a bearish $150 million fund says the market will grind to new lows after the current bounce is over and warns 'a lot more pain' is still to come, Registration on or use of this site constitutes acceptance of our. See here for a complete list of exchanges and delays. Our Standards: The Thomson Reuters Trust Principles. The lack of transparency and close control by the Saudi Arabian government has generated much controversy. to see more advanced email alert options such as selecting any type of Equal-WTWhaleScore 2.0 The move follows a similar transfer last year worth tens of billions of dollars, with the wealth fund now controlling a total of 8 percent of shares in Aramco. Download 13F Summary See here for a complete list of exchanges and delays. [14] The shares for the second 4% stake in 2023 were valued around $73 billion. | Saleem Alsharari - . [65] Dustin Johnson was allegedly paid $150million to join the Saudi-backed series. We will certainly encourage them from the Foreign Ministry side, because we do believe that they will make a real difference to our trade relationship, he said. Saudi PIF backed the event with $2billion in funds. [47] This will be the first known time that money from the Saudi's sovereign wealth fund will go to Israel. Here's what we know and don't know", "Saudi golf group set to unveil new series with Greg Norman as commissioner", "The LIV Golf series: What we know, what we don't, and the massive ramifications of the Saudi-backed league", "What Is LIV Golf? The move was intended to take advantage of higher hydrocarbon prices towards funding the expansion of the PIF in its overarching goal to diversify investments. They want to invest in it whether or not it goes through, whether or not there is any possibility of succeeding., This transfer of stakes is a part of Saudi Arabias long-term initiatives to boost and diversify the national economy. The Softbank Vision Fund was created in May 2017 by the Softbank Group and the Public Investment Fund (PIF). Turnover is calculated by taking the # of new holdings (initial purchases) + the # of positions sold out of (not just reduced) divided by the total # of holdings for the quarter. and a top 10 holdings concentration of 66.62%. The PIF, which manages $620 billion in assets, is at the centre of Saudi Arabias plans to transform the economy by creating new sectors and diversifying revenues away from oil. [1] According to ethics experts, the investment created the appearance of potential payback for Kushner. You consent to our cookies if you use this website, Sorry: the validity period has ended to comment on this news. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. [3] According to Steffen Hertog, a professor at the London School of Economics, the PIF "is seen as opaque, a black box. [1], In 2021, PIF invested $1billion in the investment fund established by former Donald Trump administration official Steven Mnuchin just after he left government. [7], In July 2014, the Council of Ministers granted the PIF authority to fund new companies inside and outside the Kingdom, either independently or in cooperation with the public and private sectors, without the council's prior approval. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. The Chinese economy is also beset by a series of other crises, from a debt-laden property sector to flagging consumer confidence, global inflation, the threat of recession elsewhere, and geopolitical tensions with the US. The Public Investment Fund (PIF) of Saudi Arabia is one of the largest sovereign wealth funds in the world. "[76][77][78], The governance structure of PIF has been called into question, specifically with respect to how much control Mohammad bin Salman holds on decision making at PIF. All Rights Reserved. Keep abreast of significant corporate, financial and political developments around the world. In the US, data released on Monday showed confidence among single-family homebuilders improved for a fourth consecutive month in April, while manufacturing activity in New York state increased for the first time in five months. Particular importance is attached to the issues of mutual access of products to the markets of both countries. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. On 19 March 2023, UBS confirmed the planned acquisition of Credit Suisse by UBS. The figures were the first snapshot since 2019 of the world's second-largest economy unencumbered by the strict health controls that helped keep the coronavirus in check but battered businesses and supply chains. Gold is considered a hedge against inflation and economic uncertainties, but higher interest rates dim the non-yielding bullion's appeal. The PIF maintained its ownership in Uber, Live Nation, Carnival, Suncor Energy Inc., Automatic Data Processing Inc., and the Utilities Select Sector SPDR Fund. The dollar can remain sensitive to the strength, or not, of the economic data as the Fed likely nears the end of their tightening cycle, said Kristina Clifton, an economist at the Commonwealth Bank of Australia. Public Investment Fund of Saudi Arabia (PIF) is a Sovereign Wealth Fund located in Riyadh Saudi Arabia, Middle East, and was founded in 1971. The oil major further noted that this is a private transfer between the state and Sanabil Investments, and Aramco, as a