Oil & Gas News

Saudi Arabia sovereign wealth fund adds a $412 million bet

Saudi Arabia King MBS
Saudi Crown Prince Mohammed bin Salman - Bernd von Jutrczenka/Getty Images
  • Saudi Arabia’s Public Investment Fund is betting $412 million on tourism.
  • The kingdom’s sovereign wealth fund agreed to acquire a 30% stake in Almosafer Travel & Tourism.
  • The PIF is expanding equity investments as oil revenues soar.

Saudi Arabia’s sovereign wealth fund is expanding equity investments with a stake in travel and local tourism.

The kingdom’s Public Investment Fund announced a $412 million, or 1.55 billion riyal, investment in Almosafer Travel & Tourism, amounting to a 30% stake in the company.

The PIF, which is chaired by Crown Prince Mohammed bin Salman, has delved deeper into equity investments as revenues from oil have aided the kingdom’s drive toward a goal of overseeing $1 trillion in assets by 2025, up from $620 billion now.

The PIF previously poured $7 billion into stocks including Amazon and BlackRock in August after oil income soared in the second quarter amid plans to buy a total of $10 billion in stock this year.

In May, the fund acquired a $1.5 billion stake in Prince Alwaleed Bin Talal’s investment company.

The kingdom has been one of the premier beneficiaries of elevated energy market prices since Russia invaded Ukraine in February, though crude oil has come off its high in recent months.

Last month, state-run giant Saudi Aramco reported that second-quarter net income soared 90% to $48.4 billion.

Read the original article on Business Insider

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Other News:  Saudi Arabia and Gulf neighbors threaten Netflix over content that ‘violates Islamic values

Saudi Arabia and five other Gulf Arab countries issued a joint statement demanding that Netflix remove content they say “violates Islamic and societal values and principles,” Saudi media has reported.

The statement said that the streaming giant’s material was in breach of government regulations, though it did not make specific reference to which topics or shows broke those rules.

It’s widely believed, however, and voiced by local media and officials, that Netflix shows featuring homosexual characters, same-sex kissing and children portrayed in a sexual light are the targets of the directive.

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