If you find us weird for pre-planning our NYE parties this early, it’s simply because we have our reasons…
You see, Saudi Arabia’s Public Investment Fund (PIF) plans to sell its 5% stake in operator STC, which translates to a whopping 100 million shares up for grabs (controlling interest not included). With the share prices to be confirmed on the 10th, this could potentially score a SAR 11.6b ($3.1b) sale.
PIF plans to use the cash to invest in new sectors — queue Vision 2030.
Why it matters
The region’s emphasis on growing a diverse and digital economy is getting more and more real, with EV investments, telecom satellite providers, and FinTech wins already checked off. Yalla, are we totally ready to move from oil to tech yet?
