{"id":84173,"date":"2024-03-10T00:00:00","date_gmt":"2024-03-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/10\/pif-doubles-up-its-stake-in-aramco\/"},"modified":"2024-03-10T00:00:00","modified_gmt":"2024-03-10T00:00:00","slug":"pif-doubles-up-its-stake-in-aramco","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/10\/pif-doubles-up-its-stake-in-aramco\/","title":{"rendered":"PIF doubles up its stake in Aramco"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, friends<\/strong>, and welcome to what we expect is the last day before Ramadan. (We\u2019ll know for certain this evening). Tomorrow is also Flag Day, but officials are yet to declare it a day off work.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We have a packed issue for you this morning<\/strong>, with news from the PIF + Aramco, real estate, telecoms, and tons and tons of sports. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>So, when do we eat? <\/strong>Maghrib prayers are at 6:01 pm tomorrow in the capital, and you\u2019ll have until 4:47 am on Tuesday to finish your sohour ahead of fajr. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- Expect scattered clouds in Riyadh today with clear skies<\/strong> and sunshine in Jeddah and Dammam. <\/p>\n<ul>\n<li><strong>Riyadh:<\/strong> 29\u00b0C daytime \/ 16\u00b0C overnight<\/li>\n<li><strong>Jeddah:<\/strong> 31\u00b0C daytime \/ 26\u00b0C overnight<\/li>\n<li><strong>Dammam:<\/strong> 27\u00b0C daytime \/ 19\u00b0C overnight<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>For the first day of Ramadan: <\/strong>The weather tomorrow is looking warmer (32\u00b0C) with the wind picking up ahead of maghrib and continuing through taraweeh prayers. Look for sun with cloudy periods and a high of 24\u00b0C on Tuesday.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PSA- The silly season of time changes has begun. <\/strong>Clocks spring forward one hour today in New York, Toronto, and much of North America. The UK follows suit on 31 March, while Egypt will advance one hour on 26 April. Saudi Arabia has never used daylight saving time. <\/p>\n<p class=\"tag-border-left\">THE BIG STORY AT HOME-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> PIF clinches a bigger piece of Aramco ahead of a potential secondary share <\/strong><strong>sale:<\/strong> The government has offloaded an 8% stake in oil giant Aramco to the Public Investment Fund (PIF) in a private transaction, according to <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/!ut\/p\/z1\/04_Sj9CPykssy0xPLMnMz0vMAfIjo8ziTR3NDIw8LAz83d2MXA0C3SydAl1c3Q0NvE30w1EVGAQHmAIVBPga-xgEGbgbmOlHEaPfAAdwNCCsPwqvEndzdAVYnAhWgMcNXvpR6Tn5SZDwyCgpKbBSNVA1KElMSSwvzVEFujE5P7cgMa8yuDI3KR-oyAgI9AtyQyMMMgNywx0VFQF_34tn\/dz\/d5\/L0lDU0NRa2dwUXBRa0tDbEVLQ2xFS0lLVVFvZ3BSSWshL1lEVUVBQUFJSUVNRUNLSUVBR0lHT0lPSUJKRkpGQkpORE5EQk5MTEhMSFBJRUVMQWdvZ292QXNDQUEhIS80SkNpaksxYkdMamlFRXBNaFNUVVU1Q21tb1pyZHJMWnpVODF1MWxzRnFLVlZHS0EvWjdfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFEUTYvWjZfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFESTMvdmlldy9ub3JtYWwvQU5OT1VOQ0VNRU5UX05VTUJFUi83ODYwOC9jb21wYW55U3ltYm9sLzIyMjIvaHR0cDolMCUwdGFkYXd1bCUwL2FubkNhdC8xL2FuSWQvZW4!\/\" style=\"\" rel=\"noopener\">a regulatory filing to Tadawul<\/a> yesterday. This downsized the state\u2019s direct ownership in Aramco to 82.2%. The transaction should be worth about USD 164 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SOUND SMART- <\/strong>The sale brings the PIF\u2019s direct and indirect ownership of the oil giant to 16%, providing it \u201cwith over USD 9 bn in annual dividend revenue from Aramco,\u201d <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/commodities\/saudi-arabia-transfers-8-aramco-pif-portfolio-spa-reports-2024-03-07\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports quoting Justin Alexander, director of Khalij Economics and GCC analyst for GlobalSource Partners.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND-<\/strong> The oil giant is reportedly in talks with our friends at HSBC as well as Goldman Sachs and CitiGroup to quarterback a potential USD 20 bn secondary sale later this year. <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/fe1fde79-5cc7-4189-a4fe-360d3fa88c51\" style=\"\" rel=\"noopener\">Check out our past coverage here.