Pagani has sold a major stake to Saudi Arabia's Public Investment Fund sovereign wealth fund, the Italian supercar marque announced last week.

The deal is expected to close later this year, after which the Pagani family will remain in full control of the company. Saudi Arabia will be positioned as a minority shareholder alongside other key investors including private equity managers Nicola Volpi and Emilio Petrone.

According to Bloomberg's sources, Saudi Arabia's stake represents 30% of the company.

No terms were disclosed but Pagani in its announcement said the raised funds will be used to develop new models as well as establish a lifestyle brand to be called Pagani Arte. New models currently in development at Pagani include the successor to the Huayra which will arrive with V-12 power but eventually offer the option of battery-electric power.

“[Saudi Arabia] represents the ideal partner to further consolidate Pagani positioning as an iconic brand in the hypercars segment as well as to support its expansion strategy in the lifestyle segment,” Horacio Pagani, CEO and founder of Pagani, said in a statement.

Saudi Arabia has been making major investments outside of its usual energy industry haunts in recent years as part of an effort to diversify the country's revenue sources and establish new industries, especially as more and more countries are preparing to phase out vehicles with internal-combustion engines.

Saudi Arabia recently made an investment in rival supercar marque McLaren, and it is also the controlling shareholder of electric-vehicle startup Lucid.