Saudi Arabia's sovereign-wealth fund plowed billions of dollars into US stocks such as Boeing, Disney, and Facebook last quarter. Saudi Arabia’s sovereign wealth fund, known as the Public Investment Fund (PIF), has beefed up its investments around the world since Crown Prince Mohammed bin Salman took charge of the fund … To achieve this, the Fund is building a world-class, diversified portfolio through investments in attractive, long-term opportunities at both the domestic and international level. 2018 - 2017. The kingdom's Public Investment Fund … Business Summary Saudi Arabian governmental fund investing in national equity and financing local commercial projects with the main objective of developing the country's national economy and growth. SJIF was formed in 2017 by the Public Investment Fund of Saudi Arabia and 16 commercial and Islamic Jordanian banks, and is registered according to the Jordan Investment Fund Law No. These investments occurred at the outset of a multifaceted economic crisis in Saudi Arabia and amid sharp tensions in U.S.-Saudi relations. [27], On 16 May 2020, the Public Investment Fund, has purchased minority stakes in major U.S. companies including Boeing, Facebook and Citigroup, according to a U.S. regulatory filing. The PIF has a portfolio made up of approximat… SJIF was formed in 2017 by the Public Investment Fund of Saudi Arabia and 16 commercial and Islamic Jordanian banks, and is registered according to the Jordan Investment Fund Law No. [18], On 31 July 2017, the PIF announced it will spearhead the Red Sea project for luxury beach resorts built over 50 islands unlocking 200 kilometres (125 mi) of coastline. Saudi Arabia’s Public Investment Fund (PIF) Restructuring Program is one of the core projects in the country’s Vision 2030 initiative. As part of this process, a new PIF was appointed, chaired by Crown Prince Mohammad bin Salman Al Saud. The sovereign fund, which had around 40 employees in 2016, told Reuters in an email that 80 new recruits have been drawn from … It instead left a stake of $2.7 billion in Uber Technologies Inc.Cite error: A tag is missing the closing (see the help page). The Public Investment Fund (PIF) is the sovereign wealth fund of Saudi Arabia. As of that post, the fund held almost 5% of Tesla stock, purchased through public markets. The $325bn Public Investment Fund has spent billions on overseas deals this year even as the kingdom’s economy struggles. May 16 2020. DOHA (UrduPoint News / Sputnik - 16th December, 2020) The Public Investment Fund of Saudi Arabia is going to allocate hundreds of billions to the country's economy in the coming years, Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud said following the 2021 state budget's approval. Saudi Arabia aims at transferring the PIF from a mere local authority to the largest sovereign fund in the world. [EXCLUSIVE] Interview with Adel Alateeq, the CEO of Saudi Arabia's Public Investment Fund's (PIF) Fund of Funds, Jada Interviews and Q&A 11 months ago - … In 39-year history of SoftBank, the Saudi Arabia-backed funds paid the group its worst ever losses, where the overall company losses were 1.36 trillion yen (more than $12.5 billion). The losses were related to the investments in WeWork and Uber Technologies Inc. The PIF also provides medium and long-term loans to the large-scale government and private industrial projects. The ​Public Investment Fund seeks to become one of the largest sovereign wealth funds in the world. "[21][22] In a follow-up blog post six days later, Musk said the Saudi Arabian sovereign wealth fund had met with him several times since early 2017 to express interest in such a move "because of the important need to diversify away from oil." [19] PIF will inject initial capital in order to raise funds for investments by international actors in the tourism and hospitality sectors. [26], On 27 April 2020, PIF purchased a 5.7% stake (valued at $500 million) in concert distributor Live Nation. (16) of 2016. Public Investment Fund (PIF) Investment Management Riyadh 6121, Alnakheel District 278,663 followers The Public Investment Fund is Saudi Arabia's sovereign wealth fund. The Saudi Jordanian Investment Fund (SJIF) is a Limited Public Shareholding Company based in Amman, Jordan. The lack of institutional limited partners in this space is also noticeable. Saudi Arabia’s Public Investment Fund (PIF) PIF-backed Lucid Motors constructs first phase of EV factory US carmaker is aiming to start production at the Arizona facility in spring 2021 Helsinki, Finland, December 8th, 2020 at 2.00 pm – QPR