Latest news with #PIF-backed
Arabian Post
3 days ago
- Business
- Arabian Post
PIF Considers SITE IPO Amid Economic Diversification Push
Saudi Arabia's sovereign wealth fund, the Public Investment Fund , is evaluating an initial public offering for its wholly-owned technology arm, Saudi Information Technology Company , as part of broader efforts to bolster the kingdom's economic diversification strategy. According to individuals familiar with the matter, PIF has approached investment banks to submit proposals for roles in a potential share sale of SITE. The discussions are in preliminary stages, with specifics such as the IPO's size and timeline yet to be determined. Established in 2017, SITE operates at the forefront of Saudi Arabia's digital transformation, offering services in cybersecurity, cloud computing, and systems integration. The company has been instrumental in securing critical national infrastructure and supporting various digital initiatives aligned with Vision 2030, the kingdom's blueprint for reducing reliance on oil revenues. ADVERTISEMENT SITE's portfolio includes a range of digital platforms and services, such as SITE Postal, SITE Inform, and SITE Guard, designed to enhance the digital ecosystem within the country. The company has also forged strategic partnerships to advance its technological capabilities. Notably, in collaboration with South Korea's AhnLab, SITE has invested over SAR 500 million to bolster cybersecurity technologies across the Middle East and North Africa region. The potential IPO of SITE reflects PIF's ongoing strategy to monetize its assets and inject liquidity into the national economy. This move aligns with previous initiatives, including the exploration of public listings for other PIF-backed entities such as Nupco, the kingdom's largest medical procurement firm. Saudi Arabia's push into the technology sector has gained momentum, with significant investments aimed at positioning the country as a global tech hub. The launch of Humain, a state-owned artificial intelligence company backed by PIF, underscores this ambition. Humain plans to invest heavily in AI infrastructure and has secured partnerships with major international tech firms to develop data centers and AI models. The kingdom's commitment to technological advancement is further evidenced by initiatives like the LEAP Tech Event, an annual conference that has attracted global attention and investment. These efforts are part of a broader strategy to foster innovation, create high-tech employment opportunities, and diversify the economy away from oil dependency.
Leaders
25-05-2025
- Business
- Leaders
Saudi Arabia Ignites AI Innovation with Groundbreaking Startup Incubator
Saudi Arabia is significantly increasing its investment in artificial intelligence (AI) by launching a national incubator program. This initiative aims to accelerate the growth of early-stage AI startups across the Kingdom. The Ministry of Communications and Information Technology (MCIT) leads this four-month program through its Centre of Digital Entrepreneurship. Comprehensive Support for Startups The incubator will support 20 AI ventures by providing essential resources such as mentorship, funding, and workspace. Additionally, participants will gain access to government-backed digital incentives that enhance their growth potential. Financial support will come from the National Technology Development Program (NTDP), ensuring startups receive the necessary funding to thrive. Moreover, strategic partnerships with key organizations will help startups access vital technical and commercial expertise. Collaborations with the Saudi Data and AI Authority (SDAIA), the Saudi Company for Artificial Intelligence, SambaNova, and BIM Ventures will strengthen the program's impact. These partnerships will provide startups with the tools they need to succeed in a competitive market. Aligning with Vision 2030 Goals This initiative aligns with Saudi Arabia's Vision 2030 strategy, which aims to build a diversified, knowledge-driven economy. By reducing long-term dependence on oil revenues, the Kingdom seeks to foster innovation and entrepreneurship. The incubator follows the recent launch of Humain, a PIF-backed AI company focused on enhancing national capabilities in data infrastructure, machine learning, and cloud computing. By targeting early-stage companies with tailored support, the new incubator aims to establish a competitive AI ecosystem. This ecosystem will position the Kingdom as a regional and global leader in emerging technologies. Ultimately, this initiative represents a significant step forward in Saudi Arabia's commitment to advancing its tech economy and fostering innovation. Short link : Post Views: 22
CairoScene
25-05-2025
- Business
- CairoScene
Saudi Arabia Launches AI Startup Incubator to Boost Tech Economy
A new incubator led by the Ministry of Communications and Information Technology will support 20 AI startups. May 25, 2025 Saudi Arabia is ramping up its investment in artificial intelligence with the launch of a national incubator programme designed to accelerate the growth of early-stage AI startups. Led by the Ministry of Communications and Information Technology (MCIT) through its Centre of Digital Entrepreneurship, the four-month programme will support 20 AI ventures with mentorship, funding, workspace, and access to government-backed digital incentives. Financial support will come via the National Technology Development Program (NTDP), while strategic partnerships with the Saudi Data and AI Authority (SDAIA), the Saudi Company for Artificial Intelligence, SambaNova, and BIM Ventures will help startups access technical and commercial expertise. The initiative is a key part of Saudi Arabia's Vision 2030 strategy, which seeks to build a diversified, knowledge-driven economy and reduce long-term dependence on oil revenues. It also follows the recent launch of Humain, a PIF-backed AI company focused on building national capabilities in data infrastructure, machine learning, and cloud computing. By targeting early-stage companies with tailored support, the new incubator aims to lay the foundation for a competitive AI ecosystem capable of positioning the Kingdom as a regional and global leader in emerging technologies.