<\/a> <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE: Aramco ha<\/strong><strong>s unveiled its first marine fuel station \u2014 Aramco Marina<\/strong><strong> \u2014<\/strong>located at the Jeddah Yacht Club, <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2061760\" style=\"\" rel=\"noopener\">state news agency SPA<\/a> reports. The station has an annual operational capacity of over 65 mn liters of diesel and gasoline. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- Aramco is reportedly planning to extract lithium from brine found in its oilfields<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/commodities\/gulf-oil-giants-saudi-aramco-adnoc-set-sights-lithium-2024-03-08\/\" style=\"\" rel=\"noopener\">Reuters report<\/a> citing three unnamed sources. The move aligns with the Kingdom's push to embrace green energy solutions \u2014 lithium is one of the main components in batteries for EVs, handsets, and laptops. The PIF holds significant stakes in EV companies Lucid and Ceer.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> WATCH THIS SPACE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> #1- Careem not going public, aims to grow in Saudi:<\/strong> The company\u2019s CEO Mudassir Sheikha has refuted rumors about the company going public in an interview with <a target=\"_blank\" href=\"https:\/\/www.aleqt.com\/2024\/03\/07\/article_2706711.html\" style=\"\" rel=\"noopener\">Aleqtisadiah<\/a> on the sidelines of Leap 2024. The ride hailing company plans to expand to new cities within the Kingdom after recently raising <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2023\/04\/10\/uber-owned-careem-launches-spinout-with-400-million-investment-from-uaes-e.html#:~:text=Tech%20holding%20company%20e%26%2C%20formerly,with%20a%20%24400%20million%20investment.\" style=\"\" rel=\"noopener\">USD 400 mn<\/a>, Sheikha added. This includes expanding its bicycle service to new cities after it launched in Madinah. It\u2019s also looking ot launch a carpooling service, he said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>#2- <\/strong><strong>TikTok is eyeing a bigger foothold in Saudi<\/strong>, CEO Shou Zi Chew told <a target=\"_blank\" href=\"https:\/\/asharq.com\/technology\/82036\/%D9%85%D8%AF%D9%8A%D8%B1-%D8%AA%D9%8A%D9%83-%D8%AA%D9%88%D9%83-%D9%84-%D8%A7%D9%84%D8%B4%D8%B1%D9%82-%D9%86%D8%B9%D9%85%D9%84-%D8%B9%D9%84%D9%89-%D8%AA%D8%B9%D8%B2%D9%8A%D8%B2-%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1%D8%A7%D8%AA%D9%86%D8%A7-%D9%81%D9%8A-%D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9\/\" style=\"\" rel=\"noopener\">Asharq<\/a><a target=\"_blank\" href=\"https:\/\/asharq.com\/technology\/82036\/%D9%85%D8%AF%D9%8A%D8%B1-%D8%AA%D9%8A%D9%83-%D8%AA%D9%88%D9%83-%D9%84-%D8%A7%D9%84%D8%B4%D8%B1%D9%82-%D9%86%D8%B9%D9%85%D9%84-%D8%B9%D9%84%D9%89-%D8%AA%D8%B9%D8%B2%D9%8A%D8%B2-%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1%D8%A7%D8%AA%D9%86%D8%A7-%D9%81%D9%8A-%D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9\/\" style=\"\" rel=\"noopener\">News<\/a> in an interview last week.The platform has plans to invest invest more here and introduce new products, Chew said, adding that the ByteDance-owned application is considering a pilot launch of its e-commerce platform TikTok Shop in the Kingdom. He did not provide further details on the plan or a timeline for the launch.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Neom, STA + entrepreneurship are on TikTok\u2019s priority list: <\/strong>TikTok is looking to work closer with Saudi entities \u2014 including working on promotional campaigns for Neom and the Saudi Tourism Authority (STA), Chew said. It also aims to boost entrepreneurship in the Kingdom <a target=\"_blank\" href=\"https:\/\/www.arabnews.com\/node\/2089361\/media\" style=\"\" rel=\"noopener\">under a partnership<\/a> with nonprofit education and training platform Injaz, he added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong>#3- NDF joins WEF: <\/strong>The National Development Fund (NDF) has become a member of the World Economic Forum, <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2060986\" style=\"\" rel=\"noopener\">state news agency SPA<\/a> reports. Membership opens the door for the NDF to rub shoulders with other WEF members including the World Bank Group, Islamic Development Bank, African Development Bank Group, China Development Bank, and the Development Bank of Japan. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>NDF is chaired by Crown Prince and Prime Minister Mohammed bin Salman.<\/strong> It oversees <a target=\"_blank\" href=\"https:\/\/ndf.gov.sa\/en\/about\/\" style=\"\" rel=\"noopener\">nine development funds along with three banks<\/a> \u2014 the Social Development Bank, Saudi Exim Bank, and the Small and Medium Enterprise Bank.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- The government will begin suspending some <\/strong><strong>services<\/strong><strong> to <\/strong><strong>indebted individuals<\/strong><strong>and businesses starting Monday, 11 March<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2060973\" style=\"\" rel=\"noopener\">state news agency SPA<\/a> reported. The suspension of services will not impact access to education, healthcare, labor, commercial registration, or the issuance of identification documents. Suspension will come only after those impacted \u2014 bet hey citizens, expats, or businesses \u2014 are given a grace period to rectify their violation.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What can get you on the list? <\/strong>Defaulting on a loan, unpaid court fines, the failure to pay certain bills on time. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The courts will still have a final say on handing travel bans and a suspension of <\/strong><strong>banking <\/strong><strong>services<\/strong> for overdrawn citizens, expats and businesses, <a target=\"_blank\" href=\"https:\/\/www.okaz.com.sa\/news\/local\/2156993\" style=\"\" rel=\"noopener\">sources close to the matter told Okaz<\/a> yesterday. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>How will services be frozen? <\/strong>The government can act after obtaining an order from a court or the prosecutor\u2019s office, or a decree from either the King or cabinet. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#5- Check your fuel gauge before leaving the gas station: <\/strong>Some 39 fuel stations in 19 provinces were shut down for installing devices that lied about the quantity of fuel sold at the pumps, state news agency <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2061741\" style=\"\" rel=\"noopener\">SPA<\/a> reports. Charges are pending.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#6- <\/strong><strong>Jeddah\u2019s skyline welcomed the minarets of the world\u2019s first 3D-printed mosque<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.arabnews.com\/node\/2473526\/saudi-arabia\" style=\"\" rel=\"noopener\">Arab<\/a><a target=\"_blank\" href=\"https:\/\/www.arabnews.com\/node\/2473526\/saudi-arabia\" style=\"\" rel=\"noopener\">News<\/a> reported last week. The mosque, named after the late business leader Abdulaziz Abdullah Sharbatly, was built using cutting-edge 3D printers from China\u2019s leading 3D construction printing solutions provider Guanli.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">PSAs- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>#1- Property owners in 56 districts in Riyadh, Dammam, and Madinah have until <\/strong><strong>Thursday, 28 <\/strong><strong>March, to register their properties \u2014 at no cost \u2014 through<\/strong><a target=\"_blank\" href=\"https:\/\/rer.sa\/rer-services-ar\/#https:\/\/rer.sa\/rer-services-ar\" style=\"\" rel=\"noopener\">the Real Estate Registry (RER) e-<\/a><a target=\"_blank\" href=\"https:\/\/rer.sa\/rer-services-ar\/#https:\/\/rer.sa\/rer-services-ar\" style=\"\" rel=\"noopener\">platform<\/a>, the Real Estate General Authority said in <a target=\"_blank\" href=\"https:\/\/rega.gov.sa\/%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2-%D8%A7%D9%84%D8%A7%D8%B9%D9%84%D8%A7%D9%85%D9%8A\/%D8%A7%D9%84%D8%A3%D8%AE%D8%A8%D8%A7%D8%B1\/%D9%87%D9%8A%D8%A6%D8%A9-%D8%A7%D9%84%D8%B9%D9%82%D8%A7%D8%B1-20-%D9%8A%D9%88%D9%85-%D8%A7-%D9%88%D8%AA%D9%86%D8%AA%D9%87%D9%8A-%D9%81%D8%AA%D8%B1%D8%A9-%D8%AA%D8%B3%D8%AC%D9%8A%D9%84-%D8%A7%D9%84%D8%B9%D9%82%D8%A7%D8%B1%D8%A7%D8%AA-%D9%81%D9%8A-56-%D8%AD%D9%8A-%D8%A7-%D8%A8%D9%85%D8%AF%D9%86-%D8%A7%D9%84%D8%B1%D9%8A%D8%A7%D8%B6-%D9%88%D8%A7%D9%84%D8%AF%D9%85%D8%A7%D9%85-%D9%88%D8%A7%D9%84%D9%85%D8%AF%D9%86%D9%8A%D8%A9-%D8%A7%D9%84%D9%85%D9%86%D9%88%D8%B1%D8%A9\/?page=1&search=&sort=\" style=\"\" rel=\"noopener\">a statement<\/a> on Friday. Fines will be levied for non compliance and those who fail