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Saudi PIF buys 25% stake in Emaar The Economic City By Reuters

by Mike Robinson

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© Reuters.

DUBAI (Reuters), – The Public Investment Fund, Saudi Arabia’s sovereign wealth funds, completed Monday the purchase of a 25% share in Emaar The Economic City.

EEC was linked to Emaar Dubai’s property developer and worked on Saudi Arabia’s King Abdullah Economic City. PIF received new shares via a 2.833 trillion riyal ($755 millions) 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 forms part of Crown Prince Mohammed bin Salman’s Vision 2030 plan, which aims to eliminate the kingdom’s dependence on oil and make it a world-class investment country.

($1 = 3.7506 riyals)

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