The Saudi sovereign fund is negotiating with Indian billionaire Yusuf Ali, founder of Abu Dhabi-based Lulu Group International, one of the largest commercial chains in the Gulf region.
And negotiations between the two parties began 4 to 6 weeks ago. The sources did not mention the size of the share that the Saudi Fund is seeking to buy, as the negotiations are in early stages and it is not clear if they will bear fruit or not.
The Saudi Investment Fund recently invested $ 1.5 billion in Geo Platforms, a subsidiary of Reliance Industries, owned by Indian billionaire Mukesh Ambani. It also pumped out the Emirati Mubadala
$ 1.2 billion in the company.
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