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Saudi PIF to acquire $10bn financial hub

Saudi PIF to acquire $10bn financial hub
Saudi PIF to acquire $10bn financial hub

Riyadh – Mubasher: The Saudi Public Investment Fund (PIF) completed on Tuesday a deal to take control of unfinished King Abdullah Financial District (KAFD) from the Public Pension Agency, in a deal worth $10 billion, Arabian Business reported, citing sources as saying.

There are no further details about the transaction.

PIF will appoint Hilmi Ghosheh KAFD’s head, who serves currently as an advisor of PIF’s managing director Yasir Al-Rumayyan on the real estate projects.

“The government plans to make the area an economic freezone with visa exemptions and a direct connection to the airport. Construction of the hub with 73 buildings in the north of Riyadh started in 2006,” Arabian Business noted.

HSBC Holdings Plc’s Saudi Arabia unit was advising the Public Pension Agency on the sale.