{"id":59008,"date":"2023-09-04T11:01:59","date_gmt":"2023-09-04T08:01:59","guid":{"rendered":"https:\/\/amlak.net.sa\/?p=59008"},"modified":"2023-09-04T11:01:59","modified_gmt":"2023-09-04T08:01:59","slug":"%d8%b5%d9%86%d8%af%d9%88%d9%82-%d8%a7%d9%84%d8%a7%d8%b3%d8%aa%d8%ab%d9%85%d8%a7%d8%b1%d8%a7%d8%aa-%d8%a7%d9%84%d8%b9%d8%a7%d9%85%d8%a9-%d9%8a%d8%b3%d8%aa%d8%ad%d9%88%d8%b0-%d8%b9%d9%84%d9%89-%d8%a7","status":"publish","type":"post","link":"https:\/\/amlak.net.sa\/en\/59008\/","title":{"rendered":"Public Investment Fund acquires Saudi Iron and Steel Company (SABIC)"},"content":{"rendered":"

I declare Public Investment Fund<\/a><\/strong> Saudi Basic Industries Corporation (SABIC) announced the signing of a share purchase agreement to acquire Saudi Iron and Steel Company (Hadeed) by 100% from Saudi Basic Industries Corporation (SABIC), and according to the terms of the agreements, Hadeed will simultaneously acquire the shares of Al Rajhi Steel Industries Company (Al Rajhi Steel) by 100% from Mohammed Abdulaziz Al Rajhi & Sons Investment Company (Al Rajhi Investment), in exchange for capital increase and subscription of new shares in Hadeed.<\/p>\n

In order to complete these transactions, conditions must be met and official approvals must be obtained from the relevant authorities. PIF and Al Rajhi's ownership percentage in Hadeed will be determined according to the mechanisms for completing the transactions mentioned in the respective agreements.<\/p>\n

Local industry development<\/h4>\n

The deals will support the efforts of Public Investment Fund<\/a><\/strong> In contributing to the development of the local industry and meeting the growing local demand for steel products in the construction and building sector, vehicles, utilities, renewable energy, transportation and logistics in line with the objectives of the Kingdom's Vision 2030.<\/p>\n

The deals will bring together the facilities of Hadeed and\u201cAl Rajhi iron<\/a><\/strong>\u201dIn addition to capitalizing on their managerial capabilities and technical and commercial expertise in the Kingdom's steel sector, which contributes to raising production capacity and increasing operational efficiency.<\/p>\n

The Fund's Deputy Governor, Head of the General Department of Investments in the Middle East and North Africa, Yazeed bin Abdulrahman Al-Humaid, said: \u201cThe steel sector is one of the key sectors in the local economy and a key enabler of growth and diversification of income sources. The deals will combine the Fund's financial capabilities and investment expertise in the sector with the technical and commercial expertise of Al Rajhi Steel and Hadeed, contributing to the development of a national entrepreneurial ecosystem in the steel sector and in line with the Fund's role in creating strategic partnerships that empower the private sector,\u201c said Yazeed bin Abdulrahman Al Hameed, Deputy Governor of the Fund and Head of the General Directorate of Investments in the Middle East and North Africa.<\/p>\n

Developing the construction sector<\/span><\/h4>\n

SABIC CEO Abdulrahman bin Saleh Al-Faqih said: \u201cHadeed has played a pivotal role in the development of the Kingdom's construction, urban and civil development sector, as well as the success and growth of SABIC over the years. We recognize that the company has great potential to become one of the most important iron and steel companies in the GCC, so it was important for us to complete the right transaction to enable the company to unlock its full potential. At the same time, this transaction will enable SABIC to focus on its strategy to become the preferred global leader in chemicals.\u201d.<\/p>\n

Yazeed Mohammed Al Rajhi, Chairman of Al Rajhi Investment Company, said: \u201cToday's announcement is an important milestone for both Al Rajhi Investment and Al Rajhi Steel. By combining the capacity and expertise of Al Rajhi Steel, and the trusted financial and strategic capabilities of Al Rajhi Investment with the Public Investment Fund, Hadeed will be able to accelerate and increase production to meet the growing demand of our customers.\u201c.<\/p>\n

The deals are in line with PIF's strategy to empower 13 strategic sectors, including metals and mining.<\/p>","protected":false},"excerpt":{"rendered":"

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