The Kingdom now owns a stake in the iconic department store.
Saudi Arabia has been creating quite a buzz these days. The Kingdom’s everywhere, making a splash in sports, movies and the hospitality scene. Now it’s diving into the world of department stores. Saudi Arabia's Public Investment Fund has just stepped out from behind the curtain as the mastermind behind a mind-blowing SAR 19 billion (£4 billion) takeover of London's iconic department store, Selfridges.
Saudi Arabia means business and it's definitely making its mark in the most unexpected places. The Kingdom snagged a stake in this shopping paradise back in August 2022.
Saudi Arabia isn't the only Middle Eastern country investing in London department stores. Qatar has already acquired London's super-famous Harrods department store. But before the Selfridges’ acquisition, Saudi Arabia had already made significant forays into the UK market, holding majority ownership of the Newcastle United football club and the second-largest stake in luxury carmaker Aston Martin.
The move to acquire Selfridges aligns with Saudi Arabia's ambitious Vision 2030 initiative. The Kingdom is keen on diversifying its investment portfolio by tapping into new sectors of growth potential. It wants to break free from its reliance on the energy sector – you know, less oil and more adventure.
With Saudi Arabia snagging a stake in Selfridges, it is proving that it's investing on an international stage.
GO: Visit www.pif.gov.sa for more information.