Business
Saudi Arabia Is On A High-stakes Mission To Buy The World
In the months before Mohammed bin Salman celebrated his 30th birthday nearly a decade ago, the yet-to-be anointed Crown Prince of Saudi Arabia was gifted a vital key to unlocking the kingdom’s future: full purview of its Public Investment Fund.
. . . Saudi Arabia’s Public Investment Fund, led by Crown Prince Mohammed Salman, is going global.
. . . The sovereign wealth fund is investing in everything from Uber and Blackstone to Heathrow and LIV Golf.
. . . The verdict is out on just how successful it will be in its global investment spree.
Back in 2015, MBS became chairman of the sovereign wealth fund established in 1971 by a former king at a time when it was ready to be transformed. A slow-moving cog of the state no more, PIF was ready to become an investment juggernaut with global presence.
It’s a task the fast-rising royal hasn’t shied away from. PIF, officially led by governor Yasir Al-Rumayyan, has been stepping up its mission to invest in high-profile assets globally in recent years to help fulfill its mission of reducing Saudi Arabia’s economic dependence on oil.
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That mission, a fundamental part of an ambitious program called Vision 2030 that MBS is in charge of, depends in part on how successful the PIF is in generating returns from its big bets overseas — and leveraging those bets to build hot new industries at home.
“MBS’ personal ambition is very much to make Saudi Arabia a highly visible and internationally respected post-oil economy,” Steffen Hertog, associate professor at the London School of Economics, told Business Insider. “The PIF is by far his most important vehicle in this endeavor.”
But as PIF spreads its wings, it is becoming increasingly unclear as to just how successful it stands to be beyond the Gulf.
A look at the PIF’s portfolio presents a show reel of some of the most prolific names in global business.
In the tech sector, it has pumped $3.5 billion into Uber, poured $45 billion into SoftBank’s Vision Fund, taken a 60% stake in Tesla rival Lucid, and become majority owner of augmented reality startup Magic Leap.
Beyond that, it has pumped billions of dollars into LIV Golf, led a $415 million takeover of Newcastle United, backed up a Blackstone infrastructure fund with $20 billion and invested in Carnival, the world’s biggest cruise operator. In June, PIF expanded its stake in London’s Heathrow Airport.
Figures published in July by GlobalSWF, a data firm tracking sovereign-wealth-fund activity, found that PIF deployed more capital in the first half of 2024 than all other state-owned investors, which collectively invested close to $100 billion in the six-month period.
According to LSE’s Hertog, PIF’s attraction to high-profile brands isn’t just about making itself more visible to the West. “These for the most part are corporates active in sectors that the PIF and MBS see as key for Saudi Arabia’s domestic economic diversification.”
To make these deals happen, the kingdom has been busy doing a lot of courting.
In February, it backed a two-day conference in Miami, where the likes of Blackstone leader Stephen Schwarzman and Donald Trump’s son-in-law Jared Kushner were billed as speakers. In October, the kingdom will be prepared for the global elite to descend on capital city Riyadh for its “Davos in the desert” investment conference.
The event, which has previously attracted the likes of JP Morgan and BlackRock CEOs Jamie Dimon and Larry Fink, has proven controversial in the past. MBS’s alleged role in the murder of journalist Jamal Khashoggi in 2018, which he denies having involvement in, gave some dealmakers pause for thought.
That said, the world’s corporate elite appear to be looking past the incident as time passes — something the Saudis seem to be aware of. This year’s theme, “Infinite Horizons,” offers a nod to the global scope it has in mind for its future.
For global companies, fund managers, and bankers, Saudi Arabia’s wealth has been a big draw at a critical time. While other investors have exercised caution in the face of a higher interest rate environment, the kingdom has kept its money flowing.
That’s partly because the fund has set a target of $2 trillion in assets under management by the end of the decade, and is racing against the clock to meet the deadline for its ambitious Vision 2030 program.
Saudi Arabia also finds itself locked in a tense rivalry with other economic powerhouses in the region such as the United Arab Emirates, where funds such as Mubadala and G42 have been busy securing their own big international deals. Bragging rights are on the table.
However, while the Saudis prepare to continue flashing their cash abroad, the PIF faces some risks.
For one, the fund has had to learn the hard reality of going big, as a number of its high-profile investments overseas have struggled financially. Earlier this month, for instance, PIF had to plug a funding gap for Lucid by pumping in an extra $1.5 billion.
The electric vehicle maker first raised more than $1 billion from the Saudis in 2018 after PIF’s talks with Elon Musk to take Tesla private fell through, but has struggled with a high burn rate and waning demand for EVs.
