Uber overtakes Lucid as PIF’s largest US equity holding by value

Uber’s stock price has increased 38 percent over the last 12 months. Shutterstock
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Updated 23 May 2025
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Uber overtakes Lucid as PIF’s largest US equity holding by value

RIYADH: Uber Technologies Inc. has emerged as the Saudi Public Investment Fund’s largest single holding by market value in its US portfolio, valued at $5.31 billion for an unchanged stake of 72.84 million shares.

This change reflected a market-driven increase in Uber’s stock price. In contrast, Lucid Group Inc., in which PIF continues to hold 1.77 billion shares, saw its market value decline to $4.29 billion from over $5.3 billion at the end of 2024.

According to the fund’s latest 13F filing with the US Securities and Exchange Commission,  PIF’s US equity portfolio fell to $25.55 billion by March-end, down from $26.77 billion the preceding quarter, amid valuation and position changes.

The shift was primarily driven by market-based valuation changes, rather than a significant reallocation of assets, with the majority of holdings remaining unchanged in terms of share count.

Not all holdings listed in the filing are traditional equity shares. The fund also disclosed positions in call options for several US tech giants, including Amazon, Adobe, and Microsoft, as well as Alphabet, and Meta Platforms.

These derivatives grant the right — but not the obligation — to purchase the underlying stocks and are distinct from direct share ownership. The figures disclosed, such as 961,300 shares tied to call options on Adobe Inc. and 1.2 million shares via Alphabet Inc. options, represent the total number of underlying shares the options control.

These positions indicate the PIF’s strategic use of capital-light exposure to high-value tech equities.

While many core holdings remained unchanged, PIF increased its exposure in certain stocks. The fund nearly doubled its position in PayPal Holdings, from 1.76 million to 3.67 million shares, and added to its stakes in Amazon, Zoetis, Micron Technology, and Lam Research.




PIF increased its position in PayPal Holdings. Shutterstock

Debt issuance meets strategic shift

In parallel with its global positioning, PIF continues to tap capital markets to finance Vision 2030 initiatives.

According to a May report by Global SWF, the fund raised $1.25 billion through a seven-year sukuk — its second debt issuance of the year — tightening pricing from 145 basis points over US Treasuries to just 110 basis points after attracting over $8.2 billion in orders.

The sukuk, issued under the Trust Certificate Issuance Programme as Sukuk Al-Wakala, signals robust investor confidence and PIF’s expanding sophistication in Islamic finance.

However, the issuance comes amid an internal recalibration.

According to the report, citing Arabian Gulf Business Insight, PIF is reportedly cutting 2025 budgets across its portfolio by at least 20 percent, with some flagship giga-projects facing up to 60 percent reduction. Developments such as NEOM and the Red Sea Project have seen timeline adjustments and contract revisions as the fund prioritizes capital discipline.

This strategic shift reflects broader fiscal pressures. Oil revenues remain below target, and Brent oil forecasts for 2025 have been revised downward to $66 per barrel, far below the $90 per barrel fiscal breakeven.

Meanwhile, Aramco’s dividend payout is expected to fall to $85.4 billion, reducing government inflows. Combined with a rising fiscal and trade deficit, borrowing has become a necessary tool for PIF to maintain project continuity.

Despite this, the fund is doubling down on investor engagement, according to Global SWF. It has raised $5.25 billion in debt already in 2025 through various instruments, including a $4 billion bond in January and a $7 billion Murabaha credit facility. These steps are allowing the fund to selectively advance high-priority ventures while reassessing broader allocations.

A new era of capital discipline




PIF is looking to invest in ventures linked to events including the 2034 FIFA World Cup set to be held in Saudi Arabia. Getty

PIF’s transformation signals a new phase of financial pragmatism, according to Global SWF. Rather than scaling back, the fund is reallocating, favoring ventures with measurable returns — especially those aligned with near-term events like Expo 2030 and the 2034 FIFA World Cup.

Analysts describe the move not as a retreat, but recalibration and pivot toward “economically viable infrastructure” and industry-led projects.

Co-investment deals with firms like Goldman Sachs, BlackRock, and Brookfield are also on the rise, helping PIF attract external capital and reduce reliance on sovereign funding. The aim is to deploy up to $70 billion annually while ensuring long-term sustainability, the report said.

Despite the evolving landscape, market appetite for PIF-backed instruments remains strong, said Global SWF. The latest sukuk’s successful pricing reflects sustained confidence in Saudi Arabia’s fiscal direction and PIF’s strategic execution.

The fund’s move toward pairing financial firepower with economic logic underscores its evolution from a spender to a steward of transformation.

As PIF adjusts its financial architecture, its mix of market exposure, targeted lending, and fiscal discipline may set a precedent for sovereign investors worldwide — and reinforce its role as the cornerstone of Saudi Arabia’s post-oil future.


Pakistan hikes petrol price by Rs5.36, diesel by Rs11.37 per liter

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Pakistan hikes petrol price by Rs5.36, diesel by Rs11.37 per liter

  • Petrol now costs Rs272.15 per liter while HSD has risen to Rs284.35
  • The OGRA-recommended prices will remain valid till the end of July

KARACHI: Pakistan’s government has increased the price of petrol by Rs5.36 per liter and high-speed diesel (HSD) by Rs11.37 per liter for the next fortnight, the Finance Division announced late Tuesday.

