Forex Market News Today
  • Home
  • News
  • LiveHourly
  • Markets
  • Stock
  • Business
  • Economy
  • World
  • Politics
  • Energy
  • exchange
  • companies
No Result
View All Result
Forex Market News Today
Home Economy

‘Never waste a crisis’: inside Saudi Arabia’s shopping spree

3 months ago
in Economy
3 min read
‘Never waste a crisis’: inside Saudi Arabia’s shopping spree
Share on FacebookShare on Twitter


“You don’t want to waste a crisis . . . So for us, definitely we are looking into any opportunities.”

That was the message delivered by Yasir al-Rumayyan, governor of Saudi Arabia’s sovereign wealth fund, as more than 2,000 bankers and executives tuned in to a virtual conference in April. And they were not idle words.

The $325bn Public Investment Fund has not been shy about its ambitions since it fell under Crown Prince Mohammed bin Salman’s stewardship five years ago — it boasts of becoming the world’s “most impactful investor” and the largest sovereign wealth fund. As the coronavirus pandemic wreaks economic carnage across the globe, PIF has stepped up a gear to become the most publicly active sovereign investment vehicle, unabashedly seeking out bargains amid the panic.

Three days after the conference, US regulatory filings revealed the fund had made one of its biggest bets on a company battered by the global crisis. It has snapped up a 5.7 per cent stake worth around $500m in Live Nation, a US-based entertainment company. Three weeks earlier, it had pounced when the shipping industry was sinking to build what is now a 7.3 per cent holding in Carnival, making it the second-largest shareholder in the world’s biggest cruise line operator.

It has also invested in about 20 US and European blue-chip companies, such as BP, Royal Dutch Shell, Total, Boeing, Citigroup, Disney and Facebook, acquiring smaller stakes worth at least $7.7bn in the first three months of the year. And those were just the investments made public. Separately, it led an investor group that agreed to buy Newcastle United, the English football club, for £300m.

“They are very engaged with investors. They see lots of opportunities, a lot of capital needs that will give them access to businesses,” says a senior London-based banker. “Hasty or good timing? We won’t know for another three years.”

Saudi PIF stakes bought in 2020

PIF says it is “identifying opportunities to invest in solid companies with strong, long-term outlooks who we expect will be sector leaders when global economic activity begins to approach pre-pandemic levels”.

But this flurry of activity has brought increased scrutiny for a neophyte global investor, which is at the forefront of Prince Mohammed’s bold plans to modernise Saudi Arabia and reduce the kingdom’s dependency on oil. PIF has been a source of contention for several years. Its association with the crown prince meant it was tainted by the murder of journalist Jamal Khashoggi by Saudi agents in 2018. And it entered the crisis with a mixed investment record.

Critics fear it has become the personal tool of Prince Mohammed, a state-within-a-state that threatens to crowd out the private sector at home — where it is pursuing multibillion-dollar projects that risk becoming white elephants — even as it makes huge bets overseas. Its advocates argue that its role is vital for incubating and developing new industries to spur the…



Go to the news source: ‘Never waste a crisis’: inside Saudi Arabia’s shopping spree

Tags: ArabiascrisisSaudishoppingspreewaste
Previous Post

S&P 500 erases 1.5% rally, turns negative amid a big drop in tech shares

Next Post

Why one strategist says these hard-hit stocks will rebound — even if there’s a s…

Related Posts

US Economy: Tech-Fueled Innovation Will Outlast Coronavirus Pandemic, Threaten M…
Economy

US Economy: Tech-Fueled Innovation Will Outlast Coronavirus Pandemic, Threaten M…

by Forex News
February 27, 2021
0

As the pandemic recedes and mass vaccinations proceed, the U.S. economy appears due for a record-breaking year of job...

Read more
GDP forecasts are higher than expected, driving growth and rates – CNBC Televisi…
Economy

GDP forecasts are higher than expected, driving growth and rates – CNBC Televisi…

by Forex News
February 26, 2021
0

GDP forecasts are higher than expected, driving growth and rates CNBC Television Go to the news source: GDP...

Read more
Investors aren’t ‘stampeding’ out of gold because inflation is still a threat – …
Economy

Investors aren’t ‘stampeding’ out of gold because inflation is still a threat – …

by Forex News
February 26, 2021
0

Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with...

