The Saudi Arabian Sovereign Fund has become the new shareholder of Pagani. According to anonymous sources, the Fund will own a minority stake – 30 percent. At the same time, the Pagani family will retain control over the company, and the funds received from the sale of shares are planned to be spent on further improving technologies and opening a new lifestyle direction Pagani Arte.
The total assets of the Saudi Arabian Sovereign Fund at the beginning of the year were $ 430 billion. The Fund, created in 1971, spends these funds to support projects of strategic importance for the country, and also invests them in promising companies on behalf of the government of Saudi Arabia. With the money of the Fund, in particular, the Saudi Vision 2030 program is being implemented, aimed at diversifying the economy; reducing the country’s dependence on oil exports; development of industry, tourism; and increased investment activity.
The futuristic smart city of Neom, which will stretch 260 kilometers along the Red Sea coast and occupy an area of 26,500 square kilometers, is also part of Vision 2030. Neom and The Line, which is part of it, will receive electricity from renewable sources, and their entire transport system will go underground. Official cars will run on the first level, and “ultra-high-speed” vehicles controlled by artificial intelligence will run on the second.
Well, for Pagani, the Fund’s money will be a good help for the further development of both the main business and a promising direction called Arte. Apparently, we are talking about a lifestyle sub-brand that will, for example, organize racing events for owners of supercars or “expeditions” like those that suit Lamborghini.