PIF has also had to backstop another company. According to filings released in the UK this month, the fund has put $750 million into Magic Leap since the start of 2023, as it struggling to take its immersive reality headsets mainstream.
For Hertog, though companies like Lucid have “fallen on hard times” — and other bets from PIF on the likes of the SoftBank Vision Fund have “indeed not done well” — it is still too early to say how the overall performance will turn out. The fund did swing to an annual profit in 2023 following an $11 billion loss the previous year, Bloomberg reported, though many bets are still in their early days.
“There are inherent risks in investing in new sectors so what matters is not individual failures but the performance of the whole portfolio,” Hertog said.
PIF’s tanglings with political figures are also raising concerns. Donald Trump’s son-in-law Kushner, who started private equity firm Affinity Partners in 2021, received a $2 billion commitment from PIF for its debut fund, with that commitment now facing an investigation by Senate Finance Committee chair Sen. Ron Wyden.
In a letter published in June, the senator raised concerns that PIF and other Middle Eastern funds were “using payments to Affinity executives as a means to influence Kushner and other politically powerful individuals.”
For Abdullah Alaoudh, a director at the Middle East Democracy Center, it seems clear that buying “a lot of influence” — or “whitewashing” as he puts it — is a key part of the fund’s deal-making overseas. If potential partners can gloss over some of its more controversial activities, such as the Kingdom’s war in Yemen, it’ll have an easier time seeing deals through.
As Hertog notes, it’s worth remembering that PIF’s main priority remains its domestic portfolio. “While some domestic investments have been pruned, the fund’s main ambition is domestic diversification,” he said.
Still, Saudi Arabia seems intent on making its mark on the global stage through the PIF. The world will be keeping watch.
The PIF did not immediately respond to a request for comment from BI.
Credit – Business Insider Africa
Business
Ekpo Urges Entrepreneurs to Harness Nigeria’s Gas Resources for Economic Growth, General Wellbeing
The Minister of State for Petroleum Resources (Gas), Hon. Ekperikpe Ekpo, has urged investors to unlock Nigeria’s vast natural gas resources to drive industrialisation, economic growth, job creation, and improved living standards for all Nigerians.
Ekpo made this appeal when he delivered a keynote address at the Association of Local Distributors of Gas (ALDG) Business Forum 2026 held in Abuja, where he spoke on the theme, ‘From Gas Abundance to Gas Access: Reassessing Nigeria’s Gas Distribution Imperatives’.
The minister who was represented by the Director of Midstream and Downstream at the ministry, Mrs. Ikenma Irene, told stakeholders that while Nigeria possessed over 209 trillion cubic feet of proven natural gas reserves—making it one of the most gas-endowed nations globally—the country’s true challenge was actually on how to ensure widespread access and utilisation of this strategic resource.
“Nigeria’s development will not be measured by the volume of gas beneath our soil, but by the extent to which that gas powers industries, supports households, creates jobs, and fuels sustainable economic growth,” the minister stated.
The minister commended ALDG for providing a strategic platform for collaboration and dialogue among key stakeholders, noting that the Forum intervened at a critical period in Nigeria’s energy transition journey.
He highlighted the federal government’s continued commitment under the leadership of President Bola Tinubu to deepen domestic gas utilisation through the Decade of Gas initiative and other transformative reforms designed to position Nigeria as a gas-powered economy.
The minister further noted that the Petroleum Industry Act (PIA) 2021 has strengthened the legal and regulatory framework necessary to attract investment, encourage private sector participation, expand infrastructure, and promote market efficiency throughout the gas sector.
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According to the minister, industrialised nations achieved economic advancement not merely because of resource endowment but because they built systems that enabled reliable energy access, industrial utilisation, and efficient markets.
He said, “Nigeria must now move decisively from gas abundance to gas accessibility.
“The success of this vision requires policy consistency, strong institutions, strategic investments, infrastructure expansion, security collaboration, and sustainable stakeholder partnerships.”
He urged stakeholders participating in the Forum to focus on developing practical, investment-driven solutions that expand gas access and deliver measurable benefits to Nigerians.
“As we deliberate today, let us remain focused on building a gas sector that delivers real value to Nigerians — one that powers industries, supports households, creates jobs, enhances energy security, and drives inclusive national development,” the minister stated.
“Let us move from gas abundance to gas access. Let us move from policy to implementation. Let us build a gas economy that works for all Nigerians,” he added.
