A subsidiary of Saudi Arabia’s sovereign wealth fund has acquired 49% of consulting firm Richard Attias & Associates (RAA), Saudi financial news website Maaal reported on Sunday.
The stake acquired by Sanabil Investments, which focuses on making direct equity investments in local companies and projects, has previously been estimated to be worth tens of millions of British pounds.
Maaal cited unnamed sources. Reuters could not immediately reach RAA, Sanabil or PIF for comment.
RAA organize major global events and fora, including several recent ones in Saudi Arabia like the annual Future Investment Forum and a 2017 state visit by U.S. President Donald Trump. The kingdom will host the G20 next year for the first time.
As Saudi Arabia opens up its oil-dependent economy and cloistered society to the world, it is confronting international criticism over the murder of journalist Jamal Khashoggi, a crackdown on domestic dissent, and a devastating war in Yemen.
Source: Reuters.com