The revised prices took effect from today, July 16.

According to the official notification, petrol now costs Rs272.15 per liter, up from Rs266.79, while HSD has risen to Rs284.35 per liter from the previous Rs272.98.

“The Government has revised the prices of petroleum products for the fortnight starting tomorrow, based on the recommendation of OGRA [Oil and Gas Regulatory Authority] and the relevant Ministries,” the Finance Division said in its statement.

Fuel prices in Pakistan are adjusted every two weeks and are influenced by global oil market trends, currency fluctuations and changes in domestic taxation.

The increases have a direct impact on inflation, raising production and transportation costs and driving up the prices of essential goods and services, particularly food. The effect is further amplified by Pakistan’s reliance on imported fuel.

This marks the third consecutive increase in fuel prices. On June 16, the government raised petrol by Rs4.80 per liter and HSD by Rs7.95. Another hike followed on July 1, with petrol up by Rs8.36 and HSD by Rs10.39.

Fuel price volatility escalated last month during the 12-day conflict between Iran and Israel, when Pakistan instructed oil marketing companies to maintain mandatory reserve levels.

While the government ruled out supply shortages, the conflict triggered concerns about a potential disruption in oil flows through the Strait of Hormuz.


Saudi Arabia raises $1.34bn through July sukuk issuance

Updated 15 July 2025
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Saudi Arabia raises $1.34bn through July sukuk issuance

RIYADH: Saudi Arabia’s National Debt Management Center raised SR5.02 billion ($1.34 billion) through its riyal-denominated sukuk issuance for July, marking a sharp 113.6 percent increase compared to the previous month.

In June, the Kingdom issued sukuk worth SR2.35 billion, while May and April saw issuances of SR4.08 billion and SR3.71 billion, respectively.

Sukuk are Shariah-compliant financial instruments that offer investors partial ownership in an issuer’s underlying assets, making them a popular alternative to conventional bonds.

According to NDMC, the July issuance was divided into four tranches. The first tranche, valued at SR776 million, will mature in 2029. The second, worth SR1.34 billion, is set to mature in 2032, followed by a third tranche of SR823 million due in 2036. The largest tranche, totaling SR2.08 billion, will mature in 2039.

Saudi Arabia’s debt market has witnessed robust growth in recent years, attracting strong investor interest in fixed-income instruments amid a global environment of rising interest rates.

In April, Kuwait Financial Center, also known as Markaz, reported that Saudi Arabia led the Gulf Cooperation Council in primary debt issuances during the first quarter of the year. The Kingdom raised $31.01 billion from 41 offerings, accounting for over 60 percent of total issuances across the region.

Credit rating agency S&P Global noted in April that Saudi Arabia’s expanding non-oil sector and steady sukuk issuance volumes are likely to support the growth of the global Islamic finance industry.

The agency forecasts global sukuk issuance to reach between $190 billion and $200 billion in 2025, with foreign currency-denominated offerings contributing up to $80 billion, assuming market conditions remain stable.

Echoing that outlook, a report by Kamco Invest published in December said Saudi Arabia is expected to account for the largest share of bond maturities in the GCC between 2025 and 2029, with $168 billion set to mature during the period.

Earlier this month, S&P Global reiterated its positive view, stating that the global sukuk market is on track to maintain its momentum in 2025, with foreign currency-denominated issuances projected to reach between $70 billion and $80 billion.


Saudi Arabia tops MENA VC rankings with $860m in H1: MAGNiTT 

Updated 15 July 2025
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Saudi Arabia tops MENA VC rankings with $860m in H1: MAGNiTT 

RIYADH: Saudi Arabia led venture capital activity in the Middle East and North Africa in early 2025, raising $860 million — a 116 percent annual jump — backed by sovereign support and foreign interest. 

In its latest report, regional venture platform MAGNiTT revealed that the Kingdom witnessed 114 deals in the first half of the year, marking a significant 31 percent rise compared to the same period in 2024. 

This comes on the back of a strong 2024 performance, when Saudi Arabia retained its position as the most funded MENA country for VC for the second consecutive year. Startups raised $750 million, with a 34 percent increase in deal funding rounds below $100 million – dubbed MEGA deals – reflecting growing early- and mid-stage capital formation, according to a report released earlier this year by MAGNiTT and SVC. 

In its latest report for the first half, MAGNiTT stated: “This growth was supported by continued sovereign capital activity, event-driven momentum from LEAP, and early-stage programs backed by new funds and accelerators.” 

Saudi Arabia ranked second among emerging venture markets in total VC funding, trailing only Singapore, which raised $1.28 billion across 120 deals in the first half. 

However, Singapore’s funding declined 37 percent year on year, while the number of deals dropped 31 percent. 

“The drop (in Singapore) signals a continued cooldown in late-stage deployment and foreign investor activity amid macro headwinds,” the report stated. 

Among emerging markets, Saudi Arabia was followed by the UAE, which raised $447 million in funding in the first six months of the year, a rise of 84 percent year on year. 

