Saudi Arabia's Public Investment Fund has signed a preliminary agreement to anchor Brookfield Asset Management's new $2 billion private equity fund, which aims to boost investment into the Arab world's biggest economy and the wider region.
Half of the investment of Brookfield Middle East Partners – the new fund – will be allocated in the kingdom and international companies looking to expand in the local market, the Riyadh-based PIF, with $930 billion of assets under management, said in a statement on Wednesday.
The fund will target buyouts, structured solutions and other investment opportunities within key sectors such as industrials, business and consumer services, technology and health care.
The move will also allow Canada-based Brookfield, which has about $1 trillion in assets under management, to tap into other Middle East countries, where investors are increasingly turning their attention to especially high-potential markets amid economic and stock market strength. The agreement is still subject to complying with certain regulatory and internal approvals, it said.
The partnership aims to support further economic development in Saudi Arabia, positioning it as a hub for global investment, “demonstrat[ing] our continued efforts to foster international partnerships that enhance local markets”, Yazeed Al Humied, deputy governor and head of Middle East and North Africa investments at the PIF, said in the statement.
It also represents “a step toward achieving the PIF’s vision of attracting global capital and expertise to the region, while facilitating knowledge transfer and capacity-building within Saudi Arabia”, he added.
The PIF's move is in line with its plans to cut its portfolio of foreign assets by a third and focus more on domestic markets as it aims to establish the kingdom as the global hub of artificial intelligence, its governor, Yasir Al Rumayyan, said at the Future Investment Initiative conference in Riyadh on Tuesday.
He said the initial investment days are behind the PIF, when global investors sought its funds to invest outside the kingdom, as trends have changed to co-investments in the kingdom and as the PIF has created many joint ventures with its international partners.
Over the past eight or nine years, the projects the sovereign fund has invested in have hit the operation and commercial stage. Now there is a discernible difference in the perception of the kingdom as an economy and a destination of investment from how it was viewed in 2015 and before.
The PIF established 92 new companies, including Neom, Red Sea Development and Aalat, “big investors in new sectors that were not in existence in Saudi Arabia”, Mr Al Rumayyan added.
In August, the PIF said its assets under management (AUMs) jumped 29 per cent to 2.87 trillion Saudi riyals ($765 billion) in 2023 as it solidified its Saudi holdings and diversified its international portfolio of assets.
Meanwhile, Saudi Arabia, which is diversifying its economy away from oil, continues to maintain its appeal as a foreign direct investment destination, despite a sharp increase in geopolitical uncertainty in the region, which underpins the fact that Vision 2030 programme is working.
The kingdom's non-oil economy has grown consistently between 4 per cent to 5 per cent annually since 2017, and 540 companies have committed to establish their regional headquarters in the country, ahead of Riyadh's target of 500 by 2030.
“Saudi Arabia is core to the region’s economic transformation,” said Bruce Flatt, chief executive of Brookfield Asset Management.
Toronto-based Brookfield, which is listed on the New York Stock Exchange, has more than 2,000 investments across more than 30 countries, and is focused on helping create long-term and sustainable wealth for businesses and individuals.
The firm has $194 billion of AUMs in Europe and the Middle East, second only to North America's $616 billion and ahead of the Asia-Pacific's $131 billion and South America's $54 billion, according to its website.
Last month, Brookfield raised $2.4 billion for the Catalytic Transition Fund, which was launched at last year's Cop28 climate conference, and is positioned to invest in clean energy projects in emerging markets.
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Fight card
Bantamweight
Siyovush Gulmamadov (TJK) v Rey Nacionales (PHI)
Lightweight
Alexandru Chitoran (ROM) v Hussein Fakhir Abed (SYR)
Catch 74kg
Tohir Zhuraev (TJK) v Omar Hussein (JOR)
Strawweight (Female)
Weronika Zygmunt (POL) v Seo Ye-dam (KOR)
Featherweight
Kaan Ofli (TUR) v Walid Laidi (ALG)
Lightweight
Leandro Martins (BRA) v Abdulla Al Bousheiri (KUW)
Welterweight
Ahmad Labban (LEB) v Sofiane Benchohra (ALG)
Bantamweight
Jaures Dea (CAM) v Nawras Abzakh (JOR)
Lightweight
Mohammed Yahya (UAE) v Glen Ranillo (PHI)
Lightweight
Alan Omer (GER) v Aidan Aguilera (AUS)
Welterweight
Mounir Lazzez (TUN) Sasha Palatnikov (HKG)
Featherweight title bout
Romando Dy (PHI) v Lee Do-gyeom (KOR)
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Results
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6.05pm: Handicap (TB) Dh87,500 (T) 1,400m; Winner: Bawaasil, Sam Hitchcott, Doug Watson
6.40pm: Handicap (TB) Dh105,000 (Dirt) 1,400m; Winner: Bochart, Fabrice Veron, Satish Seemar
7.15pm: Handicap (TB) Dh105,000 (T) 1,200m; Winner: Mutaraffa, Antonio Fresu, Musabah Al Muhairi
7.50pm: Longines Stakes – Conditions (TB) Dh120,00 (D) 1,900m; Winner: Rare Ninja, Royston Ffrench, Salem bin Ghadayer
8.25pm: Zabeel Trophy – Rated Conditions (TB) Dh120,000 (T) 1,600m; Winner: Alfareeq, Antonio Fresu, Musabah Al Muhairi
9pm: Handicap (TB) Dh105,000 (T) 2,410m; Winner: Good Tidings, Antonio Fresu, Musabah Al Muhairi
9.35pm: Handicap (TB) Dh92,500 (T) 2,000m; Winner: Zorion, Abdul Aziz Al Balushi, Helal Al Alawi
Naga
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ZAYED SUSTAINABILITY PRIZE
Zayed Sustainability Prize
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
Joker: Folie a Deux
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KILLING OF QASSEM SULEIMANI
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Kyrgyzstan v Qatar, 5.45pm
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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Though mostly conservative, Florida is usually always “close” in presidential elections. In most elections, the candidate that wins the Sunshine State almost always wins the election, as evidenced in 2016 when Trump took Florida, a state which has not had a democratic governor since 1991.
Joe Biden’s campaign has spent $100 million there to turn things around, understandable given the state’s crucial 29 electoral votes.
In 2016, Mr Trump’s democratic rival Hillary Clinton paid frequent visits to Florida though analysts concluded that she failed to appeal towards middle-class voters, whom Barack Obama won over in the previous election.
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Healthcare spending to double to $2.2 trillion rupees
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