Public Investment Fund, a global and domestic investor, completed the acquisition of Saudi Iron & Steel Company, a large steel company, from SABIC, a Saudi chemical manufacturing company, for $3.3bn. "The steel industry is foundational to the Saudi economy and to its diversification and growth. These transactions will bring together PIF’s financial capabilities and industry experience with Hadeed and Rajhi Steel’s leading technical and commercial expertise, to create a national champion in Saudi Arabia’s steel sector. They also build on PIF’s mandate to establish new strategic partnerships in order to enable the private sector," Yazeed A. Al-Humied, PIF Deputy Governor and Head of MENA Investments.