Latest news with #PIF-owned
News18
2 days ago
- Business
- News18
Manchester United To Rack Up Bumper Deal From Newcastle United Owners
Last Updated: Newcastle United's majority owners PIF could be ushering a major financial windfall into Manchester United's coffers after two huge exits in the transfer window. Newcastle United's majority stake owners the Public Investment Fund (PIF) could offer Manchester United a windfall worth £135m with a double proposal. Using their cash-rich muscles, the PIF could help fund transfer business for Newcastle's Premier League rivals Red Devils after they put their entire squad up for sale. The PIF that owns other teams in their native Saudi Arabia has attracted several players over the years for big money. The Newcastle owners could be making another major financial move this summer, with their Saudi Pro League newcomers Neom SC eyeing Manchester United goalkeeper Andre Onana. According to a report by the Manchester Evening News, the Newcastle United owners-backed Saudi Public Investment Fund, Neom, could be offering Manchester United around £35m to fulfil the Onana signing during the transfer window. Onana's departure will boost United's finances and aid their transfer window plans. Onana, the Cameroon international, has his future at Old Trafford under dark clouds only two seasons after his move from Inter Milan for a £47million transfer deal. The 29-year-old goalkeeper faced a mixed bag of fortunes in his first season with the club and has since tailed off with his performances, coming up with only 11 clean sheets in 50 appearances. Speculations have been rife over Onana's potential exit since his three mistakes led to goals in the Premier League, which is the fifth highest by any goalkeeper. Onana's adieu from United could open up a deal with Neom after the Saudi club secured promotion to the league's top flight last month. The PIF could further bolster United's financial coffers with another of their Saudi Pro club – Al-Hilal – offering £100m for captain Bruno Fernandes to join in. Fernandes is currently weighing up the offer. United have signed Mattheus Cunha from Wolves in a £62.5m deal but an injection from PIF-owned clubs worth £135 million could allow manager Ruben Amorim to rebuild their entire front line following a disappointing season. United fell to 15th in the Premier League with none of their players entering the top bracket on the scoring charts and also lost the final of the Europa League to Tottenham. First Published: June 03, 2025, 13:42 IST
Saudi Gazette
19-05-2025
- Business
- Saudi Gazette
PIF chief calls for ecosystem mindset among directors at second Directors' Gathering
Saudi Gazette report RIYADH — Public Investment Fund (PIF) Governor Yasir Al-Rumayyan called on directors to treat PIF and its 220 portfolio companies as a single, integrated ecosystem, during the second edition of the PIF Directors' Gathering held Monday in Riyadh. Bringing together over 1,000 directors and executives from Saudi Arabia and abroad, the forum aimed to align strategic priorities and foster collaboration across the PIF network. Al-Rumayyan emphasized that cooperation among the portfolio companies should be considered a key measure of success. The event focused on optimizing board performance and enhancing synergies across PIF's portfolio — which includes 103 companies established directly by the sovereign fund. Discussions centered on redefining board impact amid national transformation, strengthening oversight in a changing risk environment, and addressing the governance challenges posed by AI and emerging technologies. Al-Rumayyan outlined three main board responsibilities: setting strategy, ensuring governance frameworks for management, and performance monitoring. He stressed that embracing these roles collectively can help transform macroeconomic challenges into leadership and growth opportunities. The gathering is part of PIF's broader corporate excellence strategy, including the work of its Center for Governance, established in 2020. The center offers development programs, advisory services, and thought leadership to support effective governance across both PIF-owned entities and the wider Saudi private sector. The fund's governance framework promotes merit-based hiring, accountability, and board-management clarity. It also aims to position Saudi Arabia as a global business destination and innovation hub. Since its launch in 2023, the PIF Directors' Gathering has served as a platform for enhancing boardroom excellence and aligning long-term objectives across the Kingdom's investment landscape.
