Where Does Saudi Wealth Fund Invest?: Canada Oil Sands Latest - Bloomberg:
Saudi Arabia’s sovereign wealth fund built stakes in two major Canadian oil sands players during the energy market rout.
The Public Investment Fund amassed shares in Calgary-based Canadian Natural Resources Ltd. and Suncor Energy Inc., with a 2.6% and 2% stake in the companies, respectively. PIF is now the eighth largest shareholder in Canadian Natural and 14th largest in Suncor, according to data compiled by Bloomberg.
The fund also bought stakes in Equinor ASA, Royal Dutch Shell Plc, Total SA and Eni SpA, according to a Bloomberg report earlier in April. Saudi Arabia’s $320 billion sovereign wealth fund is run by Yasir Al-Rumayyan and controlled by Crown Prince Mohammed bin Salman.
The Saudi purchase is disclosed at a time when Norway’s wealth fund is dumping oil-sands companies. The latter said this week it will exclude Canadian Natural, Cenovus Energy Inc., Suncor, and Imperial Oil Ltd. over concerns about carbon emissions.
Saturday 16 May 2020
#SaudiArabia Sovereign Wealth Fund Seeks $10 Billion Margin Loan - Bloomberg
Saudi Arabia Sovereign Wealth Fund Seeks $10 Billion Margin Loan - Bloomberg:
Saudi Arabia’s sovereign wealth fund is planning to borrow about $10 billion by pledging some of its stakes in SoftBank Group Corp.’s technology investment vehicle to shore up liquidity, according to people familiar with the matter.
The Public Investment Fund, which has been on an overseas shopping spree recently, is speaking with investment banks about a margin loan backed by some of its investments in the $100 billion Vision Fund, the people said, asking not to be identified as the matter is private. While discussions with banks are ongoing, it may not materialize in a deal, and the fund may also decide against raising the loan, the people said.
The Saudi wealth fund declined to comment on the margin loans.
PIF is in need of capital as it embarks on an investment spree that has seen it build stakes in some of the world’s largest companies since the start of the coronavirus pandemic. On Friday, it disclosed stakes in companies including Facebook Inc., Boeing Co. and Citigroup Inc.
Saudi Arabia’s sovereign wealth fund is planning to borrow about $10 billion by pledging some of its stakes in SoftBank Group Corp.’s technology investment vehicle to shore up liquidity, according to people familiar with the matter.
The Public Investment Fund, which has been on an overseas shopping spree recently, is speaking with investment banks about a margin loan backed by some of its investments in the $100 billion Vision Fund, the people said, asking not to be identified as the matter is private. While discussions with banks are ongoing, it may not materialize in a deal, and the fund may also decide against raising the loan, the people said.
The Saudi wealth fund declined to comment on the margin loans.
PIF is in need of capital as it embarks on an investment spree that has seen it build stakes in some of the world’s largest companies since the start of the coronavirus pandemic. On Friday, it disclosed stakes in companies including Facebook Inc., Boeing Co. and Citigroup Inc.
#Kuwait, #Saudi to halt oil production from joint field: Al Rai newspaper - Reuters
Kuwait, Saudi to halt oil production from joint field: Al Rai newspaper - Reuters:
Kuwait and Saudi Arabia have agreed to halt oil production from the joint Al-Khafji field for one month, starting from June 1, Kuwait’s Al Rai newspaper reported on Saturday.
There was no immediate comment from Kuwaiti officials.
Saudi Arabia and Kuwait have agreed with other members of the OPEC+ group of oil producers to cut output in a bid to reduce a glut in global supplies. Both Gulf states have also said they would make additional cuts beyond the agreed curbs
Kuwait and Saudi Arabia have agreed to halt oil production from the joint Al-Khafji field for one month, starting from June 1, Kuwait’s Al Rai newspaper reported on Saturday.
There was no immediate comment from Kuwaiti officials.
Saudi Arabia and Kuwait have agreed with other members of the OPEC+ group of oil producers to cut output in a bid to reduce a glut in global supplies. Both Gulf states have also said they would make additional cuts beyond the agreed curbs
#Saudi wealth fund snaps up $7.7bn of US and European blue-chip stocks | Financial Times
Saudi wealth fund snaps up $7.7bn of US and European blue-chip stocks | Financial Times:
Saudi Arabia’s sovereign wealth fund snapped up stakes worth at least $7.7bn in US and European blue-chip companies during the first three months of the year as it aggressively hunts assets at knockdown prices during the coronavirus pandemic.
The largest investments by the Public Investment Fund, which is chaired by Crown Prince Mohammed bin Salman include a holding in UK energy major BP worth $827.8m, and a stake in Boeing, valued at $713.6m at the end of March, according to a US regulatory filing.
The fund has also acquired shares in Facebook, Bank of America, Citigroup, Walt Disney, Marriott, Pfizer and Starbucks, the filing showed. Some of the new holdings, including in cruise operator Carnival and concert promoter Live Nation, had been disclosed publicly in recent weeks due to the size of the stakes.
