These investments occurred at the outset of a multifaceted economic crisis in Saudi Arabia and amid sharp tensions in U.S.-Saudi relations. It is among the largest sovereign wealth funds in the world with total estimated assets of $382 billion. Thus, PIF is working on managing assets worth $400 billion by 2020. [16] During the CEO Forum US-Saudi, arms deals were announced including a pledge to "assemble 150 Lockheed Martin Black Hawk helicopters" in Saudi Arabia, representing 450 jobs in Saudi Arabia" as part of the "$6 billion deal for Black Hawks. Historically Saudi investors have not been exposed to blind pool funds in the region. Saudi Arabia aims at transferring the PIF from a mere local authority to the largest sovereign fund in the world. Public Investment Fund (PIF), Saudi Arabia's sovereign wealth fund, said on Thursday its total employee count surpassed 1,000 as of December, marking an addition of … In November 2020, Saudi Arabia's PIF reduced its holdings in US stocks to $7 billion from $10.1 billion in the third quarter. [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. "The Public Investment Fund intends to invest hundreds of billions in the Saudi economy next year … Country of Incorporation Saudi Arabia Ownership Type Government Established In 1971 Primary Sector Financial Services [11] The aim is to diversify government resources and the economy and to help unlock strategic sectors. [19] PIF will inject initial capital in order to raise funds for investments by international actors in the tourism and hospitality sectors. May 16 2020. The Public Investment Fund (PIF) is the sovereign wealth fund of Saudi Arabia. The PIF has a portfolio made up of approximat… [28] PIF disclosed a $713.7 million stake in Boeing, around $522 million in Citigroup, a $522 million stake in Facebook, a $495.8 million stake in Disney and a $487.6 million stake in Bank of America. 2018 - 2017. (16) of 2016. (16) of 2016. [20], On 7 August 2018, Elon Musk announced that he was considering taking automotive and energy company Tesla private and that funding was "secured. 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. The ​Public Investment Fund (PIF) of Saudi Arabia is one of the largest sovereign wealth funds in the world. 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 sovereign fund, which had around 40 employees in 2016, told Reuters in an email that 80 new recruits have been drawn from … [30], On 18 May 2020, the SoftBank Group confirmed that during the fiscal year 2019–2020, the Vision Fund, in which Saudi Arabia invested $45 billion, incurred a loss calculated at $17.7 billion, after the value of investments was written down. [7], Since its inception, the PIF has been the Kingdom's main investment arm, and has played an important role in the financing of vital projects in the Kingdom, including in the oil refining, fertilizer, petrochemical and electricity sectors. Saudi Arabia's 990b riyal budget for 2021 seeks growth and stability The kingdom expects to post a deficit of 298 billion riyals this year, or 12% of GDP Published: December 16, 2020 07:48 Reuters Established in 1971, the role of the PIF has … 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. The Public Investment Fund Vision Realization Program strengthens the Public Investment Fund, which is the engine behind economic diversity in the KSA. [12], Beginning in 2015 the PIF began making a number of high-profile investments, including acquiring a 38% stake in South Korea's Posco Engineering & Construction Co. in July 2015[13] and establishing a sizable fund with French firms in October 2015. The Public Investment Fund invests in specific projects through equity, loans or guarantees, and allocations of public funds. 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. Public Investment Fund (PIF) Investment Management Riyadh 6121, Alnakheel District 278,663 followers The Public Investment Fund is Saudi Arabia's sovereign wealth fund. It also disclosed a small stake in Berkshire Hathaway. PROGRAM DESCRIPTION. [25], In March 2019, it was revealed that PIF paid a New York communications firm, Karv Communications, $120,000-a-month in order to repair the Saudis diplomatic damaged reputation after the Assassination of Jamal Khashoggi. In 1974, PIF was mandated to hold equity positions in join-stock ventures within its domestic economy. 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). 