The second time proved the charm for Saudi Arabia ’s foray into electric vehicles. The holding would be valued at about $32 billion, based on the current share price of Church Capital IV. It also participated in a $2.5 billion private investment in public equity, or PIPE, the largest of its kind on record for a SPAC deal. The fund’s returns on investment increased from about 3% between 2014 and 2016 to 8% from 2018 to 2020, according to the PIF website. The investments are part of a strategy that aims to boost returns from the kingdom’s wealth while diversifying the Saudi economy and creating jobs.

Source: Mint February 25, 2021 17:15 UTC