The UAE also matched Saudi Arabia in deal count, recording 114 deals, up 10 percent compared to the same period last year. This was driven by increased international participation, which reached its highest level in the Emirates since the first half of 2020. 

Elsewhere, Turkiye raised $226 million, followed by Vietnam at $216 million, Egypt at $185 million, and South Africa at $183 million. Nigeria raised $158 million, while Indonesia and Kenya secured $102 million and $71 million, respectively. 

The report further noted that fintech was the leading sector across all three EVM regions in the first half, accounting for 45 percent of VC funding in Southeast Asia, 38 percent in the Middle East, and 45 percent in Africa. 

“The bulk of this activity was concentrated in payment solutions and lending platforms, which emerged as the dominant fintech subsectors,” added the report. 

Meanwhile, mergers and acquisitions activity across emerging venture markets saw 55 transactions in the first half, marking a 31 percent increase compared to the same period last year. 


Closing Bell: Saudi main index closes in red at 11,095

Updated 15 July 2025
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Closing Bell: Saudi main index closes in red at 11,095

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Tuesday, as it shed 118.18 points, or 1.05 percent, to close at 11,095.41. 

The total trading turnover of the benchmark index was SR4.52 billion ($1.21 billion), with 46 of the listed stocks advancing and 204 declining. 

The Kingdom’s parallel market Nomu also shed 55.43 points to 27,301.46.

The MSCI Tadawul Index declined by 1.09 percent to close at 1,421.31. 

The best-performing stock on the main market was SHL Finance Co. The firm’s share price increased by 5.21 percent to SR22.62. 

The share price of SICO Saudi REIT Fund rose by 5.1 percent to SR4.33. 

Tourism Enterprise Co. also saw its stock price climb by 3.26 percent to SR0.95. 

Conversely, the share price of Alistithmar AREIC Diversified REIT Fund declined by 4.03 percent to SR9.05. 

On the announcements front, Saudi Co. for Hardware, also known as SACO, said that it signed an agreement valued at SR140.43 million to sell its warehouse in Al-Mashael district in Riyadh. 

In a Tadawul statement, SACO said that the proceeds from the sale will be used to repay existing bank loans and help support its future expansion plans.

The firm further said that the 42,937-sq.-meter warehouse was sold to 6th Iradat Al Imdad Co., a limited liability company. 

The firm added that there are no related parties involved in the deal. 

The share price of SACO dropped by 1.02 percent to SR29.14. 

The shareholders of Saudi Lime Industries Co. approved a recommendation to increase its capital by 5 percent through a one-for-20 bonus share distribution, by capitalizing SR11 million from the firm’s retained earnings account.

The stock price of Saudi Lime Industries Co., listed on the parallel market, advanced by 4.77 percent to SR12.97. 


Saudi Data and Artificial Intelligence Authority, Shareek sign deal to accelerate AI, cloud innovation

Updated 15 July 2025
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Saudi Data and Artificial Intelligence Authority, Shareek sign deal to accelerate AI, cloud innovation

RIYADH: Saudi Arabia’s private sector is set to gain a boost in AI-driven innovation and data capabilities through a new agreement aimed at accelerating digital transformation across key industries. 

The new deal, signed between the Saudi Data and Artificial Intelligence Authority and the Private Sector Partnership Reinforcement Program, known as Shareek, aims to conduct comprehensive market studies and coordinate with relevant authorities, according to an official statement. 

The memorandum of understanding also includes a mandate to develop AI-aligned business models and provide technical consultation services to private sector entities participating in the Shareek program. 

This comes as the Gulf’s largest economy positions itself as a global AI hub under its Vision 2030 strategy, which targets $135.2 billion in economic value from the technology by the end of the decade. 

The same roadmap aims to raise the private sector’s contribution to gross domestic product to 65 percent by 2030, signaling a shift toward tech-led diversification away from oil dependency. 

In a post on X, SDAIA stated that the MoU also seeks to “develop investment opportunities in cooperation with relevant authorities” and to “develop business models for both parties, in accordance with established procedures.” 

It added that the agreement will also focus on “identifying and prioritizing investment opportunities and providing specialized technical consultations,” as well as “sharing investment opportunities with the sector and relevant authorities to join the Private Sector Partnership Reinforcement Program – Shareek.”

Launched in 2021, Shareek is a flagship public-private partnership program aiming to unlock SR5 trillion ($1.33 trillion) in investments by 2030. It supports large Saudi companies in accelerating growth and driving economic development. Its collaboration with SDAIA highlights its role in advancing large-scale digital transformation.

The development comes as the Kingdom expands its global tech alliances, with SDAIA signing an MoU with Advanced Micro Devices, or AMD, on the sidelines of the Saudi-US Investment Forum in Riyadh in May to strengthen the AI ecosystem. 

The agreement aims to develop specialized AI data centers powered by AMD technologies, supporting the Kingdom’s efforts to build a robust digital infrastructure.

These developments come as Saudi Arabia’s global AI standing continues to rise, with the Kingdom ranking third worldwide in the OECD AI Policy Observatory in December, behind only the US and the UK.