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PIF to raise global projects by 50% – Al-Rumayyan

PIF to raise global projects by 50% – Al-Rumayyan
PIF has invested in 50-60 firms through SoftBank Vision Fund

Riyadh – Mubasher: Saudi Arabia’s sovereign wealth fund, Public Investment Fund (PIF), is looking to increase its international projects to represent 50% of its assets during the coming period, managing director Yasir Al-Rumayyan said on Tuesday.

PIF has invested in 50-60 firms through SoftBank Vision Fund L.P, and it will seek to attract them for pumping more liquidity in the Kingdom, Al-Rumayyan added on the sidelines of the Future Investment Initiative (FII) conference.

He further noted that electric auto industry is growing in the Saudi market, while PIF will work on nationalising it in the next years.

Earlier on Tuesday, the FII conference, dubbed “Davos in the Desert”, started in Riyadh and will continue until Thursday, 25 October.

PIF’s managing director on Tuesday noted that the nation’s sovereign fund aims to raise its assets to SAR 2 trillion by 2030.