27.05.2016 - Saudi wealth fund PIF said to mull $8bn bid for Riyadh hub
Saudi Arabia’s Public Investment Fund, the wealth fund headed by Deputy Crown Prince Mohammed bin Salman, is likely to make an offer next month to buy Riyadh’s unfinished financial hub as the government attempts to rehabilitate a project plagued by delays and cost overruns. The fund may pay about 30bn riyals ($7.9bn) – the amount already spent on the King Abdullah Financial District by the Saudi Public Pension Agency – plus the cost of undeveloped plots, a person with knowledge of the matter said, asking not to be identified as discussions are private. The plan includes a new company to oversee the project’s completion and management...............................................Full Article: Source
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