Investment
Saudi Arabian Public Investment Fund says assets surpasses 2.23 trillion riyals in 2022 – Reuters
DUBAI, Aug 6 (Reuters) – Saudi Arabia’s Public Investment Fund on Sunday released its annual report for 2022, which said its assets under management (AUM) surpassed 2.23 trillion riyals ($594.43 billion).
The kingdom’s sovereign wealth fund reported an AUM of 1.98 trillion riyals for 2021.
The PIF said it generated a total shareholders’ return of 8% and established 25 companies in 2022, and locally deployed 120 billion riyals in that year in strategic sectors.
The PIF said 23% of its AUM were international investments, while 68% were local investments and the remainder were treasury.
The fund said 17% of its assets were externally managed, while 83% were internally managed.
PIF is the chosen vehicle of Crown Prince Mohammed bin Salman, the kingdom’s de facto ruler, to drive an economic agenda aimed at cutting reliance on oil.
PIF said the ongoing expansion of its three subsidiary offices in London, New York and Hong Kong would support the fund’s continued growth and “positioning PIF as the partner of choice for global investors”.
Its sources of funding come from retained earnings from investments, capital injections from the government, government assets transferred to the fund and loans and debt instruments.
The fund raised $5.5 billion in February from a green bond sale, following its inaugural green bond that raised $3 billion in October.
In addition, it obtained a $17 billion loan in November from a group of 25 banks that will partly refinance a loan it took out in 2018.
The crown prince in February last year announced the transfer of 4% of shares in Saudi Aramco, worth $80 billion, to the PIF.
In April, there was a second transfer of 4% in Aramco shares, valued also around $80 billion, to PIF’s subsidiary Sanabil Investments.
($1 = 3.7515 riyals)
Our Standards: The Thomson Reuters Trust Principles.
Economy
S&P/TSX composite down more than 200 points, U.S. stock markets also fall
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
Economy
S&P/TSX composite up more than 150 points, U.S. stock markets also higher
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
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