Saudi Arabia’s PIF plots international expansion

Saudi Arabia’s sovereign wealth fund (SWFs), the Public Investment Fund (PIF) is planning to open three overseas offices and hire more than 250 staff as part of its international expansion.

Managing director Yasir al-Rumayyan told reporters that the fund will open offices in London, New York and San Francisco before the end of 2019. It will also look to increase its staff from 450 to 700.

The office openings would be in line with the PIF’s plans to raise the share of foreign investments within its portfolio from 10% to 50% by 2030 as Saudi Arabia looks to lessen its dependence on domestic oil revenues.

The San Francisco office opening is also in line with the PIF’s bid to increase its investments in the technology sector, thereby following in the footsteps of other Mena-based SWFs such as Abu Dhabi’s Mubadala which opened an office in Silicon Valley in 2017.

The PIF is chaired by crown prince Mohammed Bin Salman.

©2019 funds global mena

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