Riyadh — Mubasher: Saudi Arabia’s Public Investment Fund (PIF) plans to open an office in the US technology hub of San Francisco, walking in the footsteps of its GCC peers.

The kingdom’s sovereign investor is also seeking to gain a foothold in New York and London, Bloomberg News reported on Wednesday, citing PIF managing director Yasir Al-Rumayyan as saying at a conference in Abu Dhabi.

The GCC’s sovereign wealth funds are at pains to invest some of their petrodollar revenues into technology and communications in a bid to ratchet down their dependence on volatile crude markets, the New York-based news agency said.

Arab nations’ technology and communication investments also aim to bring home the businesses and skills that will help remodel their economies.

Qatar Investment Authority and Abu Dhabi’s Mubadala Investment Co. have recently opened offices in Silicon Valley to focus on the technology industry.

On the other hand, Saudi Arabia is looking to invest in India’s infrastructure fund as the kingdom’s crown prince will be heading to the South Asian nation next week, according to state-run Saudi Press Agency (SPA).