Saudi wealth fund denies plans for German joint venture

02/05/2017 Argaam Special

Saudi Arabia's Public Investment Fund (PIF) denied local media reports that it teamed up with a German entity to set up a joint venture, in which it owns a 52 percent stake, unnamed sources close to the matter told Argaam on Monday.

 

The sovereign wealth fund has not started any talks about the new partnership, the sources added.

 

Local media reports said that a Saudi-German firm was established to boost industrial and agricultural cooperation between local and German companies operating in the kingdom.

 

In March, the PIF was said to be considering acquisition of up to 10 percent stakes in about half a dozen German technology and financial firms.

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