Saudi wealth fund PIF plans to issue green debt soon

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Saudi Arabia’s sovereign wealth fund plans to announce soon its first green debt deal, with borrowing linked to sustainability, the Public Investment Fund‘s governor told a virtual event.

“We will be the first sovereign wealth fund in the world to announce this green issuance,” Governor Yasir al-Rumayyan told an event on Tuesday held alongside the United Nations General Assembly.

In July, Reuters reported that PIF had sent banks a request for proposals to set up a framework for environmental, social and governance (ESG) issues. This month, PIF hired banks to be members of its ESG panel for its medium-term capital-raising strategy, IFR News reported.

Rumayyan said PIF was working with BlackRock on the ESG framework.

“We’re working with many partners from all over the world, domestically and internationally, to have better ESG compliance (in) all the things that we do,” Rumayyan said.

Establishing PIF‘s ESG framework could lead to a debut multi-billion dollar bond sale linked to sustainability as soon as this year, banking sources previously told Reuters.

Saudi Arabia has seen a surge of interest in ESG-related initiatives amid growing awareness among global investors about ESG risks.

PIF signed a $15 billion loan with a large group of banks in March, followed a $10 billion loan it took in 2019 that was repaid last year and an $11 billion facility in 2018.

One of the companies PIF owns, the Red Sea Development Company, which is building a new beach resort in the kingdom, secured a $3.8 billion green loan earlier this year for new hotels powered by renewable energy.

Saudi Arabia will announce its “Green Initiative” next month, followed by the “Middle East Initiative”, which includes planting 50 billion trees, Rumayyan said.

“We have long-term views. We don’t want to exploit all of our resources overnight,” he said.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.