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30/11/2016 05:22 AST
The Public Investment Fund (PIF) is to acquire a 50 percent stake in a UAE firm which last month took control of Kuwaiti food giant Americana.
Through a wholly owned subsidiary, the PIF will obtain the share in Adeptio Holdings from Mohammed Al-Abbar, the head of Dubai property giant Emaar.
An Adeptio Holdings subsidiary, Adeptio, in October completed the nearly $2.4-billion deal for 67 percent of Americana, the group that brought more than a dozen major food brands including Pizza Hut, KFC, Costa Coffee and TGI Friday's to the Middle East.
This is the latest major PIF venture since Riyadh in April announced its Vision 2030 plan to diversify the economy.
"Following the acquisition of this stake in Americana, Adeptio will launch a mandatory tender offer for the remaining shares in Americana held by public shareholders," the PIF said in a press release.
It said the transaction "forms part of the Public Investment Fund's efforts to increase investment in non-oil sectors and build a portfolio that has greater geographical and asset class diversification, and which delivers attractive long-term financial returns for Saudi Arabia."
San Francisco-based Uber, the smartphone app that connects passengers and drivers around the world, said in June that the PIF would inject $3.5 billion into the firm to help its global expansion.
Last month, Japan's Softbank said the PIF could contribute $45 billion to a new technology investment fund they are setting up in partnership.
Arab News
12/11/2017
Americana Group (Kuwait Food Company) said Thursday that it has posted profits totaling KD 44 millions (equivalent to $146 million), in the first nine months of 2017.
According to Boursa K
Arab Times
09/08/2016
Kuwait Food Co (Americana) posted a 31 per cent rise in second-quarter net profit on Monday. The operator of restaurant franchises in the Middle East, including KFC, made a net profit of 9.03 million
Reuters
19/06/2016
An investment group led by prominent Dubai businessman Mohamed Alabbar has agreed to buy a majority stake in Kuwait Food Co (Americana) from the Kharafis, a Kuwaiti merchant family, for about $2.4 b
Arab News
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10/04/2025
The Dubai-based Al Ansari Financial Services is now the GCC's biggest non-banking financial services company.
The DFM-listed Al Ansari - which also operates the UAE's biggest remittance firm
Gulfnews
10/04/2025
Kuwait-based real estate development company Mabanee and global hospitality major Hilton has announced the signing of an agreement for the development of its prime project - Hilton Kuwait Resort - th
Trade Arabia
10/04/2025
Beyon Cyber, part of the Beyon Group, has been recognized with three major accolades at the 2025 Cyber Security Excellence Awards, one of the industry's most renowned awards, voted on by the global c
Trade Arabia
10/04/2025
Estithmar Holding Q.P.S.C. announced the results of the ordinary and extraordinary general assembly meeting held on April 9, 2025, to elect 11 members for the Board of Directors of Estithmar Holding
Gulf Times
10/04/2025
Saudi Aramco has made a series of groundbreaking oil and gas discoveries in the Eastern Province and the Empty Quarter, further cementing Saudi Arabia's position as a global energy leader.
A
Arab News
Financial Information Co.
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