This Wednesday Saudi Arabia’s king has approved a distribution of 100 billion riyals from royal reserves to be placed into a Public Investment Fund (PIF). That’s equal to $27 billion U.S.
King Salman gave a statement to news agency SPA telling them that the fund is to help support investments in not only the foreign market but the local sector as well. The PIF was established in 1971 to aid in financing development projects throughout the country. The beginning of this year the Saudi Arabian government announced that they wanted to expand the fund’s assets from $160 billion to $2 trillion.
Earlier this summer the fund bought into the U.S. for Uber for $3.5 billion, but the PIF wants to keep as much of its business locally in Saudi Arabia. Monday, PIF said it plans to buy into an investment firm called Adeptio, take over Riyadh, a financial district project that has been out of commission for some time, and buy into King Abdullah Economic City. A designated timeline for all the investments has been announced but is sure to come.
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