Riyadh – Mubasher: Saudi Arabia’s sovereign wealth fund, Public Investment Fund (PIF), has reportedly pumped indirect investments in the $747 million initial public offering (IPO) of Arabian Centers, informed sources told Reuters.

The investment was made through institutional funds, sources noted, adding that PIF will not own a stake in the mall operator.

In April, Bloomberg reported that PIF was reportedly in initial negotiations with banks to obtain a bridge loan expected to range from $5 billion to $8 billion.

Arabian Centres launched on Thursday an IPO for retail investors.