Banking & Finance
Saudi wealth fund said to take over $10bn financial hub
Sources say Public Investment Fund is to take control of the King Abdullah Financial District
Cranes stand beside new high rise buildings under construction in the King Abdullah financial district of Riyadh. (Bloomberg)
Tue 21 Nov 2017 01:46 PM
Saudi Arabia’s sovereign wealth fund has finalised a deal to take ownership of Riyadh’s $10 billion unfinished financial hub as the government attempts to revive the project, according to people familiar with the matter.
The Public Investment Fund is taking control of the King Abdullah Financial District from the Public Pension Agency, the people said, asking not to be identified because the information is private. Details of the deal aren’t clear, they said.
The fund will appoint Hilmi Ghosheh as the head of the hub that has been plagued by delays and cost overruns, the people said..Read More