- Saudi Arabian sovereign wealth fund, Public Investment Fund (PIF) has?announced?a new multi-year partnership with Electric 360, Formula E, Extreme E and E1 to enhance the growth of the?electric motorsport sector in the kingdom.
- The partnership specifically aims to advance the role of the sport in the future of electric mobility.
- Additionally, educational opportunities will be made available through this new partnership as well as, community, social and environmental programmes.
- The two sides have signed a memorandum of understanding (MoU), which has a special focus on developing data centres in Malaysia.
- It also aims to encourage the exchange of knowledge and expertise and strengthen relationships between the public and private sectors of both countries.
- The agreement was signed by Mohamed Hassan Al Suwaidi, UAE Minister of Investment, and Tengku Zafrul Aziz, Malaysia's Minister of Investment, Trade and Industry.
- Saudi Aramco, the world’s biggest oil exporter, is seeking refining and chemicals deals in Asia as it looks to rapidly expand the business and secure long-term buyers for its crude.
- The company is looking at China and India for more acquisitions, president of the downstream unit, Mohammed Al Qahtani, said. The majority of Aramco’s crude is sold in Asia, and demand for oil and related products is expected to keep expanding in the region, he said.
- Abu Dhabi-based Eagle Hills plans to launch a resort project in Saudi Arabia in partnership with Public Investment Fund (PIF) at an investment of 6 billion Saudi riyals ($1.56 billion), Arabic language daily Asharq Business reported.
- The new project will be announced in a month, as procedures are being finalised, Eagle Hills Chairman Mohamed Alabbar said.
- Alabbar, founder of Dubai-based Emaar Properties, is also interested in developing new shopping malls and hotels in Saudi Arabia.
