The fund is one of a number of commitments which the PIF
is taking on under economic reforms designed to reduce Saudi Arabia's dependence on oil exports.
The Saudi investment would be at the same valuation of around $6 billion, these people said, adding PIF
to Magic Leap's high-profile roster of investors including Alibaba, Google and Fidelity, according to the FT report.
, led by the Crown Prince of Saudi Arabia, Mohammad Bin Salman, is investing billions of riyals to ensure future growth and security for the kingdom's economy.
Mohammad Mustafa, PIF
director noted that the project is the first such one in the region, and will further the development of the Light Palestine project, launched by PIF
director Mohammad Mustafa said this project is the first in the region in this volume and investment value and an important step in the Light Palestine project launched by the PIF
Accordingly, the Council of Ministers issued a decree to transfer oversight of the PIF
to the Council of Economic and Development Affairs (CEDA) in March 2015 and under this process, a new board was appointed, chaired by His Royal Highness the Crown Prince Mohammad bin Salman Al-Saud.
and SoftBank would seek to establish partnerships with global institutions and governments over the coming months.
This vehicle launches a new business for Blackstone with PIF
as a strategic partner.
would buy 50% of Adeptio from United Arab Emirates-based Alabbar, which would keep the rest of Adeptio.
One of the Gulf-based sources said PIF
would like to increase its total holding to anywhere between 25 and 35 percent.
The managing director of PIF
, Yasir Al Rumayyan, said that Uber has improved urban mobility around the world and the fund is looking forward to being part of that progress.
According to the International Monetary Fund (IMF) the PIF
had assets of about 310 billion Saudi riyals (Dh303 billion) or 11.