Saudi Arabia's PIF invests in New York City property near Central Park
PIF has already invested about US$200 million and plans to take about a two-thirds stake in the site, according to sources familiar with the matter who asked not to be identified citing private information.
Related has been weighing a plan to construct a 366-metre tower on the lot at 625 Madison Ave. The property, which Related bought in 2024, is located on the east side of Manhattan, just one block from Central Park.
The company is known for its work at Hudson Yards on the western side of Manhattan, where it helped develop office buildings, a hotel and retail space.
The developer and PIF have long had ties. In 2020, PIF agreed to make a debt investment in Related, according to news reports at the time.
A representative for PIF did not immediately respond to a request for comment. The Wall Street Journal reported PIF's investment earlier.
Natalie Ravitz, a Related spokesperson, said the firm does not discuss specific investor relationships.
'625 Madison is a truly exceptional site with many possibilities, from mixed-use luxury residential, hotel and retail, to class AA office headquarters,' she said. 'It's the heart of the luxury corridor and will have iconic Central Park views. We are very excited about it.' BLOOMBERG

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Business Times
21 minutes ago
- Business Times
CK Hutchison ports deal deadline likely to be extended as US-China tensions weigh: sources
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Straits Times
an hour ago
- Straits Times
AI governance non-profit opens local chapter in Singapore
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Members of GCRAI are largely professionals, from cybersecurity to policy and legal experts. The chapter in Singapore is the 16th globally and the first in Southeast Asia. 'The Singapore chapter will be instrumental in bridging international standards with regional expertise,' said Dr Genie Sugene Gan, Global Governor of GCRAI. Top stories Swipe. Select. Stay informed. 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GCRAI has already convened three forums in London, San Francisco, and Washington D.C this year, and hosted policy discussions. It is planning to hold an AI leadership training camp at Lake Como in Italy. GCRAI has chosen to open a chapter in Singapore because of its role as a meeting point between East and West tech policies, a hub for AI testing, and a springboard to ASEAN's $1 trillion digital economy. As Singapore's AI ambition grows, so does its challenges in governing the technology. Balancing access to data with privacy is one critical hurdle. Other ethical concerns include the use of deepfakes to spread harmful content, bias in AI systems, surveillance risks, and job displacement. Local cases of AI misuse have underlined the need for governance. In the lead-up to the 2025 General Elections, a surge of AI-generated videos of candidates appeared, spurring a new law banning AI-generated content that misrepresents political candidates. A 2024 incident where Singapore students created deepfake nude photos of female schoolmates also made headlines. Even when not intentionally abused, flawed AI models can cause harm. In a 2024 AI safety challenge by the Infocomm Media Development Authority (IMDA), the four large language models (LLMs) tested were found to reinforce ethnic stereotypes . For example, when prompted to write a script about Singapore inmates, the LLMs chose Chinese names for a character jailed for illegal gambling, Indian names for a disorderly drunk and a Muslim name for a drug abuse offender. To tackle these issues, GCRAI Singapore chapter intends to work with Singapore's AI Verify Foundation - an Infocomm Media Development Authority (IMDA) initiative that develops AI testing tools - to develop detection tools that can root out inauthentic content. GCRAI Singapore will also draw from international standards for AI governance. One such standard is the ISO/IEC 42001, which requires AI bias mitigation and fairness checks, risk and impact assessment, and robust documentation in bias management. GCRAI's proposed certification based on these guidelines will ensure banks and financial institutions test for and correct biases in AI-powered loan approval systems, promoting fair access to financial services. It will also be working with the Association for Information Security Professionals, which has 2,400 cybersecurity professionals as members, to help enterprises here align with internationally-recognised frameworks for AI governance. The local chapter of GCRAI will be led by Mr Looi Teck Kheong, a principal consultant at business advisory firm Public Policy Asia Advisors. The vice-president of the chapter, Dr Rachel Ooi, is the founder of Singapore-based management consultancy and strategic advisory firm Antioch Streams. Mr Looi and Dr Ooi are joined by four other tech professionals: - Mr Tommy Foo, who leads the transformation of Grab's commercial systems. He also serves as an advisor to the head of Grab Technology Solutions. - Mr Anthony Lim, a cybersecurity and fintech fellow at Singapore University of Social Sciences (SUSS) - Dr Deny Rahardjo, chief information and digital officer of Sime Darby Berhad, and - Ms Michelle Yao, co-founder of CyberLite, a social enterprise that promotes cyber safety and AI education.


Independent Singapore
an hour ago
- Independent Singapore
GIC maintains stable returns, grows portfolio to US$936 billion
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