The Public Investment Fund, the Saudi Arabian government's sovereign wealth fund, has acquired 33% of the Azimut Benetti business, the first megayacht manufacturer in the world.
“I am proud and satisfied that our company, the most important megayacht manufacturing group in the world, gained the trust of the major global sovereign wealth fund,” said Giovanna Vitelli, president of the Azimut Benetti group.
Insisting that the PIF "will provide it new, vital commercial prospects in the Middle East," she voiced optimism.
The PIF "joins the group with the promise of being a long-term strategic investor following a protracted and intensive negotiation," According to sources.
Azimut Benetti, based in the Italian city of Livorno, has long been a pioneer in the production of megayachts.
The Paolo Vitelli-founded company had a 2022–23 market value of €1.2 billion ($1.3 billion).
Saudi Arabia's sovereign wealth fund is known as the Public Investment Fund (PIF) in Arabic. With estimated total assets of US$620 billion (£514 billion), it is one of the biggest sovereign wealth funds in the world. It was established in 1971 with the intention of investing money on behalf of the Saudi Arabian government. Crown Prince Mohammed bin Salman, who has served as Saudi Arabia's de facto ruler since 2015, has control over the wealth fund.