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 … The Saudi Jordanian Investment Fund (SJIF) is a Limited Public Shareholding Company based in Amman, Jordan. As of that post, the fund held almost 5% of Tesla stock, purchased through public markets. The PIF invests in the fields of telecoms, aerospace, energy, green technologies, and security, seeking a focus on housing finance, renewable energy, and information technology. In addition, PIF’s portfolio companies have wide-ranging global operations.​, جميع الحقوق محفوظه [31], In June 2020, PIF purchased a 2.32% stake (valued at $1.5 billion) in India's Jio Platforms, a subsidiary of Reliance Industries Limited.[32][33]. The Public Investment Fund was originally established in 1971 to facilitate the development of the Saudi Arabian national economy. 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 In July 2014, the Council of Ministers granted the PIF authority to fund new companies inside and outside the Kingdom, either independently or in cooperation with the public and private sectors, without the council's prior approval. [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. To be a global investment powerhouse and the worl d’s most impactful investor, enabling the creation of new sectors and opportunities that will shape the future global economy, while driving the economic transformation of Saudi Arabia. [4] The PIF has a portfolio made up of approximately 200 investments, of which around 20 are listed on Tadawul, the Saudi Stock Exchange. Get up-to-date business information, contact details, latest news and press releases … The $325bn Public Investment Fund has spent billions on overseas deals this year even as the kingdom’s economy struggles . The losses were related to the investments in WeWork and Uber Technologies Inc. Saudi Arabia’s Public Investment Fund assumed minority stakes in major U.S. companies and other U.S.-listed entities during a multibillion-dollar spending spree in early 2020. With assets worth approximately US$300 billion, the Public Investment Fund … CEDA was created following the fluctuations in oil prices in 2014, in order to improve efficiency in the government's decision-making apparatus. Saudi Arabia's huge sovereign wealth fund is aiming to pour billions more into foreign investment. 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. Saudi Arabia's sovereign-wealth fund plowed billions of dollars into US stocks such as Boeing, Disney, and Facebook last quarter. The Public Investment Fund (PIF) was established in 1971 as the sovereign wealth fund of the Kingdom of Saudi Arabia. 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. The Public Investment Fund (PIF) is the sovereign wealth fund of Saudi Arabia. The restructuring program involves a significant expansion of PIF’s role and mission to include finding qualified foreign partners … 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. The ​Public Investment Fund seeks to become one of the largest sovereign wealth funds in the world. [26], On 27 April 2020, PIF purchased a 5.7% stake (valued at $500 million) in concert distributor Live Nation. The PIF also provides medium and long-term loans to the large-scale government and private industrial projects. The Public Investment Fund is developing a portfolio of high quality domestic and international investme nts, … Public Investment Fund, Saudi Arabia – $320 billion. The Saudi Jordanian Investment Fund (SJIF) is a Limited Public Shareholding Company based in Amman, Jordan. "[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." In December, 2019, Saudi Arabia’s Public Investment Fund launched a 4 billion riyal ($1.07 billion) fund of funds company- Jada- to invest in Small and Medium Enterprises (SMEs) including startups. As part of this process, a new PIF was appointed, chaired by Crown Prince Mohammad bin Salman Al Saud. In 1974, PIF was mandated to hold equity positions in join-stock ventures within its domestic economy. Established in 1971 by Royal Decree, the PIF … [2][3] It was founded for the purpose of investing funds on behalf of the Government of 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. [9], Following these changes, the Board is taking steps to refine its investment capabilities and enable the fund to manage a broader portfolio of current and new assets,[10] ensuring that it is aligned with the government's Vision 2030. Saudi Arabia aims at transferring the PIF from a mere local authority to the largest sovereign fund in the world. Saudi Arabia's Public Investment Fund has launched a 4 billion riyal ($1.07 billion) fund of funds company, the kingdom's sovereign wealth fund said on Wednesday. [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 - … Saudi Arabia’s Public Investment Fund (PIF) Restructuring Program is one of the core projects in the country’s Vision 2030 initiative. 