PIF completed the acquisition of a 16.87% stake in Kingdom Holding for $1.5bn.

Public Investment Fund, the sovereign wealth fund of Saudi Arabia, completed the acquisition of a 16.87% stake in Kingdom Holding, a Saudi conglomerate holding company based in Riyadh, for $1.5bn. The transaction took place on Saudi Arabia's stock exchange, Tadawul. Prince Alwaleed, one of the kingdom's most recognised business figures, will retain a majority 78.13% stake.