Read more
US removes stumbling block to global deal on digital tax
Economy

US removes stumbling block to global deal on digital tax

by Forex News
February 26, 2021
0

US Treasury secretary Janet Yellen has told G20 finance ministers that Washington will drop a contentious part of its...

Read more
News Alert: India’s GDP number for financial year 2021 year out | GDP growth at …
Economy

News Alert: India’s GDP number for financial year 2021 year out | GDP growth at …

by Forex News
February 26, 2021
0

News Alert: India's GDP number for financial year 2021 year out | GDP growth at 0.4% | English News...

Read more
Boost to Household Income Primes U.S. Economy for Stronger Growth
Economy

Boost to Household Income Primes U.S. Economy for Stronger Growth

by Forex News
February 26, 2021
0

U.S. household income jumped 10% in January as the government delivered stimulus payments to households and consumer spending rose...

Read more
Analyst: Foreign funds flowing to economies presenting faster recoveries as PH l…
Economy

Analyst: Foreign funds flowing to economies presenting faster recoveries as PH l…

by Forex News
February 26, 2021
0

Analyst: Foreign funds flowing to economies presenting faster recoveries as PH lags in vaccination ANC 24/7 Go to...

Read more
China has a good chance of doubling GDP by 2035, says Bank of America
Economy

China has a good chance of doubling GDP by 2035, says Bank of America

by Forex News
February 26, 2021
0

China was one of the few economies globally that grew in 2020 despite the challenges posed by the Covid-19...

Read more
Boeing will pay $6.6 million to FAA | Aviation | Business and Economy | Latest W…
Economy

Boeing will pay $6.6 million to FAA | Aviation | Business and Economy | Latest W…

by Forex News
February 26, 2021
0

Boeing will pay $6.6 million to FAA | Aviation | Business and Economy | Latest World English News WIONWatchdog...

Read more
Brexit: Welsh exports to Irish Republic ‘hindered by wrong ink’ – BBC News
Economy

Brexit: Welsh exports to Irish Republic ‘hindered by wrong ink’ – BBC News

by Forex News
February 26, 2021
0

Brexit: Welsh exports to Irish Republic 'hindered by wrong ink' BBC News Go to the news source: Brexit:...

Read more
Next Post
Why one strategist says these hard-hit stocks will rebound — even if there’s a s…

Why one strategist says these hard-hit stocks will rebound — even if there’s a s...

Subscribe
Login
Notify of
guest
guest
0 Comments
Inline Feedbacks
View all comments

Latest Forex News

Why virus stocks are driving market volatility

Why virus stocks are driving market volatility

3 months ago
Coronavirus Pandemic: Live Global Updates

Coronavirus Pandemic: Live Global Updates

3 months ago
HotForex starts the new year with more global recognition

HotForex starts the new year with more global recognition

4 weeks ago
EDD employees quitting in droves, loses 14% of workforce since March

EDD employees quitting in droves, loses 14% of workforce since March

1 week ago

Today Market News

US Economy: Tech-Fueled Innovation Will Outlast Coronavirus Pandemic, Threaten M…
Economy

US Economy: Tech-Fueled Innovation Will Outlast Coronavirus Pandemic, Threaten M…

February 27, 2021
GDP forecasts are higher than expected, driving growth and rates – CNBC Televisi…
Economy

GDP forecasts are higher than expected, driving growth and rates – CNBC Televisi…

February 26, 2021
Investors aren’t ‘stampeding’ out of gold because inflation is still a threat – …
Economy

Investors aren’t ‘stampeding’ out of gold because inflation is still a threat – …

February 26, 2021
Nigeria kidnappings: Gunmen abduct schoolgirls in Zamfara State, government offi…
World

Nigeria kidnappings: Gunmen abduct schoolgirls in Zamfara State, government offi…

February 26, 2021
US removes stumbling block to global deal on digital tax
Economy

US removes stumbling block to global deal on digital tax

February 26, 2021
Live updates: Biden to survey winter storm recovery in Texas; House poised to pa…
Politics

Live updates: Biden to survey winter storm recovery in Texas; House poised to pa…

February 26, 2021
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA

© 2020 Siteofforex.com

No Result
View All Result
  • Home
  • News
  • Live
  • Markets
  • Stock
  • Business
  • Economy
  • World
  • Politics
  • Energy
  • exchange
  • companies

© 2020 Siteofforex.com

wpDiscuz