Saudi Arabia’s Public Investment Fund is set to become a minority partner in department store chain Selfridges after buying out the position of the now-insolvent Signa Group.

Saudi Arabia has struck a deal to become the junior partner in the iconic London department store Selfridges after buying out a bust Austrian property tycoon. In a tie-up with Thailand’s Central Group,

PIF has taken a 40 percent stake in Selfridges' operating and property businesses, with Central Group raising its majority stake in the retailer to 60 percent.

Saudi Arabia’s Public Investment Fund (PIF) has acquired a 40 per cent stake in retail giant Selfridges. PIF announced that it will form a strategic partnership with Central Group, a leading retail, real estate and hospitality conglomerate, following PIF’s acquisition of a 40 per cent interest in the retail giant.

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