The sovereign wealth fund is planning to raise a $4bn-$6bn syndicated loan
The Public Investment Fund (PIF) has approached banks for a $6bn-$8bn syndicated loan.
The Saudi sovereign wealth fund issued a request for proposals to banks several weeks ago for its first commercial loan according to a report from Reuters. The report added that the deal is not expected to close before September.
It is understood that the loan has attracted significant interest from banks that want to establish a long-term relationship with PIF as it prepares to take a leading role in the economic transformation of the kingdom.
It is responsible for the delivery of some of Saudi Arabia’s most ambitious projects including the $500bn Neom city project, the Red Sea scheme, major urban developments in Jeddah and Medina, and Qiddiyah entertainment city on the outskirts of Riyadh.
When announcing the 2018 budget in late 2017, Riyadh said that the PIF will be the kingdom’s most active client body in 2018, with spending of $22bn on new and existing projects.
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