Reports on PIF’s plans for Manara inaccurate: Industry Minister

10:22 AM (Mecca time) Argaam
Bandar AlKhorayef, Minister of Industry and Mineral Resources

Bandar AlKhorayef, Minister of Industry and Mineral Resources

Reports circulated by some international news agencies regarding the Public Investment Fund’s (PIF) plans toward Manara Minerals Investment Co. are inaccurate, said Bandar AlKhorayef, Minister of Industry and Mineral Resources.

 

Reuters cited the minister on Jan. 14 as saying that the PIF intends to spin off its subsidiary, Manara.

 

The minister clarified, in a statement received by Argaam, that his remarks had been taken out of context.

 

AlKhorayef explained that he was discussing the options available to maximize the company’s role in bridging the Kingdom’s mineral needs in coordination with the recently approved National Minerals Program.

 

He emphasized that any announcements regarding investment decisions or institutional structures of the PIF are issued exclusively through the fund’s official channels.

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