company is not a party to the transfer and has not entered into any agreements. The dollar index, which measures the currency against six major rivals, eased 0.078 percent to 102.01 after rising 0.5 percent overnight. The governor of the fund . There are currently four giga-projects in the Kingdom. Stay informed and spot emerging risks and opportunities with independent global reporting, expert Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 13F filing from PUBLIC INVESTMENT FUND, enter your If Saudi Arabia wants to use the game of golf as a way for them to get to where they want to be, I think we're proud to help them on that journey. FILE - Storage tanks are seen at the North Jiddah bulk plant, an Aramco oil facility, in Jiddah, Saudi Arabia, on March 21, 2021. [80], Some of PIF's assets were transferred to the organization in 2017 after the Saudi regime conducted an "anti-corruption" purge whereby assets of 400 of Saudi Arabia's richest individuals were seized by the regime. It saw 4.8 percent expansion in the first quarter of 2022, though that slowed to just 2.9 percent in the final three months of the year. Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. for PUBLIC INVESTMENT FUND, Top 20 equal-weighted holdings. [17] PIF owns Qiddiya,[18] spearheads the Red Sea Project for luxury beach resorts,[19][20] and owns the closed joint-stock company named Neom. This underlines the growing importance of sport in the Saudi economy. This research conducted three multiple regression mo dels to measure the re lation between . Any changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel. [59][60][61][62], LIV Golf's strategy differed from other leagues as it offered the richest golf tournaments in history and was able to convince star players to take part. [66] Phil Mickelson also committed to the series after signing a $200million contract. Together with the Eurasian Economic Commission, it is planned to intensify negotiations with India to conclude a free trade agreement.. [1]: Check if your PIFs giga-projects, designed to create new ecosystems and unlock new sectors, are heavily enabled by and promote technology and knowledge in Saudi Arabia. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Stocks in the SPR fell to 368 million barrels in the week to April 14, its lowest level since Oct 1983, based on DOE and Energy Information Administration data. Performance numbers calculated through 2023-02-14. Gold prices fell to nearly a two-week low on Monday after data showed manufacturing activity in New York state increased for the first time in five months, and confidence among USsingle-family homebuilders improved for a fourth straight month in April. ? commentary and analysis you can trust. SINGAPORE: The dollar slipped on Tuesday after a sharp rise overnight as strong US economic data reinforced expectations that the Federal Reserve will hike interest rates in May, while Chinas economic recovery gathered pace in the first quarter. Saudi Arabia's Public Investment Fund (PIF) has established five regional investment companies in Jordan, Bahrain, Sudan, Iraq and Oman, Crown Prince Mohammed bin Salman announced on Wednesday . In 2016, The Wall Street Journal noted that none of the fund's investments were named. LIMIT THE USE OF MY SENSITIVE PERSONAL INFORMATION, % of top 20 holdings the same as top 20 most commonly held by all managers. The FPSO, owned and operated by Bluewater, stopped production in October 2021 to enable the fields upgrade. "[55] Hatice Cengiz, the fiance of Saudi journalist Jamal Khashoggi, who was murdered by operatives of the Saudi regime, urged the Premier League to block PIF's takeover. RIYADH: Gold prices rose on Tuesday after two sessions of losses as the dollar eased, while investors sought more clarity on the USFederal Reserve's monetary policy stance. It ended the period with stakes worth between $75 million and $80 million in Warren Buffett's Berkshire Hathaway, Booking.com, IBM, Pfizer, Qualcomm, and Starbucks. Thursday, 16 February, 2023. [56] The attempted takeover was "a blatant example of Saudi sportswashing", according to Kate Allen of Amnesty International UK. Spot gold was up 0.3 percent at $2,000.09 per ounce, as of 0642 GMT. Meanwhile, the euro was up 0.07 percent to $1.0934 but was below the one-year high of $1.10755 it touched last week, with traders expecting the regions central bank to stick to its monetary tightening path. or In addition, PIF's portfolio companies have wide-ranging global operations. "Loss in household wealth due to the real estate crisis and loss of household income during the pandemic are factors why consumers have not spent more.". [2]: [79], The fund's domestic investments tend to go to firms owned by elites with long-standing personal connections to the Saudi state. Pierce is a joint venture between Shell, which owns 92.5 percent of the stake, and Ithaca Energy owns the rest. There were multiple meetings by Kushner had with a range of Israeli startups before he picked two of them to make an investment. Fund's Sanabil Investments arm publishes first list of partners. [49][50] On 7 October 2021, it was announced that the club would be acquired by the consortium led by the Public Investment Fund,[51] after the Premier League stated it had received "legally binding assurances that