The PIF expects to become the largest sovereign wealth fund in the world with assets of $2 trillion. The ​Public Investment Fund seeks to become one of the largest sovereign wealth funds in the world. The Public Investment Fund (PIF) is the sovereign wealth fund of Saudi Arabia. (16) of 2016. [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. 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. 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 is developing a portfolio of high quality domestic and international investme nts, … [26], On 27 April 2020, PIF purchased a 5.7% stake (valued at $500 million) in concert distributor Live Nation. PROGRAM DESCRIPTION. The Public Investment Fund (PIF) is the sovereign wealth fund of Saudi Arabia. Saudi Arabia's sovereign-wealth fund plowed billions of dollars into US stocks such as Boeing, Disney, and Facebook last quarter. 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. 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. 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 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. The Public Investment Fund (PIF) was established in 1971 as the sovereign wealth fund of the Kingdom of Saudi Arabia. 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). Get up-to-date business information, contact details, latest news and press releases … [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 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. Established in 1971, the role of the PIF has … [19] PIF will inject initial capital in order to raise funds for investments by international actors in the tourism and hospitality sectors. [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. [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. With assets worth approximately US$300 billion, the Public Investment Fund … Public Investment Fund (PIF), Saudi Arabia - Company Information. The lack of institutional limited partners in this space is also noticeable. 2018 - 2017. Saudi Arabia aims at transferring the PIF from a mere local authority to the largest sovereign fund in the world. [29] PIF also disclosed an $827.7 million stake in oil company BP. Billionaire Mukesh Ambani-led Reliance Industries Ltd’s retail arm on Thursday raised ₹9,555 crore from Public Investment Fund (PIF) of Saudi … Thus, PIF is working on managing assets worth $400 billion by 2020. The ​Public Investment Fund (PIF) of Saudi Arabia is one of the largest sovereign wealth funds in the world. Established in 1971 by Royal Decree, the PIF … ... while driving the economic transformation of Saudi Arabia. [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 June 2016, the PIF acquired an approximate 5% stake in Uber for $3.5 billion. The losses were related to the investments in WeWork and Uber Technologies Inc. [2][3] It was founded for the purpose of investing funds on behalf of the Government of Saudi Arabia. The PIF has a portfolio made up of approximat… The kingdom's Public Investment Fund … 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. [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. [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 intends to invest hundreds of billions in the Saudi economy next year … 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 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. [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. [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. It also develops high focus strategic sectors by growing and maximizing the impact of the fund’s investments, making it the largest sovereign wealth fund in the world. Saudi Arabia’s Public Investment Fund (PIF) Restructuring Program is one of the core projects in the country’s Vision 2030 initiative. It was founded for the purpose of investing funds on behalf of the Government of Saudi Arabia. Thus, PIF is working on managing assets worth $400 billion by 2020. It also disclosed a small stake in Berkshire Hathaway. Saudi Arabia aims at transferring the PIF from a mere local authority to the largest sovereign fund in the world. 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