BUSINESS | Saudi Sovereign Fun PIF Weighs Investing In Ant IPO – Sources

Saudi  Arabia’s sovereign fund PIF is weighing a potential investment in the initial public offering of Chinese financial technology firm Ant Group, which could be the world’s biggest IPO, two sources familiar with the matter said.

Ant, Alibaba’s fintech arm and China’s dominant mobile payments firm, field for a dual listing in Hong Kong and on Shanghai’s Nasdaq-style STAR market last month.

The offering size could reach as much as $30 billion if market condition allow, Reuters reported citing three sources.

That would make it the world’s biggest IPO since oil giant Saudi Aramco raised $29.4 billion last December, which surpassed the record set by China’s Alibaba Group Holding Ltd’s.

The Public Investment Fund (PIF) was approached by Ant through its advisors to consider investing in the deal, the sources said.

‘They are looking at it’, said one of the sources.

If the investment goes ahead, it would be the Saudi fund’s most high profile direct investment in a Chinese company.

PIF declined to comment. Ant spokesperson did not immediately respond to Reuters for comment outside Asia business hours.

BUSINESS | LVMH Submit Disputed Tiffany Takeover For EU Clearance

PARIS | FRANCE – LVMH said on Friday it had submitted its troubled takeover of Tiffany, which is now at the centre of  a legal dispute between the two groups, for EU approval as it seeks to counter accusations that it deliberately stalled antitrust proceedings. The French group’s $16 billion acquisition of the U.S. jeweler … Continue reading BUSINESS | LVMH Submit Disputed Tiffany Takeover For EU Clearance

TRAVEL | What You Need To Know About Travel Guidelines In Saudi Arabia

The Saudi General Authority of Civil Aviation (GACA) has released its updated traveler’s guide, which accommodates the ongoing pandemic after approving international travel for some exceptional cases. The new regulations entail that non – Saudis who are entering the Kingdom must provide a medical report of their coronavirus disease (COVID-19) test and its negative results, … Continue reading TRAVEL | What You Need To Know About Travel Guidelines In Saudi Arabia

WORLD NEWS | Trump Awards Kuwaiti Emir ‘Prestigious’ Decoration, White House Says

WASHINGTON – U.S. President Donald Trump awarded the U.S. Legion of Merit, Degree Chief Commander, to Kuwaiti Emir Sheikh Sabah al-Ahmed al-Sabah, the White House said in a statement on Friday, adding that it was the first time the honor had been given since 1991. The 91-year-old emir arrived in the United States in July … Continue reading WORLD NEWS | Trump Awards Kuwaiti Emir ‘Prestigious’ Decoration, White House Says

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