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Saudi Arabia’s PIF invests $235 million in NCSoft

by WAYA Staff - Mar 14, 2022
Saudi Arabia’s PIF invests $235 million in NCSoft

Saudi Arabia’s sovereign wealth fund Public Investment Fund (PIF) bought 563,566 shares in NCSoft for about 290 billion won, which accounts to almost $235 million.

With this latest investment, PIF has become NCSoft’s second-largest shareholder with a 9.26 per cent stake, only behind the company’s founder and CEO Kim Taek-jin with an 11.9 per cent stake.

PIF made the investment through through six transactions this February with a simple investment objective.

Saudi’s PIF announced last month that it had acquired more than 1.4 million shares in NCSoft, equivalent to about 6.7% of its total shares.

Also read: PIF-led consortium to acquire 80% stake in Zain

If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.

Soum raises $4m in a Seed funding round

by WAYA Staff - Mar 14, 2022
Soum raises $4m in a Seed funding round

Soum, a Riyadh-based C2C marketplace, raised $4 million in seed funding led by Outliers Venture Capital and Mazen Aljubeir. The round also included participation from Khwarizmi Ventures, Ammar AlKhudairy, and multiple angel investors with strong entrepreneurial and operational backgrounds. ‍Soum...

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Scatec to develop a large-scale green ammonia facility in Egypt

by WAYA Staff - Mar 14, 2022
Scatec to develop a large-scale green ammonia facility in Egypt

Scatec signed a memorandum of understanding (MOU) with the General Authority for Suez Canal Economic Zone (SCZONE), The Sovereign Fund of Egypt (TSFE), the Egyptian Electricity Transmission Company (EETC), and the New and Renewable Energy Authority (NREA), to jointly develop...

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Morocco’s Guichet raises $311k from CDG Invest

by WAYA Staff - Mar 13, 2022
Morocco’s Guichet raises $311k from CDG Invest

Guichet.com, digital ticketing startup, raised 3m MAD, which accounts to almost $311k, equity financing from the 212 Founders program via CDG Invest, CDG Group’s investment arm. Guichet platform provides partners with an autonomous administration and control environment that includes real-time...

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The Giving Movement raises $15m in a Series A round

by WAYA Staff - Mar 13, 2022
The Giving Movement raises $15m in a Series A round

The Giving Movement, UAE-based online sustainable fashion retailer, raised $15m in its latest funding round. The Series A round was led by Knuru Capital with the participation of other investors across the EMEA and Asian region. It was founded in...

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Qawafel raises $3m in a seed round

by WAYA Staff - Mar 13, 2022
Qawafel raises $3m in a seed round

Saudi Arabia’s Qawafel, a B2B marketplace simplifying trade between buyers and suppliers of perishable food products, has raised $3m in a seed round. The investment was co-led by AlSayed Group and Khwarizmi Ventures, in addition to a number of angel...

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Egypt’s Bosta expands to Saudi Arabia

by WAYA Staff - Mar 13, 2022
Egypt’s Bosta expands to Saudi Arabia

Bosta announced the opening of its first office in Riyadh to provide its services to its customers in Saudi Arabia. The expansion is also part of Bosta’s plan to spread and offer its services across the Middle East after a...

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Egypt’s Nexta raises $2.2m in a Pre-Seed round

by WAYA Staff - Mar 10, 2022
Egypt’s Nexta raises $2.2m in a Pre-Seed round

Nexta, the Egypt-based fintech and banking platform, raised $2.2 million funding in a pre-seed round. The round was led by Disruptech with the participation of key international backers. Nexta intends to redefine the meaning of user experience for all digital...

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Carrefour plans to invest EGP 250m on Egypt expansion

by WAYA Staff - Mar 10, 2022
Carrefour plans to invest EGP 250m on Egypt expansion

Majid Al-Futtaim’s Carrefour to invest EGP 250m in the Egyptian market in 2022, with a plan to expand to cover the entire country. Majid Al-Futtaim Retail has invested EGP 2.3 billion to date in Egypt. 2022 will mark the 20th...

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