Saudi sovereign wealth fund goes global
PIF chaired by crown price key part of drive to diversify economy and boost foreign investments

Saudi Arabia’s massive sovereign wealth fund is to set up offices in London, San Francisco and New York as it aims to pour billions of dollars into foreign investments.
The Public Investment Fund’s (PIF) already owns sizeable stakes in the likes of Uber and Tesla, but now plans to increase its assets from $224bn to $400bn by 2020, and raise the share of foreign investments in its portfolio from 10% to 50% by 2030. It also expects to boost the number of people it employs from 450 to 2,000 by 2025.
“The fund is central to Saudi Arabia's Vision 2030, a plan spearheaded by [Crown Prince Mohammed] bin Salman to diversify the economy away from oil,” says CNN.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Bin Salman, who also chairs the PIF, “is the driving force behind the country's ambitions to develop new tourist and entertainment industries in a bid to encourage Saudis to spend more of their money at home”, says the news network.
Yet he is also facing intense scrutiny over his alleged involvement in the murder of Saudi journalist Jamal Khashoggi in Istanbul last October.
Bloomberg's Matthew Martin says Saudi Arabia’s US plans come “as the world’s biggest oil exporter tries to win back investor confidence” following the uproar that prompted several top executives and finance ministers pull out of an economic conference in October.
“It’s also seeking to move on from an alleged crackdown on corruption that rattled the kingdom’s business elite and weighed on economic growth,” says Martin.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Reuters reports “the fund has made substantial commitments to green projects, including renewables and recycling, and to technology companies, and is also backing the country’s plans to diversify into solar power as well as waste management, infrastructure and entertainment”.
So, while it fits very much within Salman’s economic diversification programme, the expansion of the Saudi sovereign wealth fund could also be seen as an attempt to buy some international goodwill at a time when the global economy is showing signs of slowing.
-
What to know before turning to AI for financial advice
the explainer It can help you crunch the numbers — but it might also pocket your data
-
Book reviews: 'The Headache: The Science of a Most Confounding Affliction—and a Search for Relief' and 'Tonight in Jungleland: The Making of Born to Run'
Feature The search for a headache cure and revisiting Springsteen's 'Born to Run' album on its 50th anniversary
-
Keith McNally' 6 favorite books that have ambitious characters
Feature The London-born restaurateur recommends works by Leo Tolstoy, John le Carré, and more
-
China is silently expanding its influence in American cities
Under the Radar New York City and San Francisco, among others, have reportedly been targeted
-
How China uses 'dark fleets' to circumvent trade sanctions
The Explainer The fleets are used to smuggle goods like oil and fish
-
One year after mass protests, why are Kenyans taking to the streets again?
today's big question More than 60 protesters died during demonstrations in 2024
-
Israel-US 'rift': is Trump losing patience with Netanyahu?
Today's Big Question US president called for an end to Gaza war and negotiated directly with Hamas to return American hostage, amid rumours of strained relations
-
What happens if tensions between India and Pakistan boil over?
TODAY'S BIG QUESTION As the two nuclear-armed neighbors rattle their sabers in the wake of a terrorist attack on the contested Kashmir region, experts worry that the worst might be yet to come
-
Why Russia removed the Taliban's terrorist designation
The Explainer Russia had designated the Taliban as a terrorist group over 20 years ago
-
Inside the Israel-Turkey geopolitical dance across Syria
THE EXPLAINER As Syria struggles in the wake of the Assad regime's collapse, its neighbors are carefully coordinating to avoid potential military confrontations
-
'Like a sound from hell': Serbia and sonic weapons
The Explainer Half a million people sign petition alleging Serbian police used an illegal 'sound cannon' to disrupt anti-government protests