PIF to acquire stake in Binladin Group: Report

23/02/2024 Argaam
Logo ofPublic Investment Fund (PIF)

Logo of Public Investment Fund (PIF)

The Public Investment Fund (PIF) intends to acquire a stake in Saudi Binladin Group (SBG), Bloomberg reported, citing sources with knowledge of the matter.

 

The fund is working with Morgan Stanley on the potential deal to buy into SBG.

 

The PIF is considering acquiring part or all the 36% stake owned by the ministry of finance, the sources said, asking not to be identified as the discussions are private.

 

SBG would contribute to implementing the Kingdom’s plans to host events such as Expo 2030 and 2034 FIFA World Cup. These major events will require huge investments in infrastructure and the contribution of some companies like SBG.

 

SBG, one of the giant contracting companies, expanded its business to include roads, various facilities, and vital projects across the Kingdom. Among its most prominent projects was the expansion of the Grand Mosque in Makkah. It has several branches around the world, according to data available with Argaam.

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