Asia - Middle East

Lebanon burning

The Lebanese are in the streets protesting against the tanking economy and the helpless authorities who are unable to find a solution to contain their sinking economy. Lebanon is known for the exploitation of workers from different countries when they are constructing stadiums for the Olympics. The Lebanese believe that the authorities are not doing enough to contain the eroding base of the economy, and the currency has gone down from 1500 per dollar to 25,000 per dollar.

It is a shame for a nation like Lebanon.

In the street, people burned tires/tyres and vehicles. However, the deaf political class stands mute in front of the worried people.

The public has the right to know whether their country will come back to the golden old days. This enraged public needs a satisfying answer and a constructive, time-bound solution.

However, Lebanon tried to get a loan from the World Bank without having any blueprint or any concrete steps to bring the economy back on track.

That is one of the reasons people are coming into the street to protest.

The European Union member nations also faced similar problems earlier, including Greece. Somehow, these nations had to accept the bitter pillar of prudence in expenditure, something the leftist rulers found difficult to accept, as these measures aren't popular for getting the vote. The old-age pension, the health sector, and the educational sector may get cut if Lebanon accepts the new terms of the World Bank for any financial aid in the coming days.

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IVT Global News Agency

Saudi Arabia's PIF expanding its wings to build an international portfolio

Saudi's Public Investment Fund or PIF the sovereign fund of the kingdom is taking the next step to build an international portfolio opening shops in different big cities like London, New York, and Hong Kong. So, deviating from its source of revenue was from oil, now the company seems to have made up a new strategy to find a new avenue of revenue to grow at the global level. The company has invested heavily in Softbank-$45 billion and in Uber Technologies $3.5 billion.

PIF is a 5 billion find today, now looking overseas to find new pastures for its growth touching more than $1 trillion dollars by 2025.

PIF was established in 1970 to manage oil and gas earnings to invest in potential projects to earn more ROI. PIF commits up to $40 billion in investments till 2025. This amount is equal to 5% of Saudi Arabia's GDP. PIF has a vision plan to contribute $320 billion to non-oil GDP and intends to create 1.8 million new jobs in the Saudi kingdom.

Source of funding of PIF:

1. Capital injections from the government,

2. Assets transferred to PIF from the government.

3. Loans and debt instruments.

4. Returns on its investments and holdings.

5. Sale of stakes companies in its own portfolio.

6. Direct listings/initial public offerings (IPOs) of PIF companies on Tadawul.

Ever since its birth in 1976, PIF has had a long history of investment helping many companies grow and PIF has earned from the strategic investments the Saudi Government intends to do. It is the largest sovereign wealth fund in the world. Its objective was to manage the investment on behalf of the Saudi government.

Being the least transparent sovereign wealth in the world for not mentioning its investments, this company also earned criticism time to time when they purchased Premier League club Newcastle United Football Club, and many human rights organizations condemned PIF for violation of human rights of its owner the Saudi Kingdom, and many clubs criticized this PIF when the later took over Newcastle.

Portfolio of PIF in Brief:

  • In 2015 it acquired a 38% stake in South Korea's Posco Engineering & Construction Co.
  • In 2016 5% stake in Uber for $3.5 billion.
  • In 2019-20, the PIF vision fund invested $45 billion in its Softbank vision fund.
  • In 2017 many deals were signed with Ronald trump's election campaign; CEO meet even in Saudi Arabia - $26 billion.
  • Owns luxury beach resorts.
  • 5.7% Live Nation- a concert distributor - the present value of $500 million
  • Owns minority stake in Facebook-$522 million, Citi group-$522 million, and Boeing-$713.7 million.
  • Disney - $495 Million.
  • Bank of America -$487 million.
  • BP oil -$827 million.
  • PIF invested in Berkshire Hathaway, invested.
  • 2.32% stake in India's Jio.
  • 5% stake in Japanese game company Capricorn.
  • 5% stake in Korean game company Nexon.

Both these Japanese and Korean company's total investment is reported to have almost $1 billion.

Other black deals ashamed the company:

  • Allegedly Paid $1200000 to Karv communication for CRM, to improve Saudi's image after reputation was damaged after the Assassination of Jamal Khashoggi.
  • Taken the stake in Newcastle United F.C. for £300m.
  • Human rights violator brand image of Saudi Arabia invited criticism when PIF acquired a premier league club.

The focus of investment of PIF:

It has a vast portfolio from Construction/development; financial services/investment; entertainment, leisure, and sports; information and communications technology; aerospace and defense; metals and mining; renewables and utilities; food and agriculture; healthcare; retail and consumer goods (including e-commerce); automotive; transport and logistics; and real estate. finance, renewables, utilities/infrastructure, healthcare, to advanced manufacturing.

It is planning to invest in:

  • Qiddiya, a new "entertainment city.
  • NEOM is a $500 billion megacity.
  • The Red Sea Development - this project is expected to give $5.6 billion per year revenue to Saudi's GDP.
  • AMAALA tourism.
  • Developing cruise port

PIF has tripled its investment in the US companies., and in a few Chinese companies-the list goes like this-many of its investments are in PayPal Holdings Inc., Plug Power Inc. and Alibaba Group Holding Ltd.

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