In October, the International Monetary Fund lowered its GDP growth prediction for Saudi Arabia this year and next because of oil output cuts continuing to the end of 2024. Reduced

Saudi PIF, which sold 6 per cent of stc for $3.2bn in 2021, will keep a 62 per cent stake in the telecoms group after the offering.

Saudi PIF, which sold 6 per cent of stc for $3.2bn in 2021, will keep a 62 per cent stake in the telecoms group after the offering.

Saudi Arabia's sovereign wealth fund PIF plans to sell a 2% stake in Saudi telecoms operator STC through a private placement to institutional investors. The offering consists of approximately 100 million shares,

Saudi Arabia’s sovereign wealth fund PIF is selling an around 2 per cent stake in the country’s telecom group STC, the banks running the deal said on Wednesday (Nov 13), in a deal that could raise as much as US$1.

Saudi Arabia’s sovereign wealth fund is selling part of its stake in the kingdom’s main mobile-phone operator as it tries to raise cash for the government’s trillion-dollar economic transformation plan.

The sale represents 2 percent of PIF’s stake in STC and the price is around 6.5 percent lower than the share price at closing on Wednesday. Goldman Sachs Saudi Arabia and SNB Ca