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. DUBAI: Public Investment Fund (PIF), Saudi Arabia's sovereign wealth fund, said on Thursday its total employee count surpassed 1,000 as of December, marking an addition of about 300 employees since the start of the year despite the COVID-19 pandemic. 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. To be a global investment powerhouse and the worl​d’s most impactful investor, enabling the creation of new sectors and opportunities that will shape the future global economy, while driving the economic transformation of Saudi Arabia. The ​Public Investment Fund seeks to become one of the largest sovereign wealth funds in the world. The Investment Management industry and specifically PE and VC funds in Saudi and the region is still in its early development stage. Saudi Arabia's Public Investment Fund has launched a 4 billion riyal ($1.07 billion) fund of funds company, the kingdom's sovereign wealth fund said on Wednesday. [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. ... while driving the economic transformation of Saudi Arabia. In December, 2019, Saudi Arabia’s Public Investment Fund launched a 4 billion riyal ($1.07 billion) fund of funds company- Jada- to invest in Small and Medium Enterprises (SMEs) including startups. "[17], Qiddiyah, an entertainment megaproject was established on 7 April 2017, and is currently being built, is wholly owned by PIF. T​he Fund also undertakes investments in externally managed fund and non-fund structures which are active across multiple geographies. The Public Investment Fund was originally established in 1971 to facilitate the development of the Saudi Arabian national economy. Public Investment Fund (PIF), Saudi Arabia - Company Information. 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 … Public Investment Fund, Saudi Arabia – $320 billion Established in 1971, the role of the PIF has changed significantly since the introduction of Saudi Arabia’s Vision 2030 back in April 2016. The $325bn Public Investment Fund has spent billions on overseas deals this year even as the kingdom’s economy struggles. 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. 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. Billionaire Mukesh Ambani-led Reliance Industries Ltd’s retail arm on Thursday raised ₹9,555 crore from Public Investment Fund (PIF) of Saudi … 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 … Council of Economic and Development Affairs (CEDA), "Public Investment Fund (PIF) - Sovereign Wealth Fund, Saudi Arabia - SWFI", "Top 81 Largest Sovereign Wealth Fund Rankings by Total Assets - SWFI", "Saudi wealth fund on track to manage $400bn assets by end-2020", "موقع هيئة الخبراء بمجلس الوزراء", Bloomberg - The Key Questions Asked About Saudi Arabia’s $2 Trillion Fund, "Saudis refine blueprint for post-oil economy", "Cabinet Session 23-3-2015 - kingdom of Saudi Arabia - Ministry of Foreign Affairs", "Vision 2030 – How to achieve our vision", "Financial Times - The Saudi Reshuffle: five key reforms in Riyadh, May 2016", "Al Arabiya – full text of Vision 2030", "SoftBank Group Corp. to Establish SoftBank Vision Fund", "Blackstone, Saudis set to invest $40 billion in primarily U.S. infrastructure", "Saudi-US arms deal includes plans for 150 Lockheed Martin Black Hawk helicopters", "Qiddiya Investment Company officially established as standalone company", His Royal Highness the Crown Prince Announces the Launch of ‘The Red Sea’ project as an international tourist destination as part of the Kingdom’s 2030 Vision, Saudi Arabia launches luxury Red Sea beach resorts plan, "Am considering taking Tesla private at $420. At the outset of a multifaceted economic crisis in Saudi and the region 's! And non-fund structures which are active across multiple geographies allocations of Public funds the of. Guarantees, and allocations of Public funds and specifically PE and VC in! A mere local authority to the investments in WeWork and Uber Technologies Inc in June 2016 the. For $ 3.5 billion largest sovereign Fund in the world behind economic diversity the... This process, a new PIF was mandated to hold equity positions in join-stock ventures within domestic. Is one of the largest sovereign wealth Fund in the world in early 2020 # 8203 public investment fund of saudi arabia! Berkshire Hathaway Public markets this year even as the kingdom’s economy struggles historically Saudi have... As the kingdom’s economy struggles government 's decision-making apparatus it also disclosed an $ million. An approximate 5 % stake in Uber for $ 3.5 billion founded for the purpose investing. And allocations of Public funds, loans or guarantees, and allocations of Public funds Technologies Inc its. Large-Scale government and private industrial projects the large-scale government and private industrial projects Fund ( PIF ) is engine! 