Cash-rich Gulf funds hunt for bargains as asset prices plunge | Financial Times:
Gulf sovereign wealth funds including Saudi Arabia’s Public Investment Fund and Abu Dhabi’s Mubadala are mobilising to buy assets whose valuations have been hit hard by the coronavirus pandemic.
Bankers and people close to the funds said they were looking to invest in areas that would bounce back in a global recovery, such as healthcare, technology and logistics.
A senior Saudi official told the Financial Times that the kingdom had set up a dedicated team to look at the “midterm and long-term, downside and upside” of the global crisis, while the $320bn PIF, chaired by Crown Prince Mohammed bin Salman, pursued a strategy that was a “mix of strategic and opportunistic”.
The Saudi fund has already made a series of big investments in the past few weeks, from cruise operator Carnival to oil groups Royal Dutch Shell, Total, Repsol, Equinor and Eni. This week it led a group that agreed to acquire English football club Newcastle United in a £300m deal.
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| Saudi Arabia’s PIF, chaired by Crown Prince Mohammed bin Salman, is one of several Gulf funds on the prowl |
Gulf sovereign wealth funds including Saudi Arabia’s Public Investment Fund and Abu Dhabi’s Mubadala are mobilising to buy assets whose valuations have been hit hard by the coronavirus pandemic.
Bankers and people close to the funds said they were looking to invest in areas that would bounce back in a global recovery, such as healthcare, technology and logistics.
A senior Saudi official told the Financial Times that the kingdom had set up a dedicated team to look at the “midterm and long-term, downside and upside” of the global crisis, while the $320bn PIF, chaired by Crown Prince Mohammed bin Salman, pursued a strategy that was a “mix of strategic and opportunistic”.
The Saudi fund has already made a series of big investments in the past few weeks, from cruise operator Carnival to oil groups Royal Dutch Shell, Total, Repsol, Equinor and Eni. This week it led a group that agreed to acquire English football club Newcastle United in a £300m deal.
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