Friday, October 22, 2021

Saudi PIF buys 25% stake in Emaar The Economic City

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DUBAI (Reuters) – The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, has completed the acquisition of a 25% stake in Emaar The Economic City (EEC), it said on Monday.

EEC, linked to Dubai property developer Emaar and working on Saudi Arabia’s King Abdullah Economic City, issued new shares to PIF through a 2.833 billion riyals ($755 million) debt conversion.

“PIF’s strategic investment will provide an opportunity to leverage synergies between EEC and PIF’s ecosystem in the real estate, manufacturing, logistics and tourism sectors,” the fund said in a statement.

PIF is at the core of Crown Prince Mohammed bin Salman’s Vision 2030, a plan to end the kingdom’s reliance on oil and transform it into a global investment power.

($1 = 3.7506 riyals)

(Reporting by Davide Barbuscia; Editing by Edmund Blair)

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