Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), is ...
DUBAI - Saudi Arabia’s sovereign wealth fund, the Public Investment Fund , is in talks with the owners of gourmet date producer Bateel over a potential investment in the firm, sources told Reuters.
Bateel, whose Arabic name is derived from the young offshoot of a date palm, owns date groves in Al Ghat, about 250 km away from the capital Riyadh, and has a chain of cafes and bakeries for gourmet food and beverages. There is no process for the sale, and the size of the investment is yet to be determined based on a valuation of the company and any plans the PIF might have for it, the sources said.
Its investments in the Saudi food and agriculture sector include dairy group Almarai 2280.SE, the Saudi Agriculture and Livestock Investment Company , and the kingdom’s largest food products company Savola Group 2050.SE.“This investment probably makes more sense from a cultural and economic point of view for the PIF than some of their other investments”, said a Saudi banker familiar with the matter, alluding to its experience investing in the food sector.Saudi Arabia is home to more than 28.
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