The ban on exportation of Liquefied Petroleum Gas (LPG) is still in force despite rising prices and supply concerns across Nigeria.
An official with the Federal Ministry of Petroleum Resources made the clarification amid soaring prices and claims that locally produced cooking gas is being exported in foreign currency at the expense of domestic consumers.
Speculations had mounted amongst cooking gas retailers that some locally produced LPG was being sold to West African buyers because it was more profitable than supplying the domestic market.
The Chairman of the Liquefied Petroleum Gas Retailers Association, Ayobami Olarinoye, had told The PUNCH that the persistent scarcity and high prices of cooking gas were being worsened by limited product availability and alleged exports by a local refinery.
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Speaking exclusively with The PUNCH, the spokesman for the Minister of State for Petroleum Resources (Gas), Louis Ibah, dismissed the claim, saying the Federal Government’s restriction on LPG exports remains in place and is being enforced by the Nigerian Midstream and Downstream Petroleum Regulatory Authority.
“The ban on exports of LPG announced by the Minister of State for Petroleum Resources (Gas), Dr Ekperikpe Ekpo, is still in place to stabilise prices and is strictly enforced by the NMDPRA,” Ibah told The PUNCH on Thursday.
Ibah emphasised that none of the local producers is allowed to export cooking gas, saying all resources are focused on making the product available for Nigerians. “It’s important to note that none of our producers are currently exporting the LPG meant for cooking in Nigeria, so all resources are focused on meeting our local needs,” he said.
The government’s position comes as concerns mount over soaring cooking gas prices and supply shortages across several parts of the country. Retailers and consumers have reported difficulties accessing supplies, while prices have continued to rise.
Describing the situation, Olarinoye said access to products had become increasingly difficult in recent weeks. “Getting the product has been excruciatingly difficult, and it is not readily available. Out of every 10 plants, only one or two would have products to sell to our members. Many of them, especially those situated in relatively residential areas, prefer to sell directly to end-users, while a few are still selling to retailers,” he stated.
He warned that prices were unlikely to decline in the immediate term unless there was an intervention. “The high price may remain the way it is until the situation changes positively,” the LPGAR boss noted.
Olarinoye called on the Federal Government to create incentives that would encourage more investors to enter the LPG market and boost local supply.
A source at the NMDPRA said the regulator was working with the Nigerian National Petroleum Company Limited and other stakeholders to improve product availability. “The regulator is collaborating with the Nigerian National Petroleum Company Limited and other key stakeholders to further boost LPG availability in the local market,” the source said.
It was also learnt that a new Seplat gas facility is expected to begin LPG supply to the domestic market by July. “This means we can expect a significant improvement in supply,” the source added.
The concerns come as the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, called for stronger efforts to improve domestic gas distribution and utilisation across the country.
Speaking at the Association of Local Distributors of Gas Business Forum 2026 in Abuja, Ekpo said Nigeria’s vast gas reserves would remain economically insignificant unless they are translated into accessible energy for households, industries and businesses.
Represented by the Director, Midstream and Downstream, Mrs Ikenma Irene, the minister delivered a keynote address titled, ‘From Gas Abundance to Gas Access: Reassessing Nigeria’s Gas Distribution Imperatives’.
He noted that Nigeria holds more than 209 trillion cubic feet of proven natural gas reserves but said the country’s development would depend on how effectively those resources are utilised.
“Nigeria’s development will not be measured by the volume of gas beneath our soil but by the extent to which that gas powers industries, supports households, creates jobs, and fuels sustainable economic growth,” the minister stated.
According to him, infrastructure gaps, weak distribution networks and limited market penetration remain major obstacles to increased domestic gas utilisation.
Ekpo reiterated the Federal Government’s commitment under President Bola Tinubu to accelerate domestic gas development through the Decade of Gas initiative and highlighted reforms under the Petroleum Industry Act 2021 aimed at improving investor confidence and encouraging private sector participation.
“Nigeria must now move decisively from gas abundance to gas accessibility. The success of this vision requires policy consistency, strong institutions, strategic investments, infrastructure expansion, security collaboration, and sustainable stakeholder partnerships,” he said.
He urged operators to focus on practical solutions that would expand infrastructure and distribution networks while ensuring affordable and reliable access to gas.
“Let us remain focused on building a gas sector that delivers real value to Nigerians—one that powers industries, supports households, creates jobs, enhances energy security, and drives inclusive national development,” he stated.
The minister concluded with a call for the implementation of gas sector reforms. “Let us move from gas abundance to gas access. Let us move from policy to implementation. Let us build a gas economy that works for all Nigerians,” he added.