Software delivers Strategy and Performance Management software to Public Investment Fund (PIF) from Saudi Arabia. The fund’s objective is to provide financial support for projects and investments aligned with the strategic expansion of the Kingdom’s economy through the expansion and creation of new sectors. Saudi Arabia’s government strategy is clear regarding spending, according to Finance Minister Mohammed al-Jadaan, adding that the Kingdom’s Public Investment Fund intends to … Funding secured", "UPDATE 1-Saudi NEOM set up as joint stock company run by state fund...", "Saudi Arabia announces creation of Neom Company", Saudi Arabia fund hires PR firm in the wake of Khashoggi murder, https://www.musicbusinessworldwide.com/live-nation-just-sold-5-7-of-its-company-to-a-saudi-arabian-fund-for-around-500m-it-may-soon-need-the-money, "Saudi sovereign fund discloses stakes in Citi, Boeing, Facebook", "Saudi Sovereign Wealth Fund Buys Stakes in Facebook, Boeing, Cisco Systems", "Saudi Arabia's Public Investment Fund invests billions of dollars in Boeing, Disney and Facebook shares", "SoftBank Vision Fund Posts $17.7 Billion Loss on WeWork, Uber", "Jio-PIF deal: All you need to know about Saudi Arabia's PIF, the latest investor in Jio Platforms", "Reliance Industries' Jio Platforms Has Raised INR 1.16 Lakh Crore Within 9 Weeks Through These 11 Deals", Council of Economic and Development Affairs, Saudi Arabian Monetary Agency (central bank), Trade-Related Aspects of Intellectual Property Rights, Special administrative regions of the People's Republic of China, Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu, https://en.wikipedia.org/w/index.php?title=Public_Investment_Fund_of_Saudi_Arabia&oldid=995391741, Business organisations based in Saudi Arabia, Creative Commons Attribution-ShareAlike License, Officially the Republic of China, participates as ", This page was last edited on 20 December 2020, at 20:00. "The Public Investment Fund intends to invest hundreds of billions in the Saudi economy next year … [5], The Saudi Arabian Public Investment Fund (PIF) was established in 1971 by Royal Decree M/24[6] to provide financing support for projects of strategic significance to the national economy. On 14 October 2016, SoftBank Group announced it had signed a memorandum of understanding with the PIF for the establishment of a London-based SoftBank Vision Fund which aims to invest up to $45 billion over five years in the tech sector. Get up-to-date business information, contact details, latest news and press releases … Saudi Arabia’s government strategy is clear regarding spending, according to Finance Minister Mohammed al-Jadaan, adding that the Kingdom’s Public Investment Fund intends to … To achieve this, the Fund is building a world-class, diversified portfolio through investments in attractive, long-term opportunities at both the domestic and international level. [4] The PIF has a portfolio made up of approximately 200 investments, of which around 20 are listed on Tadawul, the Saudi Stock Exchange. Blackstone, whose CEO and founder — Stephen A. Schwarzman — is a top supporter of President Donald Trump, entered into a non-binding memorandum by which the PIF committed $20 billion to the project. Yasir Al-Rumayyan (Arabic: ياسر الرميان ‎) is a Saudi business personality who is Governor of the Public Investment Fund (PIF), the sovereign wealth fund of the Kingdom of Saudi Arabia, and the Chairman of Saudi Aramco.He also sits on the boards of the transportation network company Uber Technologies Inc. and the Japanese multinational SoftBank Group. [24] The aim of this company that wholly owned by the PIF, the sovereign wealth fund, is to develop the economic zone of Neom. To actively invest over the long term to maximize sustainable returns, be the investment partner of choice for global opportunities, and enable the economic development and diversification of the Saudi economy, This map represents countries where PIF has carried out dire​ct investments. Public Investment Fund, Saudi Arabia – $320 billion. [15], On 20 May 2017, during the Saudi-US CEO Forum which was part of President Donald Trump's official trip to Saudi Arabia, the Public Investment Fund (PIF) announced plans to "invest $40 billion in infrastructure projects, mostly in the U.S." Saudi Arabia, which is "working to diversify its economy" entered into business deals with General Electric, Lockheed Martin and The Blackstone Group. The Public Investment Fund (PIF) is the sovereign wealth fund of Saudi Arabia. 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