It’s a busy morning of KSA in the global press

The PIF taking a stake in Heathrow and Riyadh hosting Expo 2030 dominate the conversation on Saudi in the international press this morning.

On Heathrow: The FT’s influential Lex column thinks Ferrovial’s exit was well-timed — for Ferrovial. PIF and French PE outfit Ardian bought in at an implied enterprise value of about GBP 26 bn, or 13x next year’s forecast EBITDA. Crunching the numbers, Lex looks ahead and suggests a single-digit IRR might be in the works come an eventual exit. Bloomberg, meanwhile, notes that the stake will add to a “growing European portfolio” that also includes Telefonica, Aston Martin, and Newcastle FC.

On Expo 2030: Taking home the “rights to host the major global event is a coup for Crown Prince Mohamed bin Salman’s efforts to remake the kingdom’s international image,” writes the New York Times.

ALSO GETTING ATTENTION: A 30 December deadline for the PGA and PIF-backed LIV golffranchises to reach a final agreement on combining their businesses (along with the European tour) and Saudi angling for oil production cuts heading into today’s OPEC+ meeting.