Cars drive past the Kingdom Centre Tower in Riyadh, Saudi Arabia, January 30, 2018. REUTERS/Faisal Al Nasser
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Saudi Arabia's sovereign wealth fund said Monday it has secured its first ever international loan, boosting the kingdom's diversification drive after its flotation of state oil giant Aramco stalled.The PIF had previously sought to raise billions of dollars through an initial public offering of shares in Aramco to fund projects that seek to reduce the kingdom's dependence on oil.The PIF is in talks to sell its 70-percent stake in SABIC to Aramco for an estimated $70 billion as another way of raising cash.Later Monday, the fund announced it had inked a $1 billion investment agreement with U.S. electric carmaker Lucid Motors.Under the terms of the agreement, the two parties made binding undertakings to carry out the transaction subject to regulatory approvals and customary closing conditions, PIF said in a statement.
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