At the end of last year, the sovereign wealth fund’s only disclosable holdings were its long-running investment in ride-hailing group Uber and the remnants of a bet on Elon Musk’s Tesla, which it exited in the first quarter.
Saudi Arabia’s sovereign wealth fund snapped up stakes worth at least $7.7bn in US and European blue-chip companies during the first three months of the year as it aggressively hunts assets at knockdown prices during the coronavirus pandemic.
The largest investments by the Public Investment Fund, which is chaired by Crown Prince Mohammed bin Salman include a holding in UK energy major BP worth $827.8m, and a stake in Boeing, valued at $713.6m at the end of March, according to a US regulatory filing.
The fund has also acquired shares in Facebook, Bank of America, Citigroup, Walt Disney, Marriott, Pfizer and Starbucks, the filing showed. Some of the new holdings, including in cruise operator Carnival and concert promoter Live Nation, had been disclosed publicly in recent weeks due to the size of the stakes.
At the end of last year, the sovereign wealth fund’s only disclosable holdings were its long-running investment in ride-hailing group Uber and the remnants of a bet on Elon Musk’s Tesla, which it exited in the first quarter.
#Dubai denies plan to merge assets with #AbuDhabi - Arabianbusiness
Dubai denies plan to merge assets with Abu Dhabi - Arabianbusiness:
The Dubai government has denied media reports it is looking to merge its assets with Abu Dhabi through the help of state fund Mubadala in a bid to cushion the economic blow of the coronavirus.
According to a statement by the Dubai Media Office, the report by Reuters, which suggested mergers of the local stock markets, was inaccurate.
"The Government of Dubai denies a news report from Reuters that claims Dubai is in talks with Abu Dhabi for support from state fund Mubadala. Reuters published a story without further investigating the accuracy of this claim and verifying the trustworthiness of its source,” it said on its official Twitter account.
Dubai lacks the oil wealth of Abu Dhabi and relies on sectors like retail, travel and tourism, which have suffered the majority of the consequences of lockdown measures since the start of the pandemic.
The Dubai government has denied media reports it is looking to merge its assets with Abu Dhabi through the help of state fund Mubadala in a bid to cushion the economic blow of the coronavirus.
According to a statement by the Dubai Media Office, the report by Reuters, which suggested mergers of the local stock markets, was inaccurate.
"The Government of Dubai denies a news report from Reuters that claims Dubai is in talks with Abu Dhabi for support from state fund Mubadala. Reuters published a story without further investigating the accuracy of this claim and verifying the trustworthiness of its source,” it said on its official Twitter account.
Dubai lacks the oil wealth of Abu Dhabi and relies on sectors like retail, travel and tourism, which have suffered the majority of the consequences of lockdown measures since the start of the pandemic.
#Saudi sovereign fund buys minority stakes in Citi, Boeing, Facebook - Reuters
Saudi sovereign fund buys minority stakes in Citi, Boeing, Facebook - Reuters:
Saudi Arabia’s sovereign wealth fund has bought minority stakes in major American companies including Boeing (BA.N), Facebook (FB.O) and Citigroup (C.N), according to a U.S. regulatory filing.
The $300 billion Public Investment Fund (PIF) has been buying minority stakes in companies across the world, taking advantage of market weakness in the wake of the coronavirus outbreak.
The PIF disclosed stakes worth $713.7 million in Boeing, ABOUT $522 million in Citigroup, $522 million in Facebook, $495.8 million in Disney (DIS.N) and $487.6 million in Bank of America (BAC.N), the Securities and Exchange Commission (SEC) filing bit.ly/3e2A01B on Friday showed.
The PIF has a nearly $514 million stake in Marriott (MAR.O) and a small stake in Berkshire Hathaway (BRKa.N), according to the filing. The PIF also disclosed an $827.7 million stake in oil company BP (BP.L), which has American Depository Receipts (ADRs) listed in the United States.
Saudi Arabia’s sovereign wealth fund has bought minority stakes in major American companies including Boeing (BA.N), Facebook (FB.O) and Citigroup (C.N), according to a U.S. regulatory filing.
The $300 billion Public Investment Fund (PIF) has been buying minority stakes in companies across the world, taking advantage of market weakness in the wake of the coronavirus outbreak.
The PIF disclosed stakes worth $713.7 million in Boeing, ABOUT $522 million in Citigroup, $522 million in Facebook, $495.8 million in Disney (DIS.N) and $487.6 million in Bank of America (BAC.N), the Securities and Exchange Commission (SEC) filing bit.ly/3e2A01B on Friday showed.
The PIF has a nearly $514 million stake in Marriott (MAR.O) and a small stake in Berkshire Hathaway (BRKa.N), according to the filing. The PIF also disclosed an $827.7 million stake in oil company BP (BP.L), which has American Depository Receipts (ADRs) listed in the United States.
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