PIF seeks funding for between 5 and 8 billion dollars

Through this financing, the Fund aims to diversify the Kingdom's economy

The Public Investment Fund (PIF) is holding initial talks for $ 5 billion to $ 8 billion in bridge financing, according to Bloomberg sources.

The sources said that the proceeds from the sale of the share of the Public Investment Fund in SABIC will be paid to Saudi Aramco amounting to $ 69 billion.

General Manager of the Public Investment Fund Yasser Al-Rumayyan announced earlier that the fund intends to increase its stake in ACWA Power from 25% to 40%.

The Saudi Public Investment Fund has announced that it has acquired a significant stake in ACWA Power, the developer and owner and operator of power plants and power plants, on July 4, 2018.

At the time, the fund added that this investment would make the Fund a direct contributor to 15.2% of ACWA Power.

Sanabel Investment Company, a wholly-owned subsidiary of the Public Investment Fund, invested 9.78% in ACWA Power. The fund's total stake in ACWA Power was direct and indirect 24.98%. Today, The sovereign raised this quota to 40%.

The investment of the Public Investment Fund in ACWA Power comes in the form of an increase in the company's capital, and its revenues will be used to support the company's growth strategy and future investment plans.

Since its establishment in 2004, ACWA Power has been a Saudi success story to become a leader in the development of energy and desalination projects in the Kingdom, as well as its rapid expansion into new markets.

ACWA Power is able to meet the Kingdom's electricity needs by 14% and 33% of desalinated water, accounting for 54% of the company's total electricity, while 93% of its total desalinated water.

The public investment fund reinforces the shareholder base of ACWA Power, which includes the General Retirement Corporation and the International Finance Corporation, a member of the World Bank Group.

It is also mentioned, The government's share of the public investment fund in NCB is 64.5%, while the government stake in Riyad Bank is 48%. The Public Investment Fund also has 50% interest in Samba and 26% in Alinma Bank Demonstrating the Fund's investment potential.

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