to register will be unable to make any transactions on their properties. Check out our past coverage of RER <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/7368246c-54bb-4a67-80b6-3e0f6d43e5b5\" style=\"\" rel=\"noopener\">here<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>#2- Tenants can now transfer the remaining period of a residential lease to a new <\/strong><strong>tenant <\/strong>without terminating the current contract or registering a new one through the new services provided by the government\u2019s rental platform Ejar, it said in a <a target=\"_blank\" href=\"https:\/\/rega.gov.sa\/%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2-%D8%A7%D9%84%D8%A7%D8%B9%D9%84%D8%A7%D9%85%D9%8A\/%D8%A7%D9%84%D8%A3%D8%AE%D8%A8%D8%A7%D8%B1\/%D9%87%D9%8A%D8%A6%D8%A9-%D8%A7%D9%84%D8%B9%D9%82%D8%A7%D8%B1-%D9%85%D8%AF%D8%AF-%D9%85%D8%B1%D9%86%D8%A9-%D9%88%D8%AA%D9%82%D8%A8%D9%8A%D9%84-%D8%A7%D9%84%D8%B9%D9%82%D8%AF-%D8%A3%D8%AD%D8%AF%D8%AB-%D8%AE%D8%AF%D9%85%D8%A7%D8%AA-%D8%A5%D9%8A%D8%AC%D8%A7%D8%B1\/?page=1&search=&sort=\" style=\"\" rel=\"noopener\">statement<\/a>.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"ksa\/en\/user\/NewsLetters\" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p class=\"tag-border-left\">THE BIG STORY ABROAD- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>No single story dominates headlines this morning<\/strong>, but among those you should know about:<\/p>\n<ul>\n<li><strong>Talks on a ceasefire in Gaza are set to <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/hamas-delegation-leaves-cairo-with-ceasefire-talks-ongoing-until-agreement-2024-03-07\/\" style=\"\" rel=\"noopener\">resume in Cairo<\/a><\/strong><strong> today<\/strong>, though it <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/israel-strikes-landmark-residential-tower-southern-rafah-truce-talks-stall-2024-03-09\/\" style=\"\" rel=\"noopener\">seems unlikely<\/a> Hamas will be physically in the Egyptian capital for the discussions.<\/li>\n<li><strong><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/cd82448a-2916-42f7-9d6b-9a2b3fd1a471\" style=\"\" rel=\"noopener\">Sam Altman<\/a><\/strong><strong> is back on the board of OpenAI <\/strong>and the Wall Street Journal has thoughts about <strong>which flavor of AI<\/strong> might be <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/tech\/ai\/openai-google-meta-or-anthropic-a-guide-to-the-best-ai-for-your-business-fae402cc\" style=\"\" rel=\"noopener\">best for your business<\/a>. <\/li>\n<li><strong>Ransomware gangs LockBit and and BlackCat are <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-03-08\/top-ransomware-gangs-in-disarray-after-health-care-georgia-hack\" style=\"\" rel=\"noopener\">imploding<\/a><\/strong>after law enforcement mounted a coordinated campaign to take them down. LockBit made headlines in our part of the world with a high-profile attack on Egyptian fintech giant Fawry.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MORNING MUST-READS- Pundits spent much of 2022 and 2023 warning about economic <\/strong><strong>armageddon<\/strong> \u2014 it didn\u2019t arrive \u2014<strong> but that doesn\u2019t mean we\u2019re not looking at a meltdown in (US) capital markets. <\/strong>That\u2019s the takeaway from twin pieces getting plenty of attention this morning. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Start with:<\/strong><a target=\"_blank\" href=\"https:\/\/www.wsj.com\/economy\/jamie-dimon-and-ray-dalio-warned-of-an-economic-disaster-that-never-came-what-now-315ee487\" style=\"\" rel=\"noopener\">Jamie Dimon and Ray Dalio warned of an economic disaster that never came. What<\/a><a target=\"_blank\" href=\"https:\/\/www.wsj.com\/economy\/jamie-dimon-and-ray-dalio-warned-of-an-economic-disaster-that-never-came-what-now-315ee487\" style=\"\" rel=\"noopener\">now?<\/a> in the Wall Street Journal. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Then read:<\/strong><a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/03\/08\/el-erian-and-krugman-cant-shake-off-their-market-fears.html\" style=\"\" rel=\"noopener\">Markets are hitting record highs. And economists like El-Erian and Krugman can\u2019t<\/a><a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/03\/08\/el-erian-and-krugman-cant-shake-off-their-market-fears.html\" style=\"\" rel=\"noopener\">shake off their fears<\/a>, which digs into both potential catalysts for a market plunge \u2014 and why some think the US (and perhaps global) economy isn\u2019t out of the woods just yet. