Saudi Arabia’s Public Investment Fund, the kingdom's sovereign wealth fund, will take a 50 percent stake in Dubai-based businessman Mohamed Alabbar's Adeptio investment vehicle, according to a Bloomberg report.

The acquisition is part of PIF's strategy to boost non-oil investments, a statement was quoted as saying.

Adeptio is working on a takeover of Kuwait Food Company (Americana), and is set to begin a mandatory tender offer for the company’s shares after acquiring a 67 percent stake, Bloomberg said.

The PIF also contributed half of the $1 billion to create e-commerce firm Noon, announced earlier this month by Alabbar.