Riyadh – Mubasher: Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), is negotiating a multi-billion-dollar-loan with a group of banks. The loan would be its first ever.

The Saudi fund is looking to form a group of banks to collaborate with through other transactions in the future, informed sources told Bloomberg, adding that the fund may receive about $5 billion in credit facilities in 2018.

The PIF declined to comment. The names of the banks that would likely participate in the loan were not disclosed.

PIF also has ambitious plans to become the largest wealth fund in the world, the sources added.

Saudi's PIF currently ranks 12th globally in terms of the largest sovereign wealth funds, according to the Sovereign Wealth Fund Institute (SWFI).

In October, PIF managing director Yasir Al-Rumayyan stated that the fund had plans to secure financing to back the kingdom’s endeavours to diversify its economy away from oil.