Irish Daily Star
30-04-2025
- Sport
- Irish Daily Star
LIV Golf chiefs handed major reality check as embarrassing TV ratings emerge
LIV Golf bosses have been served a harsh reality check as the viewership numbers for their Mexico event were significantly overshadowed by a rerun of last year's Zurich Classic on the PGA Tour. The lack of audience engagement with the PIF-backed league, now in its fourth season, has been glaringly apparent. Since its contentious inception in 2022, the Saudi Arabian entity has managed to lure big names like Jon Rahm, Bryson DeChambeau and Sergio Garcia to compete, with these players signing lucrative contracts to participate. However, it seems that even the presence of household names such as Brooks Koepka and Dustin Johnson hasn't resulted in fans tuning in en masse to watch events. In fact, the Mexican leg of the LIV circuit only attracted an average viewership of a mere 110,000 people on FS1, with Bryson DeChambeau particularly critical of the course. Read More Related Articles Donald Trump's health mystery - 'forged' medical report to weight loss warning Read More Related Articles PGA Tour star who's earned $14M makes huge announcement about wife after anguish On Friday, an estimated 30,000 viewers watched the live event from Mexico City on FS2, before 84,000 tuned in on Saturday on FS1. Following this, the total viewership broke the six-figure mark as DeChambeau and Joaquin Niemann battled for the title - with the latter emerging victorious. Adding insult to injury for backers in the Gulf State, a rerun of the 2024 Zurich Classic - a PGA Tour event - pulled in 1.63 million viewers on CBS. This was despite live coverage from the Swiss city being interrupted from 3 p.m. to 5:15 p.m. ET due to a power outage across Europe. Previously, Golf Channel's Brandel Chamblee had a grim take on LIV Golf, stating it was "dying a slow costly death" next to the PGA Tour while the standoff concerning a major title continues. The established analyst proclaimed: "LIV players have seller's remorse." Chamblee presented his perspective that LIV players are pining for the honour of elite competition but chose the lucrative path by joining LIV. He pointedly remarked: "They want the meritocratic cachet that competing at the highest level confers but they have shown in their choice to play for LIV that they'd rather have the money first and sue for the cachet. Scott O'Neil has rejected such claims about LIV Golf (Image: LIV Golf) "Trying to blur the distinction between gift and reward. The audience sees right through them, and chooses to watch those that prefer to play for history and legacy." Conversely, Scott O'Neil, the new LIV CEO, rejected any claims that the Saudi-backed series is an expensive flop. During CNBC Converge Live, he emphasized: "The golf is who we are, but it's really about the festival around golf that makes us different. "You can bring your family, you can bring a date, you can bring friends. We are different, though. We're a global sports league," also highlighting LIV's international footprint saying, "Our first 4 events we were in Riyadh, Saudi Arabia, then we went over to Adelaide, Australia, then Hong Kong and now we're in Singapore. "For those of you who've spent time in New York, you might know that some of our events are played at 3 in the morning, so it might not register on traditional rating scales as you might register a US sports league. This article contains affiliate links, we will receive a commission on any sales we generate from it. Learn more Get Peacock Get Peacock starting at $7.99 Looking for more to watch ? Peacock has hit shows, movies, live sports, and more. You can watch popular titles like The Traitors, Yellowstone, and Love Island USA, along with golf tours, NFL games, and Premier League matches all in one place. Peacock offers plans starting at $7.99 a month and you can cancel anytime. $7.99 Peacock Subscribe Here "And we're quite OK with that, especially now that we're starting to get more and more distribution around the world. We're getting quite a few viewers in the timezones we are in. "Over time, this notion of being the F1 of golf is one I like a lot. Other than LIV, F1 is the only truly global sports league. They have teams and we have teams and it's very different for golf to have a team sport." "You're definitely playing in a premium market like F1 has. Our hospitality experience is clearly like the paddock or a level better in terms of opportunity. "Walking the pit row is very akin to walking our driving range before an event. It's as close a parallel as you can find. But remember we're three years in and I bet they're 80."
