Saudi Arabia’s Public Investment Fund (PIF) has announced the signing of a share purchase agreement worth around $3.3 billion to acquire a 100% shareholding in the Saudi Iron & Steel Company (Hadeed) from the Saudi Basic Industries Corporation (SABIC). Simultaneously, Hadeed will acquire a 100% shareholding in AlRajhi Steel Industries Company (Rajhi Steel) from Mohammed Abdulaziz AlRajhi & Sons Investment Company (Rajhi Invest). This exchange involves newly issued shares in Hadeed. The announcement of these two deals came in a statement released by PIF on Sunday.