Saudi Sovereign Wealth Fund takes a significant stake in Azimut.
The Public Investment Fund (PIF) of Saudi Arabia, one of the largest sovereign wealth funds in the world, has joined the Azimut/Benetti Group as a new minority shareholder with a 33% stake in the company. The Italian boatbuilder described PIF’s shareholding as a long-term investment to support the next phase of growth in the business, ”guided by the strategic vision of the Vitelli family.”
Giovanna Vitelli, chair of the Azimut/Benetti Group, confirmed the Vitelli family’s position as majority shareholder. “I confirm the satisfaction and pride of the family for having earned – as the most important megayacht building group in the world – the trust of one of the largest global sovereign wealth funds, already present in luxury, technology and leisure.” She continued, ”PIF will accompany Azimut/Benetti Group in the long term, offering strategic and important new business opportunities, including the Middle East, a geographic area which is undergoing strong development.”
According to a recent report in the Financial Times, investors have been flocking to the Middle East in search of capital from sovereign wealth funds. Saudi Arabia’s so-called “Davos in the Desert” investor conference reportedly drew record numbers with more than 1,000 executives from around the world, including about 400 from the US and scores from Europe.
