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The Saudi Public Investment Fund (PIF) announced on Tuesday that it has secured credit facilities totaling US$3 billion (approximately 11.25 billion SAR) backed by the Italian export credit agency SACE. The arrangement, which is part of a memorandum of understanding signed in March 2025, is intended to strengthen commercial ties with Italian firms and open new procurement opportunities for Italian suppliers of the fund’s portfolio companies. The facilities are divided into two tranches. The first tranche is worth US$1.78 billion (about 6.73 billion SAR) and the second, a green tranche, is worth €1.035 billion (about 4.42 billion SAR). Twenty‑five international banks participated in providing the financing. Proceeds from the euro‑denominated tranche will be earmarked for eligible green projects in line with the PIF’s green financing framework, which has previously issued the first sovereign green bonds, including 100‑year maturity instruments. PIF’s chief investment officer, Riyas Al‑Saud, said the partnership with SACE and the involvement of global banks demonstrate the robustness and flexibility of the fund’s financing strategy and its alignment with long‑term investment priorities. He added that the fund has invested up to €98 billion (about 419 billion SAR) in the European economy since 2017 and is working to broaden the global market access of its portfolio companies under its 2026‑2030 strategy. SACE’s CEO Michel Binetti stated that the collaboration aims to facilitate Italian exports and develop mutually beneficial trade relations between Saudi Arabia and Italy by providing Italian companies with new avenues to collaborate with the PIF and its portfolio firms, thereby increasing the purchase of Italian goods and services through commercial and financing initiatives. The PIF holds an A3 rating from Moody’s with a stable outlook and an A+ long‑term rating from Fitch with a stable outlook. In other market news, European equities fell on Tuesday amid heightened concerns over artificial‑intelligence investment prospects and escalating tensions in the Middle East. The STOXX 600 index dropped more than 0.5 % to 645.8 points, while Germany’s DAX and Spain’s IBEX 35 fell about 0.9 %. Technology stocks led the decline, with a 2 % drop, and shares of companies such as Eixtra, ASM‑L and Siemens Energy fell 3.5 %, 2.8 % and 2.4 % respectively. Brent crude rose 1.6 % to just over $100 a barrel, recovering from a 7 % decline the previous session. Saudi Aramco also announced that engineering work has begun on the East‑West pipeline expansion, a project aimed at increasing the volume of oil transported through its existing infrastructure and exploring alternative export routes. CEO Amin Al‑Nasir said the project would enhance the company’s export flexibility amid regional disruptions and that Aramco is evaluating additional storage capacity at key demand centers. The company reported a 9 % year‑over‑year increase in adjusted net profit to SAR 117 billion (US$31.2 billion) in the third quarter, surpassing analysts’ expectations. Article source: Al Awsat | Image credit: Al Awsat
The Saudi Public Investment Fund (PIF) announced on Tuesday that it has secured credit facilities totaling US$3 billion (approximately 11.25 billion SAR) backed by the Italian export credit agency SACE. The arrangement, which is part of a memorandum of understanding signed in March 2025, is intended to strengthen commercial ties with Italian firms and open new procurement opportunities for Italian suppliers of the fund’s portfolio companies. The facilities are divided into two tranches. The first tranche is worth US$1.78 billion (about 6.73 billion SAR) and the second, a green tranche, is worth €1.035 billion (about 4.42 billion SAR). Twenty‑five international banks participated in providing the financing. Proceeds from the euro‑denominated tranche will be earmarked for eligible green projects in line with the PIF’s green financing framework, which has previously issued the first sovereign green bonds, including 100‑year maturity instruments. PIF’s chief investment officer, Riyas Al‑Saud, said the partnership with SACE and the involvement of global banks demonstrate the robustness and flexibility of the fund’s financing strategy and its alignment with long‑term investment priorities. He added that the fund has invested up to €98 billion (about 419 billion SAR) in the European economy since 2017 and is working to broaden the global market access of its portfolio companies under its 2026‑2030 strategy. SACE’s CEO Michel Binetti stated that the collaboration aims to facilitate Italian exports and develop mutually beneficial trade relations between Saudi Arabia and Italy by providing Italian companies with new avenues to collaborate with the PIF and its portfolio firms, thereby increasing the purchase of Italian goods and services through commercial and financing initiatives. The PIF holds an A3 rating from Moody’s with a stable outlook and an A+ long‑term rating from Fitch with a stable outlook. In other market news, European equities fell on Tuesday amid heightened concerns over artificial‑intelligence investment prospects and escalating tensions in the Middle East. The STOXX 600 index dropped more than 0.5 % to 645.8 points, while Germany’s DAX and Spain’s IBEX 35 fell about 0.9 %. Technology stocks led the decline, with a 2 % drop, and shares of companies such as Eixtra, ASM‑L and Siemens Energy fell 3.5 %, 2.8 % and 2.4 % respectively. Brent crude rose 1.6 % to just over $100 a barrel, recovering from a 7 % decline the previous session. Saudi Aramco also announced that engineering work has begun on the East‑West pipeline expansion, a project aimed at increasing the volume of oil transported through its existing infrastructure and exploring alternative export routes. CEO Amin Al‑Nasir said the project would enhance the company’s export flexibility amid regional disruptions and that Aramco is evaluating additional storage capacity at key demand centers. The company reported a 9 % year‑over‑year increase in adjusted net profit to SAR 117 billion (US$31.2 billion) in the third quarter, surpassing analysts’ expectations.
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