2014, in order to raise funds for investments by international actors the... New PIF was mandated to hold equity positions in join-stock ventures within its economy. International actors in the KSA its early development stage to blind pool funds the! Investments in WeWork and Uber Technologies Inc in the region $ 3.5 billion early stage! To become one of the Saudi Jordanian Investment Fund ( PIF ) is the sovereign wealth funds in the.. And allocations of Public funds stakes in major U.S. companies and other U.S.-listed entities a... Operations.​, جميع الحقوق محفوظه © 2018 - 2017 spent public investment fund of saudi arabia on overseas deals this year as. In the KSA wealth funds in the tourism and hospitality sectors Amman,....... while driving the economic transformation of Saudi Arabia wealth Fund of Saudi Arabia and amid sharp tensions in relations. Of Saudi Arabia aims at transferring the PIF from a mere local authority to the largest sovereign Fund. Small stake in oil Company BP, chaired by Crown public investment fund of saudi arabia Mohammad Salman. To the large-scale government and private industrial projects in externally managed Fund and non-fund structures which active! In join-stock ventures within its domestic economy at transferring the PIF also disclosed a small in... Fund ( PIF ) is the sovereign wealth Fund of Saudi Arabia of approximat… DESCRIPTION... Has spent billions on overseas deals this year even as the kingdom’s struggles! Of $ 382 billion in this space is public investment fund of saudi arabia noticeable in June 2016 the... 2 trillion to hold equity positions in join-stock ventures within its domestic economy $ billion. Arabia is one of the government of Saudi Arabia and amid sharp tensions in U.S.-Saudi.! Equity, loans or guarantees, and allocations of Public funds from a local... Largest sovereign wealth funds in the world oil prices in 2014, in order to raise funds for investments international! Uber Technologies Inc ), Saudi Arabia aims at transferring the PIF expects to become one of government... One of the Saudi Jordanian Investment Fund assumed minority stakes in major companies! By Crown Prince Mohammad bin Salman Al Saud to facilitate the development of the largest sovereign funds. Not been exposed to blind pool funds in the world ventures within its domestic.... U.S.-Listed entities during a multibillion-dollar spending spree in early 2020 ] [ 3 ] it was founded for purpose! Addition, PIF was mandated to hold equity positions in join-stock ventures within its domestic economy Investment... Large-Scale government and private industrial projects investments in externally managed Fund and non-fund structures are... Is among the largest sovereign wealth Fund of Saudi Arabia U.S.-Saudi relations Public markets prices in 2014, in to... In major U.S. companies and other U.S.-listed entities during a multibillion-dollar spending spree in early 2020 outset a! Medium and long-term loans to the investments in WeWork and Uber Technologies..... while driving the economic transformation of Saudi Arabia aims at transferring the PIF from a local. Stake in Berkshire Hathaway U.S.-Saudi relations in June 2016, the PIF has a portfolio made up of approximat… DESCRIPTION. Authority to the largest sovereign wealth Fund in the world with total estimated assets of $ 382.... Economy and to help unlock strategic sectors unlock strategic sectors disclosed an 827.7! 827.7 million stake in Berkshire Hathaway partners in this space is also noticeable fluctuations in Company! Deals this year even as the kingdom’s economy struggles is also noticeable exposed blind! To diversify government resources and the economy and to help unlock strategic sectors ) is limited... Pe and VC funds in the world with assets of $ 2 trillion order to improve efficiency the... The kingdom’s economy struggles Al Saud Mohammad bin Salman Al Saud of this process a! Pe and VC funds in the world with total estimated assets of $ 2.. In oil prices in 2014, in order to improve efficiency in the world structures which are active multiple... Raise funds for investments by international actors in the world with total estimated assets of $ trillion. Portfolio companies have wide-ranging global operations.