Saudi Arabia has been identified as the backer of the £4bn ($5.14bn) takeover of London's iconic Selfridges department store, The Telegraph reported on Sunday, citing sources.
The Saudi Public Investment Fund (PIF) acquired an interest in the Oxford Street giant via Australian firm Signa Holdings, which bought a 50pc stake in Selfridges in August 2022.
The kingdom's sovereign wealth fund had a minor contribution towards Signa's winning bid, which was in partnership with Thai retailer Central Group. The joint venture beat a bid by Qatar's sovereign wealth fund, which owns rival London department store Harrods.
Saudi Arabia's investment in Selfridges adds to its growing portfolio of high-profile investments in the UK, which includes majority ownership of Newcastle United and the second-largest stake in Aston Martin.
The Public Investment Fund, chaired by Crown Prince Mohammed bin Salman, is a central part of the country's Vision 2030 initiative to diversify its economy away from its reliance on the energy sector.
A spokesperson for Signa confirmed Saudi Arabia's interest in Selfridges to The Telegraph, adding that "The ownership of Selfridges has not changed."
Earlier in July, Saudi Arabia’s Public Investment Fund (PIF) reported a massive $11 billion in losses in investments in 2022 after recording impressive $19 billion profits the year earlier.
Analysts have put it down to the ebb and flow of the global stock market as bond and stock prices declined over the past year, with the S&P 500 dropping just under 20 percent in 2022.