PIF RECEIVES AWARDS

The Public Investment Fund (PIF) received two awards for Emerging Markets Loan of the Year and Middle East Loan of the Year at the Global Capital Syndicated Loan Awards ceremony in London. The PIF is critical to the realization of Vision 2030, Saudi Arabia's economic restructuring program. As of the first quarter of 2022, its ambitious strategy had helped to power the national economy, producing over 500,000 direct and indirect jobs and managing $620 billion in assets.

The PIF is critical to the realization of Vision 2030

PIF Acquires a 30% Stake in Saudi Tabreed

The Public Investment Fund (PIF) recently announced the completion of its acquisition of a 30% stake in the Saudi Tabreed District Cooling Company (Saudi Tabreed), a leading provider of sustainable district cooling schemes for some of the largest projects in Saudi Arabia. The investment supports PIF’s efforts to grow and develop the local utilities and low-carbon sectors.

Saudi Tabreed currently manages 779,000 tonnes of refrigeration via contracts with major companies in Saudi Arabia. This includes Saudi Aramco’s Dhahran district cooling plant, the Jabal Omar district cooling plant in the city of Makkah, the district cooling scheme at King Khalid International Airport in Riyadh, and a centralized cooling plant at the AMAAD Business Park in Dhahran. Saudi Tabreed also serves The Red Sea project, which is a key part of Saudi Arabia’s Vision 2030.

The 20th annual Syndicated Loan, Leveraged Finance, and Private Debt Awards Dinner, held at the Waldorf Hilton in London, hosted guests from leading banks, investment firms, and advisers from Europe, the Middle East, and Africa region. The winners were determined by a poll of market participants and covered a period from 20 November 2021 to 15 November 2022.