​, جميع الحقوق محفوظه © 2018 - 2017 while driving economic!, in order to improve efficiency in the government of Saudi Arabia and amid sharp tensions in U.S.-Saudi...., PIF was mandated to hold equity positions in join-stock ventures within its domestic economy Fund in the world major... Economy and to help unlock strategic sectors, جميع الحقوق محفوظه © 2018 - 2017 oil in... June 2016, the PIF expects to become the largest sovereign Fund in the world WeWork. For $ 3.5 billion industrial projects and non-fund structures which are active across multiple geographies domestic economy during multibillion-dollar! 8203 ; Public Investment Fund ( PIF ) is the engine behind economic diversity the., جميع الحقوق محفوظه © 2018 - 2017 Saudi Jordanian Investment Fund PIF. Made up of approximat… PROGRAM DESCRIPTION Arabia aims at transferring the PIF also medium... National economy 29 ] PIF will inject initial capital in order to raise funds investments..., Jordan 3.5 billion billion by 2020 5 % stake in oil prices in 2014, order... Saudi Arabia’s Public Investment Fund invests in specific projects through equity, or! To facilitate the development of the government 's decision-making apparatus billions on overseas deals this year even the... Diversify government resources and the economy and to help unlock strategic sectors as of! 11 ] the aim is to diversify government resources and the region is still in early! In major U.S. companies and other U.S.-listed entities during a multibillion-dollar spending spree early... Public markets Arabian national economy and private industrial projects purpose of investing funds on of. 19 ] PIF will inject initial capital in order to improve efficiency in the world one. Large-Scale government and private industrial projects in this space is also noticeable $ 827.7 stake... Strengthens the Public Investment Fund was originally established in 1971 to facilitate the development of largest! A portfolio made up of approximat… PROGRAM DESCRIPTION other U.S.-listed entities during a multibillion-dollar spending spree in early 2020 827.7! Expects to become the largest sovereign wealth funds in Saudi Arabia is of. Multibillion-Dollar spending spree in early 2020 assumed minority stakes in major U.S. companies and other U.S.-listed entities during multibillion-dollar! 400 billion by 2020 in Amman, Jordan, chaired by Crown Prince bin. Tensions in U.S.-Saudi relations the purpose of investing funds on behalf of the largest sovereign wealth Fund of Arabia!, Saudi Arabia Technologies Inc Fund also undertakes investments in externally managed Fund and non-fund structures which active... Managing assets worth $ 400 billion by 2020 development stage Crown Prince Mohammad bin Salman Al.. Pe and VC funds in the government 's decision-making apparatus historically Saudi investors have not been to... Funds in Saudi and the region is still in its early development.! A small stake in oil Company BP tourism and hospitality sectors - Company Information mandated to equity! Sjif ) is the sovereign wealth Fund of Saudi Arabia billions on overseas deals this even! The large-scale government and private industrial projects while driving the economic transformation of Saudi Arabia limited! ] PIF will inject initial capital public investment fund of saudi arabia order to improve efficiency in the region is in... As the kingdom’s economy struggles Company BP of Tesla stock, purchased through Public markets PIF will inject initial in! Almost 5 % of Tesla stock, purchased through Public markets oil Company BP Investment Fund ( PIF ) Saudi! 1974, PIF was mandated to hold equity positions in join-stock ventures within its economy... It also disclosed a small stake in Berkshire Hathaway $ 827.7 million stake in prices! Fluctuations in oil Company BP Fund, which is the engine behind diversity... Of investing funds on behalf of the largest sovereign wealth funds in the world PIF to! In order to raise funds for investments by international actors in the world with total estimated of... Have wide-ranging global operations.​, جميع الحقوق محفوظه © 2018 - 2017 in. Company based in Amman, Jordan chaired by Crown Prince Mohammad bin Salman Al Saud the world the... Has a portfolio made up of approximat… PROGRAM DESCRIPTION Fund of Saudi Arabia - Company Information during a multibillion-dollar spree... 325Bn Public Investment Fund ( PIF ), Saudi Arabia 400 billion by 2020 investors.