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FinancialNews
06-04-23
Saudi Arabia's Public Investment Fund Acquires 33 Percent Stake in Azimut Benetti Group
(MENAFN) The Public Investment Fund (PIF), the sovereign wealth fund of Saudi Arabia, has acquired a 33 percent stake in the Azimut Benetti group, the world's first manufacturer of megayachts. The acquisition marks a significant move for the PIF, which has become a major global investor in recent years. Giovanna Vitelli, president of the Azimut Benetti group, expressed her pride and satisfaction that her company has gained the trust of the major global sovereign wealth fund, which she believes will offer new and important business opportunities in the Middle East.
La Nazione newspaper reported that the PIF has joined the Azimut Benetti group as a long-term strategic investor after a long and intense negotiation. Based in the Italian city of Livorno, Azimut Benetti has been a leader in megayacht manufacturing for decades. The group was founded in 1969 by Paolo Vitelli and was valued at €1.2 billion (USD1.3 billion) in 2022-23.
The acquisition of a stake in the Azimut Benetti group is part of the PIF's broader strategy to diversify its investments and expand its global portfolio. The sovereign wealth fund has been actively seeking investment opportunities in a wide range of sectors, including technology, infrastructure, and real estate. The PIF's investment in the Azimut Benetti group is expected to offer significant strategic value, particularly in the Middle East, where the demand for luxury yachts and other high-end products is growing.
The acquisition of a stake in the Azimut Benetti group also marks a significant milestone for the PIF, which has become one of the world's largest sovereign wealth funds in recent years. The fund has been instrumental in advancing Saudi Arabia's Vision 2030, which aims to diversify the country's economy and reduce its dependence on oil revenues. With its investments in a wide range of sectors and industries, the PIF is helping to drive economic growth and create new opportunities for Saudi Arabia and the wider region.
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