No plans to buy stake in UAE’s Utico, says Saudi PIF
News about entering into a binding agreement with utility firm ‘baseless and unfounded’
Saudi Arabia’s Public Investment Fund (PIF), its top sovereign wealth fund, on Thursday denied that it was buying a stake in United Arab Emirates utility Utico.
“An official at the fund said that the news about entering into a binding agreement with Utico is baseless and unfounded.” the official Saudi Press Agency (SPA) reported.
On Wednesday, Utico Chief Executive Richard Menezes told Reuters that the PIF had entered into a binding agreement with his company to buy a “significant minority stake”.
On Thursday, Menezes told Reuters that the PIF was investing in Utico through the IDB Infrastructure Fund, whose anchor investors include the PIF as well as institutions such as the Islamic Development Bank.
Saudi fund says no plan to cut local equity holdingsPIF aims eventually to expand to finance development projects in the kingdom Economy
Saudi sovereign fund buying stake in UAE utility firmRiyadh is moving toward privatizing its power and water projects and seeking to attract investors as it embarks on reforms Economy
Trump says Saudi-led fund to invest $50 bln in US to create 50,000 jobsSoftBank’s Son makes funding pledge, Foxconn eyes US expansion as president-elect woos Asian firms Economy
King Salman allocates SR100 bn for Saudi Public Investment FundSaudi King Salman issued a directive, upon a recommendation of the Council of Economic Affairs and Development, allocating an amount of SR 100 billion Economy