Arabian Post
28-04-2025
- Business
- Arabian Post
Saudi Arabia's PIF Sets Ambitious $2.67 Trillion Asset Goal by 2030
Saudi Arabia's Public Investment Fund has sharply raised its assets under management target for 2030 to $2.67 trillion, marking a significant 43 per cent jump from its earlier ambition of $1.87 trillion. The strategic move follows the sovereign wealth fund surpassing its asset milestone for 2023, underlining its growing influence as a key pillar of the Kingdom's economic transformation efforts. According to the latest figures released as part of the government's Vision 2030 update, PIF's assets reached $941.3 billion last year, exceeding its stated target of $880 billion and showcasing an extraordinary 390 per cent increase compared to 2016. The fund, chaired by Crown Prince Mohammed bin Salman, is tasked with steering the country's economic diversification away from oil dependency, bolstering sectors such as tourism, entertainment, and technology. The revised asset goal aligns with Saudi Arabia's intensified efforts to establish itself as a global investment powerhouse. Analysts note that the sharp upward revision demonstrates PIF's confidence in sustaining rapid expansion through a combination of domestic projects and overseas investments. Yasir Al-Rumayyan, Governor of PIF, highlighted that the fund's performance 'underscores our commitment to Vision 2030, delivering impact across key sectors and creating long-term value for future generations.' Central to PIF's strategy is its wide-ranging portfolio expansion, which has included high-profile acquisitions and partnerships in fields as diverse as electric vehicles, sports, and infrastructure. Over the past year, the fund took significant stakes in Lucid Motors, gaming companies such as Embracer Group, and major sporting ventures like LIV Golf. These moves, industry experts observe, are designed to place Saudi Arabia at the crossroads of emerging global industries. See also Oil Prices Climb on Trade Optimism and Iran Sanctions The fund's annual report disclosed that more than 90 companies have been established under its ownership to drive growth in local industries and services. Among the flagship projects are NEOM, the $500 billion futuristic city, and Qiddiya, an entertainment and tourism megaproject. The report emphasised that such initiatives are not only economic catalysts but also pivotal in generating employment, with PIF-backed ventures creating over 644,000 direct and indirect jobs by the end of 2023. Internationally, PIF has been intensifying its presence in developed markets, particularly the United States and Europe. It has broadened its investments in equity markets, technology start-ups, and real estate. By leveraging partnerships with established global players, the fund aims to transfer knowledge, stimulate innovation, and reinforce the Kingdom's emerging industries. In a statement accompanying the report, Al-Rumayyan stressed the importance of 'strategic, sustainable investments that align with Saudi Arabia's national interests and global economic trends.' Financial analysts interpret PIF's asset growth trajectory as both ambitious and attainable, given the Kingdom's oil revenues and the government's ongoing commitment to funneling surplus earnings into sovereign wealth initiatives. Brent crude prices averaging above $80 per barrel have significantly bolstered fiscal reserves, providing ample resources for the fund's expansionary agenda. Nevertheless, some experts caution that the pace of growth could face headwinds from volatile global markets, geopolitical uncertainties, and the complex logistics of mega-projects like NEOM. There are also concerns about the execution risks inherent in transitioning from capital-heavy investments to sustained operational returns. 'The sheer scale of the PIF's ambition is unprecedented. Success will hinge on agile management and disciplined investment,' said Karen Young, a senior research scholar at Columbia University's Center on Global Energy Policy. Despite the challenges, the fund's operational model is being fine-tuned to ensure resilience and transparency. The report noted improvements in governance structures, risk management frameworks, and sustainability practices. PIF has integrated environmental, social, and governance criteria across its portfolio and launched initiatives such as the Saudi Green Initiative to contribute towards global climate goals. The expansion of PIF's financial clout has broader geopolitical implications as well. It positions Saudi Arabia as an increasingly influential player in global economic affairs, capable of wielding soft power through strategic capital deployment. The fund's investments are seen as vehicles for enhancing bilateral relations, accessing new technologies, and securing diversified returns to fortify the Kingdom's financial future. Vision 2030's annual report detailed that PIF's growing assets are part of a broader national strategy aimed at boosting the non-oil sector's contribution to GDP from 16 per cent to 50 per cent by the end of the decade. Economic diversification, youth employment, and innovation are at the heart of these efforts, with the fund serving as both financier and facilitator of systemic change. Looking ahead, PIF is poised to continue its expansion through several announced initiatives, including a planned second international office in New York, complementing its existing presence in London and Hong Kong. Future plans also involve setting up new sector-specific funds to target industries such as healthcare, education, and renewable energy.