Saudi Gazette
15-05-2025
- Business
- Saudi Gazette
PIF appoints Saad Alkroud to lead local real estate investments, Maram Al Johani as acting chief of staff
Saudi Gazette report RIYADH — The Public Investment Fund (PIF) has announced key leadership appointments following the transition of Eng. Aiman AlMudaifer to Managing Director and Chief Executive Officer of NEOM. These appointments are part of PIF's continued efforts to strengthen its leadership foundation and drive forward its strategic mandate. Saad Alkroud has been named Head of the Local Real Estate Investment Division, taking over the portfolio previously overseen by AlMudaifer. Alkroud has served as Chief of Staff at PIF since 2021 and brings extensive experience in strategic planning and stakeholder management. In his new role, he will be responsible for developing and expanding PIF's real estate and infrastructure investment portfolio, which includes Saudi Arabia's landmark giga-projects and other strategic developments. Alkroud joined PIF in 2016 as Head of Stakeholder Management, where he oversaw board and committee affairs and managed relationships with both international and local entities. He was appointed Chief of Staff in 2021 and took on additional duties as Secretary General to the PIF Board of Directors in 2022. In these roles, he supervised the fund's corporate strategy, project management office, and the affairs of PIF's portfolio companies. Alkroud also holds board memberships across several PIF-owned firms. AlMudaifer, who had led the Local Real Estate Investment Division since 2018, played a central role in the division's growth and transformation. By 2023, the division managed investments in over 35 real estate companies and significantly contributed to Saudi Arabia's economic diversification, including in tourism and cultural infrastructure. AlMudaifer has served as Acting CEO of NEOM since November 2024. In a related move, Maram Al Johani has been appointed Acting Chief of Staff and Secretary General to the PIF Board of Directors. Al Johani will lead organization-wide strategic planning, data and committee governance, and the project management office. She will also oversee affairs related to portfolio companies and manage engagement with international and domestic stakeholders. Al Johani joined PIF in 2017 following a tenure at PricewaterhouseCoopers. Since 2021, she has served as Head of Data and Committees Governance and Advisory, bringing a strong track record in strategic operations to her new position.
Leaders
12-05-2025
- Business
- Leaders
HUMAIN: Saudi Crown Prince Unveils New Global AI Powerhouse
Saudi Arabia's Crown Prince Mohammed bin Salman announced today, May 12, the launch of HUMAIN, a new PIF-owned company in artificial intelligence, according to the Saudi Press Agency. The company will focus on offering and developing artificial intelligence solutions and technologies and investing in the sector's ecosystem. Chaired by the Crown Prince, HUMAIN will offer a vast array range of AI services, products and tools, such as next-generation data centers, AI infrastructure and cloud capabilities, as well as advanced AI models and solutions. Promisingly, the company will also provide one of the world's most powerful multimodal Arabic large language models (LLMs). Interestingly, HUMAIN will empower capabilities to develop AI solutions at the local, regional and global levels and unleash new horizons for digital economy. Currently, PIF and its companies are expanding their investments to set an AI ecosystem and enhance international AI partnerships. These investments leverage from the Kingdom's strategic location at the nexus of three continents, economic growth prospects and young, tech-savvy population. Importantly, HUMAIN will launch various data center initiatives, procure hardware and accelerate the adoption of AI technologies. Therefore, it will serve as a regional and global AI hub for strategic sectors, such as energy, healthcare, manufacturing and financial services. Related Topics: SDAIA, KSU to Launch Generative Artificial Intelligence Forum 5 Ways to Use Artificial Intelligence to Create Website International Artificial Intelligence Olympiad Kicks off in Riyadh Short link : Post Views: 162
Saudi Gazette
12-05-2025
- Business
- Saudi Gazette
Crown Prince launches HUMAIN, new PIF-owned AI company to drive global innovation
Saudi Gazette report RIYADH — Crown Prince Mohammed bin Salman, Prime Minister and Chairman of the Board of Directors of the Public Investment Fund (PIF), on Monday announced the launch of HUMAIN, a new PIF-owned company focused on artificial intelligence. HUMAIN will operate as a unified AI entity, investing across the entire AI value chain. The company will offer a comprehensive range of services and solutions including advanced AI models, multimodal Arabic large language models (LLMs), next-generation data centers, cloud capabilities, and infrastructure to support AI deployment across sectors. Chaired by the Crown Prince, HUMAIN aims to enhance human capabilities and unlock new opportunities in the digital economy, serving both regional and global markets. The launch aligns with PIF's broader strategy to position Saudi Arabia as a globally competitive AI and digital economy company will play a central role in developing local innovation, streamlining data center projects, sourcing hardware, and accelerating AI adoption in strategic sectors such as energy, healthcare, manufacturing and financial Arabia's government AI strategy has already earned top global recognition. The Global AI Index in 2024 ranked the Kingdom as the world leader in this noted that Saudi Arabia's strategic location, demographic advantages, and economic momentum uniquely position it to process massive data volumes and foster cutting-edge will further attract international partnerships, top talent, and high-value investments while supporting national aspirations in data and AI leadership.