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Aramco offloads an 8% stake to the Public Investment Fund<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2540],"tags":[139,1401,10,1402,2654,100,1151,519,9],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-84173","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-aramco","tag-barakah","tag-enterpriseam-ksa","tag-foodlabs","tag-jeddah","tag-neom","tag-public-investment-fund-pif","tag-tiktok","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"27c8534c-1cc4-40c9-a7c7-061f695a9404","is_powered_by":false,"story_type":"4","photo_url":"","photo_position":"above","homepage_title":"","full_issue_title":"THIS MORNING: PIF doubles up its stake in Aramco ahead of a potential secondary share sale","related_issue":[84171],"teaser":"Aramco offloads an 8% stake to the Public Investment Fund","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.aacd6062-4299-4a4d-95ea-c52aab75a8ab.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>PIF doubles up its stake in Aramco - KSA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/ksa\/2024\/03\/10\/pif-doubles-up-its-stake-in-aramco\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PIF doubles up its stake in Aramco\" \/>\n<meta property=\"og:description\" content=\"Aramco offloads an 8% stake to the Public Investment Fund\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/ksa\/2024\/03\/10\/pif-doubles-up-its-stake-in-aramco\/\" \/>\n<meta property=\"og:site_name\" content=\"KSA\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-10T00:00:00+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2024\/03\/10\/pif-doubles-up-its-stake-in-aramco\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2024\/03\/10\/pif-doubles-up-its-stake-in-aramco\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/ksa\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"PIF doubles up its stake in Aramco\",\"datePublished\":\"2024-03-10T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2024\/03\/10\/pif-doubles-up-its-stake-in-aramco\/\"},\"wordCount\":1350,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/#organization\"},\"keywords\":[\"Aramco\",\"Barakah\",\"EnterpriseAM KSA\",\"Foodlabs\",\"Jeddah\",\"NEOM\",\"Public Investment Fund (PIF)\",\"TikTok\",\"WHAT WE\u2019RE TRACKING TODAY\"],\"articleSection\":[\"WHAT WE\u2019RE TRACKING TODAY\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2024\/03\/10\/pif-doubles-up-its-stake-in-aramco\/\",\"url\":\"https:\/\/enterpriseam.com\/ksa\/2024\/03\/10\/pif-doubles-up-its-stake-in-aramco\/\",\"name\":\"PIF doubles up its stake in Aramco - KSA\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/#website\"},\"datePublished\":\"2024-03-10T00:00:00+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2024\/03\/10\/pif-doubles-up-its-stake-in-aramco\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/enterpriseam.com\/ksa\/2024\/03\/10\/pif-doubles-up-its-stake-in-aramco\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2024\/03\/10\/pif-doubles-up-its-stake-in-aramco\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/enterpriseam.com\/ksa\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"PIF doubles up its stake in Aramco\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/enterpriseam.com\/ksa\/#website\",\"url\":\"https:\/\/enterpriseam.com\/ksa\/\",\"name\":\"KSA\",\"description\":\"The State of the Nation\",\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/enterpriseam.com\/ksa\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/enterpriseam.com\/ksa\/#organization\",\"name\":\"KSA\",\"url\":\"https:\/\/enterpriseam.com\/ksa\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/ksa\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ent.news\/internal\/42482.svg\",\"contentUrl\":\"https:\/\/ent.news\/internal\/42482.svg\",\"caption\":\"KSA\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/enterpriseam.com\/ksa\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\",\"name\":\"enterpriseam admin\",\"sameAs\":[\"http:\/\/enterpriseam.testing.projectsarea.com\"],\"url\":\"https:\/\/enterpriseam.com\/ksa\/author\/enterpriseam\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"PIF