Saudi Arabia’s sovereign wealth fund, the Saudi Public Investment Fund (PIF), has divested its holding of more than 12 million shares in Live Nation (LN), for a profit of more than $930 million.
In April 2020, PIF acquired a 5.7% stake in LN, which at the time was valued at around $500m, making PIF LN’s third-largest shareholder behind Liberty Media, The Vanguard Group and BlackRock.
The transaction was outlined in an SEC filing, showing that the PIF offloaded all its 12,573,719 shares in LN. PIF maintains investments in other major event operations including the Formula One Group, which manages Formula One motor racing.
At the time of the sale PIF’s stake was valued at around $1.38 billion, creating a profit of more than $930 million for the Saudi fund.
Established in 2009, Live Nation Middle East is overseen by regional president James Craven who presides over the company’s extensive activities in the region including Saudi Arabia where its Live Nation Arabia arm recently secured a three-year deal with PIF-owned AlUla Development Company to operate Maraya. Maraya, meaning ‘mirror’ in Arabic, is a multi-purpose venue in AlUla that has already attracted major international acts including Mariah Carey, John Legend, Andrea Bocelli and Usher.
Live Nation Middle East is relocating its UAE headquarters to Expo City Dubai, with an announcement stating that it will work together with the Expo City Dubai Authority on hosting events and shared sustainability goals.
Craven said, “Together, we will host world-class events and, through Green Nation, lead the way in sustainable practices by reducing emissions, increasing renewable energy, cutting waste and phasing out single-use plastics.”
The development follows the announcement of a restructure by Liberty Media, a longtime major shareholder in Live Nation, that will see it spin off some entertainment assets, including Live Nation, into a standalone company called Liberty Live.
The live entertainment boom in Saudi Arabia has seen countless eye wateringly complex productions staged, and many remarkable venues built. UK-based companies have been quick to get involved. In a recent feature, AAA explored the key challenges and opportunities involved in working there.