In a significant effort to alleviate the burden of rising food costs on vulnerable households, the Aliko Dangote Foundation (ADF) has commenced the distribution of bags of rice to members of host communities of Dangote Cement Plc across Nigeria.
The initiative forms part of the Foundation’s National Food Intervention Programme aimed at cushioning the effects of prevailing economic challenges on ordinary Nigerians. The distribution exercise, which is being rolled out across communities where Dangote Cement operates in Ibese and Itori, both in Ogun state, underscores the Dangote Group’s commitment to inclusive growth and community wellbeing.
In what has now become an annual event, in which thousands of 10kg bags of rice are being distributed to beneficiaries from 17 host communities in Ibese and 36 others in Itori and Ijebu-Igbo with focus on low-income families, elderly residents, and other vulnerable groups within the host communities.
Speaking on the initiative, ADF Chief Executive, Zouera Youssoufou who was represented by the ADF Head of Operations, Victor Ejiro reaffirmed that the food intervention programme reflects the organization’s long-standing dedication to food security and poverty alleviation, particularly during periods of economic strain.
She said: “This intervention is designed to provide immediate relief to households grappling with high food prices. As a socially responsible organization, we recognize the importance of supporting our host communities beyond business operations,”.
“At the Aliko Dangote Foundation, we recognize the current economic realities facing many Nigerian households. This intervention is aimed at providing immediate relief while reinforcing our long-standing commitment to the wellbeing of our host communities.”
“We understand the difficulties families are facing at this time. This support is our way of standing with our communities and ensuring that no household is left behind during these challenging times. Sustainable development goes beyond business operations. Through this programme, we are strengthening community resilience and contributing to national efforts to improve food access and social stability.”
“This intervention is focused on delivering real, immediate support to vulnerable households. We will continue to expand our reach to ensure more families benefit from this programme.”
At the Ibese distribution centre, The Aboro of Ibeseland, Oba Rotimi Oluseyi Mulero thanked the giving spirit of Alhaji Dangote describing the rice distribution as “operation feed the families”.
He stated excitedly: On behalf of our people, I extend our profound gratitude to the Aliko Dangote Foundation for this timely and commendable gesture. At a time when many families are facing economic challenges, this distribution of food items will go a long way in alleviating hardship within our communities.
“We appreciate Dangote Group not only as a business partner but as a responsible corporate citizen that continues to demonstrate genuine concern for the wellbeing of its host communities. We pray that this partnership continues to flourish for the benefit of all. Today, our hearts are filled with appreciation. This support has come at a very critical time for our people. Many households are under pressure, and this intervention will bring relief and hope to families.”
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Some of the community leaders and beneficiaries also expressed appreciation to the ADF Chairman, Alhaji Aliko Dangote for the gesture, noting that the rice distribution comes at a critical time when many families are facing financial pressures due to inflation and rising living costs.
Also at Itori, the Olu of Itori, Oba Abdulfatai Akorede Akamo said his people’s hearts are filled with appreciation. “This support has come at a very critical time for our people. Many households are under pressure, and this intervention will bring relief and hope to families.
“We thank Alhaji Aliko Dangote and his Foundation for remembering the grassroots and standing by us in times of need. We are deeply grateful for this act of kindness. May the Almighty bless the Dangote Group and increase its capacity to continue doing good for humanity.”
At several distribution points, orderly processes were put in place to ensure transparency and equitable access. Local coordinators, in collaboration with community representatives, supervised the exercise to guarantee that the items reached intended beneficiaries.
The Dangote Cement host communities, spread across key states including Ogun, Kogi, Benue, Edo, and others, have historically benefitted from numerous Corporate Social Responsibility (CSR) initiatives by the Dangote Group, ranging from infrastructure development to healthcare, education, and economic empowerment programmes.
The ongoing food intervention aligns with the Foundation’s broader strategy to enhance food access and strengthen social safety nets across Nigeria. It also complements government efforts aimed at mitigating the impact of economic headwinds on citizens.
Industry observers note that such private sector-driven interventions are increasingly crucial in bridging gaps in social welfare delivery, especially in times of economic uncertainty.
The ADF, one of the largest private philanthropic organizations in Africa, continues to play a pivotal role in supporting national development priorities through targeted interventions in health, education, and economic empowerment.
As the rice distribution progresses, the Foundation has reiterated its commitment to expanding the reach of the programme to cover more communities in need, reinforcing its mission to improve the quality of life for Nigerians.
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