Saudi Arabia's sovereign wealth fund, the Public Investment Fund, has signed a preliminary agreement with Middle East Paper Company to acquire a “significant” minority stake as the fund expands its investments locally.
The PIF plans to subscribe to a significant minority in Mepco for 31.50 Saudi riyals ($8.40) per share, subject to obtaining the Capital Market Authority and other regulatory approvals, Mepco said in a regulatory filing on Sunday to the Tadawul, where its shares are traded.
Mepco's shares were trading at 34 riyals per share as of 11.30am UAE time on Sunday.
Mepco is an integrated paper manufacturer offering products for the packaging, construction and furniture sectors. It supplies the Middle East, Africa, Asia, the Americas and European markets.
Its net profit after zakat and tax last year rose nearly 23 per cent to 270.73 million riyals as revenue grew more than 12 per cent to 1.18 billion riyals.
Mepco said the initial pact with the PIF is “not binding” and will expire on July 31 or “upon entering into a legally-binding subscription agreement by and between Mepco and the PIF, whichever is earlier”.
The terms and conditions of the agreement will need regulatory approval from the Capital Market Authority, the PIF and Mepco's extraordinary general assembly.
One of the world’s largest sovereign wealth funds, the PIF is at the centre of the Saudi Vision 2030 initiative to diversify the country’s economy away from hydrocarbons.
It aims to boost the size of its assets to 4 trillion Saudi riyals by 2025 and create 1.8 million jobs, Yasir Al Rumayyan, governor of the PIF, said this month.
The total volume of the PIF’s assets under management amounted to more than 2 trillion riyals and it aims to double that by 2025, he said.
The PIF has been instrumental in creating more than 500,000 direct and indirect jobs and “intends to create 1.8 million direct and indirect jobs”, Mr Al Rumayyan said.
The PIF also intends to inject up to 1 trillion riyals into new projects in Saudi Arabia and “will continue its efforts to diversify the economy, support local content, develop innovative opportunities for the future and contribute to creating an attractive environment for investments”, he added.
The fund is investing heavily to build new projects in the kingdom.
It is mandated to pump $40 billion to $50 billion into the local economy to generate jobs and boost the non-oil economic base of the country.
In March, the PIF also announced three initiatives to boost the growth of the kingdom's private sector.
They include measures to increase the share of local content spending in PIF’s domestic portfolio to 60 per cent by the end of 2025 under its Musahama programme.
As part of its supplier development programme, the PIF will also seek to upskill local suppliers and vendors to meet the growing requirements of the fund's portfolio companies.
Meanwhile, the fund's private sector hub will provide companies with “greater visibility on supplier and investment opportunities” offered by the PIF and its portfolio entities.
The hub, which is now live and contains more than 100 opportunities, will be regularly enhanced and updated, the PIF said at the time.
Essentials
The flights
Etihad and Emirates fly direct from the UAE to Delhi from about Dh950 return including taxes.
The hotels
Double rooms at Tijara Fort-Palace cost from 6,670 rupees (Dh377), including breakfast.
Doubles at Fort Bishangarh cost from 29,030 rupees (Dh1,641), including breakfast. Doubles at Narendra Bhawan cost from 15,360 rupees (Dh869). Doubles at Chanoud Garh cost from 19,840 rupees (Dh1,122), full board. Doubles at Fort Begu cost from 10,000 rupees (Dh565), including breakfast.
The tours
Amar Grover travelled with Wild Frontiers. A tailor-made, nine-day itinerary via New Delhi, with one night in Tijara and two nights in each of the remaining properties, including car/driver, costs from £1,445 (Dh6,968) per person.
Nick's journey in numbers
Countries so far: 85
Flights: 149
Steps: 3.78 million
Calories: 220,000
Floors climbed: 2,000
Donations: GPB37,300
Prostate checks: 5
Blisters: 15
Bumps on the head: 2
Dog bites: 1
Killing of Qassem Suleimani
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
Primera Liga fixtures (all times UAE: 4 GMT)
Friday
Real Sociedad v Villarreal (10.15pm)
Real Betis v Celta Vigo (midnight)
Saturday
Alaves v Barcelona (8.15pm)
Levante v Deportivo La Coruna (10.15pm)
Girona v Malaga (10.15pm)
Las Palmas v Atletico Madrid (12.15am)
Sunday
Espanyol v Leganes (8.15pm)
Eibar v Athletic Bilbao (8.15pm)
Getafe v Sevilla (10.15pm)
Real Madrid v Valencia (10.15pm)
ENGLAND TEAM
England (15-1)
George Furbank; Jonny May, Manu Tuilagi, Owen Farrell (capt), Elliot Daly; George Ford, Ben Youngs; Tom Curry, Sam Underhill, Courtney Lawes; Charlie Ewels, Maro Itoje; Kyle Sinckler, Jamie George, Joe Marler
Replacements: Luke Cowan-Dickie, Ellis Genge, Will Stuart, George Kruis, Lewis Ludlam, Willi Heinz, Ollie Devoto, Jonathan Joseph
Killing of Qassem Suleimani
Mohammed bin Zayed Majlis
Mohammed bin Zayed Majlis
Dunki
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The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
FIXTURES (all times UAE)
Sunday
Brescia v Lazio (3.30pm)
SPAL v Verona (6pm)
Genoa v Sassuolo (9pm)
AS Roma v Torino (11.45pm)
Monday
Bologna v Fiorentina (3.30pm)
AC Milan v Sampdoria (6pm)
Juventus v Cagliari (6pm)
Atalanta v Parma (6pm)
Lecce v Udinese (9pm)
Napoli v Inter Milan (11.45pm)
Top Hundred overseas picks
London Spirit: Kieron Pollard, Riley Meredith
Welsh Fire: Adam Zampa, David Miller, Naseem Shah
Manchester Originals: Andre Russell, Wanindu Hasaranga, Sean Abbott
Northern Superchargers: Dwayne Bravo, Wahab Riaz
Oval Invincibles: Sunil Narine, Rilee Rossouw
Trent Rockets: Colin Munro
Birmingham Phoenix: Matthew Wade, Kane Richardson
Southern Brave: Quinton de Kock
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Read more from Aya Iskandarani
More coverage from the Future Forum
If you go
The flights
Return flights from Dubai to Santiago, via Sao Paolo cost from Dh5,295 with Emirates.
The trip
A five-day trip (not including two days of flight travel) was split between Santiago and in Puerto Varas, with more time spent in the later where excursions were organised by TurisTour.
When to go
The summer months, from December to February are best though there is beauty in each season
Joy%20Ride%20
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About Housecall
Date started: July 2020
Founders: Omar and Humaid Alzaabi
Based: Abu Dhabi
Sector: HealthTech
# of staff: 10
Funding to date: Self-funded
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