During the past two years, the Public Investment Fund was able to enter into 31 investment partnerships in a number of local and international companies, in addition to announcing a number of development projects inside Saudi Arabia, most notably the “NEOM” project, which is considered a civilizational shift for the world, not just for the region, in addition to the signing of a number Among the agreements with a group of international companies, the latest of which is an agreement with the largest cinema companies in the world.
In this context, the Public Investment Fund was able to own percentages in a number of Saudi companies, banks and institutions listed on the Saudi stock market, as it owns 22.5% in the Saudi National Shipping Company (Bahri), and 49.9% in the Saudi Arabian Mining Company (Maaden). 70% of the Saudi Basic Industries Corporation (SABIC), 23.3% of the Qassim Cement Company, and the Southern Province Cement Company, in which he owns a percentage of about 37.4%, and 10% of the Eastern Province Cement Company, and the same percentage in the Yanbu Cement Company. And about 5% of the shares of the Saudi Ceramic Company, and about 16% of the shares of the Almarai Company, and the same percentage in the “Hospitality House” company, and about 15% in the Saudi Public Transport Company,
About 20% in the National Agricultural Development Company, about 40% of the shares of the Saudi Fisheries Company, about 21.75% in Riyad Bank, along with 22.9% in the “Samba” Financial Group, 10% in Al-Inma Bank, and about 44% in the National Commercial Bank. The fund owns 70% in the Saudi Telecom Company, and 74.3% in the Saudi Electricity Company, in addition to the fund owning 64.5% of the shares of the Saudi Real Estate Company, and the National Gas and Industrialization Company, in which the fund owns about 10.9%.
During the past two years, the fund was able to enter into a number of investments and partnerships with a number of international companies, as the investment fund bought a stake of up to 5% of the size of the “Uber Technology” company, the company specialized in transportation through smart phone applications, and the fund invested in Uber by about 3.5%. One billion dollars, or about 13 billion riyals, and this investment granted the fund a seat as a member of the board of directors in the company, in addition to the establishment of the fund, in partnership with the “Soft Bank” company, a fund to invest in technology, and it was called the “Soft Vision” fund, and the fund aims to Expansion of technology investments, with a value of about $100 billion.
The Public Investment Fund announced the establishment of an electronic platform with a number of investors, including the Emirati businessman, Mohammed Al-Abbar, and called it “Noon.com.” The share of the Public Investment Fund in the platform is about 50%.
The fund launched a number of projects during the last period in a number of regions of Saudi Arabia, the first of which was the “Qiddiya” city project, which is the largest entertainment, cultural and sports city of its kind, which is located in the central region, southwest of the capital, Riyadh, on an area of 334 square kilometers.
40 thousand jobs in "military industries"
The fund established a new national military industries company, bearing the name of the Saudi Military Industries Company, which represents an important component of the Kingdom's Vision 2030, and a turning point in the growth of the military industries sector.
The company will create more than 40,000 job opportunities in Saudi Arabia, most of them in advanced technologies and engineering. The company will contribute to generating more than 30,000 indirect job opportunities and creating hundreds of small and medium-sized companies.
It will become a sustainable platform for providing military products and services that meet the highest international standards.
The company's strategic goal is to reach the ranks of the 25 largest global military industries companies by 2030, making Saudi Arabia a strong partner in the military industries sector on the global stage.
It is expected that the company's direct contribution to the Kingdom's gross domestic product will reach more than 14 billion riyals, and the company will allocate about 6 billion riyals to invest in research and development.
18 billion for the development of Jeddah Corniche
Earlier, the Public Investment Fund launched a project to redevelop the waterfront, in the center of Jeddah's Corniche. With the aim of transforming it into a vital area and a unique tourist, residential and commercial destination, to become the “New Downtown Jeddah”.
It is expected that the total value of investment in the project will reach about 18 billion riyals over 10 years, and that it will contribute to creating more than 36,000 job opportunities.
The project aims to create an attractive and distinctive environment that contributes to the development of the city of Jeddah, and supports its ambitions to become among the top 100 cities in the world. The project will contribute to the development of a vital area suitable for recreation, entertainment and shopping. What will make it a unique destination for different segments of society, including residents and visitors.
The total built-up area of the project is estimated at more than 5 million square meters, and can accommodate more than 58,000 people.
The project area is divided into several areas, including the residential area, which will contain more than 12,000 housing units representing about 42% of the project area, as well as retail and entertainment areas, which represent about 35%, while the office area covers 12%, and the hospitality area covers 11. % of the project area.
Planning is underway to lay the foundation stone for the project during the first quarter of 2019, and the opening of the first phase is scheduled for the last quarter of 2022.
"Visions" raise the capacity of the Grand Mosque in Mecca
Earlier this year, the Public Investment Fund established the “Visions of the Great Mosque of Mecca” company, which aims to develop projects that contribute to raising the capacity. To host the increasing numbers of visitors coming to the Kingdom to perform the rituals of Hajj and Umrah, and to act as a major driver in the development of the Grand Mosque area.
The first phase of the company's projects will be implemented on an area of 854 thousand square meters, located north of the Grand Mosque. It aims to develop about 115 buildings characterized by various urban designs that mimic the Meccan style, with an estimated hotel capacity of 310,000 guests per day in about 70,000 hotel rooms.
It is expected that the first phase will contribute to the provision of about 9,000 housing units, and an estimated 360,000 square meters of commercial space, in addition to spaces that will be allocated for prayer that can accommodate more than 400,000 worshipers, noting that the farthest point in the project is 1,430 meters away from the Holy Kaaba. .
The Public Investment Fund established the “Fund of Funds”, which is an investment fund that aims to support small and medium enterprises by investing in venture capital funds and private equity funds, through the participation of the private sector in its investments. The fund’s capital is about 4 billion riyals.
The achievements of the “Fund of Funds” will be reflected in the contribution to the gross domestic product of about 400 million riyals by the end of 2020, and the creation of more than 2,600 jobs.
Its contribution to the GDP is expected to reach about 8.6 billion riyals, and to provide about 58,000 jobs by the end of 2027. The fund also announced its plan to establish the Saudi Recycling Company, a new company that aims to manage the fund's activities in the recycling management sector in Saudi Arabia.
The Fund established the National Company for Energy Efficiency Services, and established the company with a capital of 1.9 billion riyals. The company will finance and manage projects for the rehabilitation of government buildings and facilities, which represent about 70% of the volume of projects in this field.
Mohammed Al Subhi (Jeddah) @malsobhi18
