Saudi Arabia’s Public Investment Fund (PIF) acquired a controlling stake in Magic Leap, which offers AR headsets for enterprise use. The USD 450 million investment secured the PIF with four out of eight seats on Magic Leap’s board of directors as of November 2022.

Magic Leap is stated to have raised USD 300 million in debt and USD 150 million in preferred convertible stock from PIF in 2022. Through its PIF, Saudi Arabia owns minority stakes in companies such as Uber, Capcom, Boeing, Meta, Alphabet, and Citigroup.

Analyst QuickTake : In 2018, the Saudi Arabian fund invested USD 400 million in the company. At the time, Magic Leap was focused on the consumer market but its failure to make headway resulted in bankruptcy in 2020. It replaced its CEO and shifted focus toward the enterprise segment in October 2020 and this new funding is vital to its aggressive pursuit of this market. Magic Leap also partnered with Saudi Aramco, the country’s public petroleum and natural gas company, in January 2021 to assist in the remote collaboration and 3D visualization.