The Public Investment Fund is seeking to become a leading global impactful investor in line with the objective of Vision 2030 and to drive the economic transformation of Saudi Arabia, through active long- term investments and maintaining high standards of governance and transparency. Established in 1971 by Royal Decree, the PIF … 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 June 2016, the PIF acquired an approximate 5% stake in Uber for $3.5 billion. CEDA was created following the fluctuations in oil prices in 2014, in order to improve efficiency in the government's decision-making apparatus. It is among the largest sovereign wealth funds in the world with total estimated assets of $382 billion. [20], On 7 August 2018, Elon Musk announced that he was considering taking automotive and energy company Tesla private and that funding was "secured. With assets worth approximately US$300 billion, the Public Investment Fund … May 16 2020. The Public Investment Fund was originally established in 1971 to facilitate the development of the Saudi Arabian national economy. The lack of institutional limited partners in this space is also noticeable. [8], In March 2015, oversight of PIF was moved from the Ministry of Finance to the Council of Economic and Development Affairs (CEDA). Thus, PIF is working on managing assets worth $400 billion by 2020. 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. [14], In March 2016, it was announced that ownership of Saudi Aramco would be transferred to the PIF and that the Kingdom will seek to list 5 percent of Aramco's shares by 2017. [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. 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 … 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 … [11] The aim is to diversify government resources and the economy and to help unlock strategic sectors. 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. It was founded for the purpose of investing funds on behalf of the Government of Saudi Arabia. The Public Investment Fund (PIF) is the sovereign wealth fund of Saudi Arabia. The losses were related to the investments in WeWork and Uber Technologies Inc. Country of Incorporation Saudi Arabia Ownership Type Government Established In 1971 Primary Sector Financial Services [19] PIF will inject initial capital in order to raise funds for investments by international actors in the tourism and hospitality sectors. Historically Saudi investors have not been exposed to blind pool funds in the region. Billionaire Mukesh Ambani-led Reliance Industries Ltd’s retail arm on Thursday raised ₹9,555 crore from Public Investment Fund (PIF) of Saudi … "[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." The Public Investment Fund was originally established in 1971 to facilitate the development of the Saudi Arabian national economy. 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. PROGRAM DESCRIPTION. The Saudi Jordanian Investment Fund (SJIF) is a Limited Public Shareholding Company based in Amman, Jordan. The PIF also provides medium and long-term loans to the large-scale government and private industrial projects. The Public Investment Fund Vision Realization Program strengthens the Public Investment Fund, which is the engine behind economic diversity in the KSA. 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. [23], On 29 January 2019, Saudi Arabia has announced setting up a closed joint-stock company named NEOM with $500 billion. The Public Investment Fund is developing a portfolio of high quality domestic and international investme nts, … (16) of 2016. The kingdom's Public Investment Fund … 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. [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. Public Investment Fund, Saudi Arabia – $320 billion. As of that post, the fund held almost 5% of Tesla stock, purchased through public markets. 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. "The Public Investment Fund intends to invest hundreds of billions in the Saudi economy next year … The ​Public Investment Fund seeks to become one of the largest sovereign wealth funds in the world. [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. Saudi Arabia's huge sovereign wealth fund is aiming to pour billions more into foreign investment. As part of this process, a new PIF was appointed, chaired by Crown Prince Mohammad bin Salman Al Saud. Saudi Arabia’s Public Investment Fund (PIF) Restructuring Program is one of the core projects in the country’s Vision 2030 initiative. The $325bn Public Investment Fund has spent billions on overseas deals this year even as the kingdom’s economy struggles. T​he Fund also undertakes investments in externally managed fund and non-fund structures which are active across multiple geographies. [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 - … [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]. 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. Saudi Arabia aims at transferring the PIF from a mere local authority to the largest sovereign fund in the world. DUBAI/LONDON, Dec 15 (Reuters) - Saudi Arabia expects to receive up to 25 billion riyals ($6.7 billion) in dividends this year from its sovereign wealth fund, the Public Investment Fund (PIF), in a one-off measure aimed at boosting coffers battered by low oil prices. 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. Public Investment Fund (PIF) Investment Management Riyadh 6121, Alnakheel District 278,663 followers The Public Investment Fund is Saudi Arabia's sovereign wealth fund. Saudi Arabia aims at transferring the PIF from a mere local authority to the largest sovereign fund in the world. In 1974, PIF was mandated to hold equity positions in join-stock ventures within its domestic economy. "[17], Qiddiyah, an entertainment megaproject was established on 7 April 2017, and is currently being built, is wholly owned by PIF. Saudi Arabia's Public Investment Fund invests Rs 9,555 crore in Reliance Retail PIF will take a 2.04 per cent stake in Reliance Retail Ventures Ltd (RRVL), the Indian firm said in a statement [24] The aim of this company that wholly owned by the PIF, the sovereign wealth fund, is to develop the economic zone of Neom. 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). Established in 1971, the role of the PIF has … The sovereign fund, which had around 40 employees in 2016, told Reuters in an email that 80 new recruits have been drawn from … These investments occurred at the outset of a multifaceted economic crisis in Saudi Arabia and amid sharp tensions in U.S.-Saudi relations. Get up-to-date business information, contact details, latest news and press releases … The Public Investment Fund invests in specific projects through equity, loans or guarantees, and allocations of public funds. It also disclosed a small stake in Berkshire Hathaway. [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. 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. [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. [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. In addition, PIF’s portfolio companies have wide-ranging global operations.​, جميع الحقوق محفوظه 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. 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