Pif 2023 Annual Report En · Page 13

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24        |        PIF Annual Report 2023
Strategic Review  |  A Year in Review 2023
	•
PIF’s inaugural $3.5 billion international 
sukuk-bond represented another significant 
milestone in PIF’s capital-raising strategy.
	•
PIF and Pirelli formed a joint venture to 
localize tire production and technologies 
as part of the Saudi automotive sector.
	•
ROSHN Group was the first in the region to 
achieve international Smart City certification.
	•
PIF-backed ADES Holding, a leading oil 
and gas driller, raised $1.22 billion in a 
successful IPO.
	•
Albalad Development Company was 
launched to develop Jeddah’s historic 
district, a UNESCO World Heritage Site.
	•
PIF raised a syndicated term loan, covered 
by K-SURE, for up to $5 billion. 
	•
Diriyah Gate Company Limited launched 
its first residential project: The Ritz-Carlton 
Residences.
	•
PIF announced Dan Company to specialize 
in agritourism and ecotourism, in partnership 
with local communities.
	•
Red Sea Global opened the Six Senses 
Southern Dunes, The Red Sea, the first 
resort to open in the Red Sea.
	•
Rocco Forte Hotels signed an agreement 
with PIF, which saw PIF invest GBP 650 
million to acquire a 49.9% ownership 
stake of the London-headquartered hotel 
operator, which has 15 hotels and resorts 
across several European cities.
	•
NEOM Green Hydrogen Company 
(NGHC) closed on the world’s largest 
green hydrogen production facility with 
a total investment value of $8.4 billion.
	•
Red Sea Global launched Akun, a new 
adventure sports company.
	•
PIF acquired a 30% share of Tamimi 
Markets, one of Saudi Arabia’s leading 
grocery chains.
	•
PIF announced the establishment of 
Badael to reduce smoking prevalence 
in Saudi Arabia.
	•
Pharmaceutical Manufacturing Company, 
Lifera, was established to enable the 
domestic healthcare ecosystem.
	•
PIF announced the acquisition of 100% 
of the shares of Thiqah Business Services 
Company. 
	•
HRH the Crown Prince announced 
investment and privatization for sports 
clubs in Saudi Arabia. 
	•
PIF secured the first rank in the Middle 
East and seventh globally among 100 
sovereign wealth funds according to 
the Global SWF ESG ratings, achieving 
a remarkable 92% increase in its ESG 
index.
	•
A national champion in the Saudi Arabian 
steel industry was established in partnership 
with SABIC and Rajhi Invest.
	•
PIF announced the launch of SURJ Sports 
Investment company to develop a world-
class sports sector in Saudi Arabia and 
MENA.
	•
Asfar tourism investment company was 
launched to drive the growth of tourism 
projects and destinations across Saudi 
Arabia.
	•
Red Sea Global partnered with Zain KSA 
to launch the world’s first zero-carbon 
5G network.
	•
Regional Voluntary Carbon Market 
Company (RVCMC) sold over 2.2 million 
tons of carbon credits at the largest-ever 
voluntary carbon credit auction event 
held in Kenya.
	•
HRH the Crown Prince launched the 
master plan to develop Soudah and 
parts of Rijal Almaa into Soudah Peaks, 
a luxury mountain tourism destination 
on Saudi Arabia's highest peak.
	•
Lucid Group announced the opening of 
the first-ever car manufacturing facility 
in Saudi Arabia, which has the capacity 
to assemble 5,000 vehicles per annum. 
Additionally, Lucid aims to transition the 
facility to produce vehicles with an annual 
total capacity of 150,000 vehicles.
	•
HRH Crown Prince unveiled Diriyah 
Project as the fifth giga-project.
	•
PIF announced the establishment of 
Manara Minerals