Saudi’s PIF purchases $578.6 million land plot in Riyadh

      Published on Wednesday, 10 October , 2018      5 Views     
Saudi’s PIF purchases $578.6 million land plot in Riyadh


Saudi Arabia’s sovereign wealth fund has purchased a huge plot of land in northern Riyadh for SAR 2.17 billion ($578.64 million) in what has been described as the largest real estate transaction in the Kingdom.

In a statement, Etqan real estate company said that the PIF purchased the Al Ghadir plot at an auction of the property of late businessman Saleh Abdulaziz al-Rajhi.



The transaction follows the Crown Prince Mohammed bin Salman’s remarks that the PIF will surpass its target of increasing its assets to $600 billion by 2020, part of a plan to reduce the economy’s dependence on oil.



PIF is also among the investors backing the $500 billion business and industrial zone NEOM, which will extend into Jordan and Egypt, reported Reuters.

Keywords:
Category Saudi News | 2018/10/10 latest update at 6:00 PM
Source : Internet | Photocredit : Google
6 Views
Comments Add comment



Related Articles

The editorial staff of Saudi Arabia Today would like to give all of its readers from Gulf and Saudi Arabia and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Saudi Arabia Today with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter and Google pages or use our RSS feed channel to always read the most important news about Saudi Arabia, the Gulf and the world.


Sponsored Publications



Bahraini crown prince meets Saudi officials in Riyadh King

Bahraini crown prince meets Saudi officials in Riyadh

Bahrain Crown Prince Salman bin Hamad Al-Khalifa held talks with Saudi officials in Riyadh this week. His visit…

King Salman: Iran creates chaos devastation in the region Gulf TV, Saudi Arabia

King Salman: Iran creates chaos devastation in the region

SaudiArabia’s King Salman said that #Iran creates chaos and devastation in the region, interferes in surrounding countries’ internal…

Saudi Arabia King Salman meets president of Niger at Riyadh palace King

Saudi Arabia King Salman meets president of Niger at Riyadh palace

King Salman met the President of Niger, Mahamadou Issoufou, at his palace in Riyadh on Monday. The leaders held talks on boosting…

King Salman unveils $35.6 billion project for industrial city King

King Salman unveils $35.6 billion project for industrial city

Boosting the country’s mining infrastructure, Saudi Arabia has unveiled a SAR 86 billion ($35.6bn) project, Wa’ad Al Shamal,…

GULF TV

Popular in GULF TV

PIRELLI “DREAMING” – THE CAL 2019 making of Full Version | Fashion Channel

1703 Views

A photographic tale of the aspirations of four women and their determination to achieve their goals, each one…

Latest videos in GULF TV

Events

Lifestyle

Culture

Sport

Science & Technology

Government