Saudi Public Investment Fund Invests in Magic Leap

Thursday, 8 March, 2018 - 19:30
Asharq Al-Awsat

The Public Investment Fund (PIF) announced on Thursday that it has invested $400 million in the Series D equity funding by Magic Leap, Inc. (Magic Leap), reported the Saudi Press Agency (SPA).

With this investment, PIF joins a number of prominent global investors in the company.

Magic Leap is developing world-leading technologies around head-mounted virtual retinal displays and expected to launch its first-generation product in 2018.

This investment forms part of PIF’s International Investments and is in line with PIF’s strategy to enable the creation of new sectors and opportunities that will shape the future global economy.

The transaction supports PIF’s mandate of building strong global investment partnerships and developing Saudi Arabia into a global investment powerhouse, said SPA.

PIF’s International Investments portfolio aims to consolidate and strengthen the Fund’s performance as an active contributor in the international economy and partner of choice for international investment opportunities.

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