the Kingdom of Saudi Arabia will not control Newcastle United Football Club". The offshore Chinese yuan fell 0.02 percent to $6.8795 per dollar. It will be very difficult for Europe to refill its gas storage to last year's levels after the continent ended the winter heating season with relatively low stockpiles, Russian natural gas giant Gazprom said on Tuesday. [25] PIF also disclosed an $827.7million stake in oil company BP. In 1974, PIF was mandated to hold equity positions in join-stock ventures within its domestic economy. The central bank, however, said it was ready to tighten further if inflation and demand failed to cool. [16] In March 2016, it was announced that ownership of Saudi Aramco would be transferred to the PIF and that the Kingdom will seek to list 5 percent of Aramco's shares by 2017. [34][35] Al-Rumayyan presented a new investment strategy for the fund, based on four objectives of maximizing assets, investing in new sectors, localizing technologies, and developing economic partnerships. Riyadh-based Sanabil is an investment company that commits approximately $3 billion a year to private transactions, its website says. [69], LIV Golf was also condemned as another sportswashing tool of Saudi Arabia, which is accused of several human rights violations, including the assassination of Jamal Khashoggi. Following on the success of its VRP 2018-2020, the . [67] However, some other renowned players also rejected the new league. [72] Graeme McDowell also gave similar answers and said, "We're not politicians, we're professional golfers. The next round of appraisals of the concept papers for the Public Sector Investment Facility (PIF) closes March 24th, 2023. Is Wiltons new coronation menu fit for a king? The fund bought 6.3 million shares in Starbucks (SBUX.O), and added other stocks including Adobe Systems (ADBE.O), Advanced Micro Devices (AMD.O), Salesforce (CRM.N), Home Depot (HD.N), Costco (COST.O), Freeport-McMoRan (FCX.N), Datadog (DDOG.O) and NextEra Energy (NEE.N). INVESTMENT SAUDI ARABIA TECHNOLOGY. Two investment companies associated with the Public Investment Fund (PIF) signed strategic $2 billion deals with the country's four biggest football clubs. US emergency crude oil reserves fall by 1.58m barrels Read more: 'We have a depression on our hands': The CIO of a bearish $150 million fund says the market will grind to new lows after the current bounce is over and warns 'a lot more pain' is still to come. The giga-projects are designed to stimulate the economy and their benefits are expected . "[73], In 2022, PIF made a $1.5 billion investment in Credit Suisse as part of a broader goal of to diversify its portfolio into global banking. [1] [2] It was created in 1971 for the purpose of investing funds on behalf of the . the MV of securities sold, whichever is less, The giga-projects are designed to stimulate the economy and their benefits are expected to expand significantly beyond the real estate and infrastructure sectors, helping to diversify the economy away from oil, especially given their sheer scale. They also include investment shares in companies in the Kingdom as well as the 'Middle East North Africa' (MENA) region, including listed joint-stock companies or private companies. Trade between them is minuscule compared to the size of the two countries, Singh said. Yasir Al-Rumayyan also admitted that of the $35 billion spent by the PIF as part of this activity, it soon rose to $49 billion when markets rose. This was partially attributed to the fact that PIF had started to build a dedicated ESG (Environmental, Social, and Sustainability) team. These are the 10 largest disclosed investments by PIF. Even if such a deal goes through as war continues in Ukraine, however, India may not have to worry about any implications from the West, said Harsh V. Pant, head of strategic studies at the Delhi-based Observer Research Foundation. The Biden administration this year has sold 26 million barrels of crude from the reserve through release mandated by Congress in previous years. Public Investment Fund of Saudi Arabia (PIF) is a Sovereign Wealth Fund located in Riyadh Saudi Arabia, Middle East, and was founded in 1971. SRC is wholly owned by the Public Investment Fund of Saudi Arabia (PIF), whose ownership cannot be below 51% as per Royal Decree. Shell said that substantial modifications were made to the floating production, storage and offloading vessel Haewene Brim, which produces hydrocarbons at the Pierce field. Oversea-Chinese Banking Corp. currency strategist Christopher Wong said it was quite an encouraging report, with retail sales, GDP and property sales all higher than expected, reinforcing that post-pandemic recovery momentum remained intact. The Public Investment Fund reduced its holdings in US companies to $7.05 billion by the end of Q3 2020 from $10.1 billion in Q2 2020.The Kingdom's sovereign wealth fund acquired 13 million shares in Canada's NovaGold for $154.6 million, it said in a filing to the US Securities and Exchange Commission (SEC). Is Wiltons new coronation menu fit for a complete list of partners companies! Countries, Singh said to ethics experts, the Investment created the of... Cookies to personalize content, to provide social media features and analyze,! 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