Saudi Arabia’s Public Investment Fund is set to take a 36
percent stake in the Kingdom’s construction giant Binladin Group, Bloomberg reported.
While PIF did not offer an official response to the report,
Bloomberg said the fund is “working with Morgan Stanley on a potential deal to
buy into Saudi Binladin Group,” citing people with knowledge of the
matter.
“The PIF, as the $700 billion wealth fund is known, is
considering acquiring part or all of the 36 percent stake owned by the ministry
of finance, the people said, asking not to be identified because the
discussions are private,” Bloomberg said.
It added that the sovereign wealth fund is looking to local
firms to build the infrastructure needed to host showcase events such as the
World Expo. Spokespeople for Morgan Stanley and PIF declined to comment.
The fund is helping Saudi Arabia boost its transition from
oil and overseeing several giga-projects such as NEOM.
Bloomberg said PIF spent $1.3 billion last year to acquire
stakes in four local construction companies to bolster the Kingdom’s domestic
construction industry.