doubles up its stake in Aramco - KSA","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/10\/pif-doubles-up-its-stake-in-aramco\/","og_locale":"en_US","og_type":"article","og_title":"PIF doubles up its stake in Aramco","og_description":"Aramco offloads an 8% stake to the Public Investment Fund","og_url":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/10\/pif-doubles-up-its-stake-in-aramco\/","og_site_name":"KSA","article_published_time":"2024-03-10T00:00:00+00:00","author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"7 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/10\/pif-doubles-up-its-stake-in-aramco\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/10\/pif-doubles-up-its-stake-in-aramco\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/ksa\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"PIF doubles up its stake in Aramco","datePublished":"2024-03-10T00:00:00+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/10\/pif-doubles-up-its-stake-in-aramco\/"},"wordCount":1350,"publisher":{"@id":"https:\/\/enterpriseam.com\/ksa\/#organization"},"keywords":["Aramco","Barakah","EnterpriseAM KSA","Foodlabs","Jeddah","NEOM","Public Investment Fund (PIF)","TikTok","WHAT WE\u2019RE TRACKING TODAY"],"articleSection":["WHAT WE\u2019RE TRACKING TODAY"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/10\/pif-doubles-up-its-stake-in-aramco\/","url":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/10\/pif-doubles-up-its-stake-in-aramco\/","name":"PIF doubles up its stake in Aramco - KSA","isPartOf":{"@id":"https:\/\/enterpriseam.com\/ksa\/#website"},"datePublished":"2024-03-10T00:00:00+00:00","breadcrumb":{"@id":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/10\/pif-doubles-up-its-stake-in-aramco\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/enterpriseam.com\/ksa\/2024\/03\/10\/pif-doubles-up-its-stake-in-aramco\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/10\/pif-doubles-up-its-stake-in-aramco\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/enterpriseam.com\/ksa\/"},{"@type":"ListItem","position":2,"name":"PIF doubles up its stake in Aramco"}]},{"@type":"WebSite","@id":"https:\/\/enterpriseam.com\/ksa\/#website","url":"https:\/\/enterpriseam.com\/ksa\/","name":"KSA","description":"The State of the Nation","publisher":{"@id":"https:\/\/enterpriseam.com\/ksa\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/enterpriseam.com\/ksa\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/enterpriseam.com\/ksa\/#organization","name":"KSA","url":"https:\/\/enterpriseam.com\/ksa\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/ksa\/#\/schema\/logo\/image\/","url":"https:\/\/ent.news\/internal\/42482.svg","contentUrl":"https:\/\/ent.news\/internal\/42482.svg","caption":"KSA"},"image":{"@id":"https:\/\/enterpriseam.com\/ksa\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/enterpriseam.com\/ksa\/#\/schema\/person\/ca597032db7e4db868359c123cec256d","name":"enterpriseam admin","sameAs":["http:\/\/enterpriseam.testing.projectsarea.com"],"url":"https:\/\/enterpriseam.com\/ksa\/author\/enterpriseam\/"}]}},"featured_image_src":null,"featured_image_src_square":null,"author_info":{"display_name":"enterpriseam admin","author_link":"https:\/\/enterpriseam.com\/ksa\/author\/enterpriseam\/"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/ksa\/wp-json\/wp\/v2\/posts\/84173","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/ksa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/ksa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/ksa\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/ksa\/wp-json\/wp\/v2\/comments?post=84173"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/ksa\/wp-json\/wp\/v2\/posts\/84173\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/ksa\/wp-json\/wp\/v2\/issue\/84171"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/ksa\/wp-json\/wp\/v2\/media?parent=84173"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/ksa\/wp-json\/wp\/v2\/categories?post=84173"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/ksa\/wp-json\/wp\/v2\/tags?post=84173"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/ksa\/wp-json\/wp\/v2\/brand?post=84173"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/ksa\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=84173"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}