The Saudi Public Investment Fund (PIF) is expanding its presence in the global market as part of its restructuring under Saudi Vision 2030, media reports said. It is reported that the sovereign wealth funds group has already forayed into countries such as the US and the UK.
PIF’s new strategy under its Saudi Vision 2030 includes exploring global opportunities in sectors such as entertainment, fintech, healthcare and technology. The group has also expressed its interest in countries such as India and Russia. It has ranked among the world’s top ten largest sovereign wealth funds with local and global assets under management approaching $400 billion since 2015.
The group’s new offices in London and New York will boost operations and facilitate it to complete all corporate-related work seamlessly. Moreover, the physical presence in the global market will assist PIF to facilitate the know-how transfer from companies in sectors such as AI, biopharma, renewable energy and other key sectors, in its global portfolio to the local market in the kingdom of Saudi Arabia.
PIF has been refurbished a few months back and since then it has bolstered the Kingdom’s economy. It has also developed new strategies through investments which can potentially deepen the economic impact both regionally and globally.
As the PIF is transforming and heading towards a new era with an ambitious target for bargain hunts globally, the future of the group is stronger than any other sovereign wealth funds in the world.