The Clap
According to Bloomberg, the Saudi Public Investment Fund is in talks to buy a $250mn stake in Saudi Tabreed, the investment arm of the UAE-based Tabreed.
What
The deal would give the PIF a significant stake in Tabreed, ahead of its planned IPO in two to three years.
It also indicated that the terms of the agreement have not been finalized and are subject to change.
So What
Saudi Tabreed has finalized agreements aimed at providing cooling services for projects belonging to the PIF, such as the Red Sea and Qiddiya projects.
Now What
EV maker Lucid has announced the completion of a $1.5 billion stock offering, raising around $915mn, most of which was through a private sale of approximately 86 million shares to one of the subsidiaries of its largest investor, the Saudi PIF.
