public investment fund of saudi arabia

The $325bn Public Investment Fund has spent billions on overseas deals this year even as the kingdom’s economy struggles. [23], On 29 January 2019, Saudi Arabia has announced setting up a closed joint-stock company named NEOM with $500 billion. In November 2020, Saudi Arabia's PIF reduced its holdings in US stocks to $7 billion from $10.1 billion in the third quarter. It was founded for the purpose of investing funds on behalf of the Government of Saudi Arabia. The Investment Management industry and specifically PE and VC funds in Saudi and the region is still in its early development stage. [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. [24] The aim of this company that wholly owned by the PIF, the sovereign wealth fund, is to develop the economic zone of Neom. The Public Investment Fund was originally established in 1971 to facilitate the development of the Saudi Arabian national economy. May 16 2020. (16) of 2016. Historically Saudi investors have not been exposed to blind pool funds in the region. In July 2014, the Council of Ministers granted the PIF authority to fund new companies inside and outside the Kingdom, either independently or in cooperation with the public and private sectors, without the council's prior approval. 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. [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. Saudi Arabia’s sovereign wealth fund, known as the Public Investment Fund (PIF), has beefed up its investments around the world since Crown Prince Mohammed bin Salman took charge of the fund … 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). The losses were related to the investments in WeWork and Uber Technologies Inc. Saudi Arabia’s Public Investment Fund (PIF) Restructuring Program is one of the core projects in the country’s Vision 2030 initiative. 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). Saudi Arabia aims at transferring the PIF from a mere local authority to the largest sovereign fund in the world. Saudi Arabia's sovereign-wealth fund plowed billions of dollars into US stocks such as Boeing, Disney, and Facebook last quarter. The PIF also provides medium and long-term loans to the large-scale government and private industrial projects. Saudi Arabia’s Public Investment Fund (PIF) PIF-backed Lucid Motors constructs first phase of EV factory US carmaker is aiming to start production at the Arizona facility in spring 2021 [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. Established in 1971, the role of the PIF has … 2018 - 2017. © [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. Public Investment Fund (PIF), Saudi Arabia - Company Information. [15], On 20 May 2017, during the Saudi-US CEO Forum which was part of President Donald Trump's official trip to Saudi Arabia, the Public Investment Fund (PIF) announced plans to "invest $40 billion in infrastructure projects, mostly in the U.S." Saudi Arabia, which is "working to diversify its economy" entered into business deals with General Electric, Lockheed Martin and The Blackstone Group. [4] The PIF has a portfolio made up of approximately 200 investments, of which around 20 are listed on Tadawul, the Saudi Stock Exchange. The ​Public Investment Fund seeks to become one of the largest sovereign wealth funds in the world. 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. In 1974, PIF was mandated to hold equity positions in join-stock ventures within its domestic economy. [2][3] It was founded for the purpose of investing funds on behalf of the Government of Saudi Arabia. It also disclosed a small stake in Berkshire Hathaway. [29] PIF also disclosed an $827.7 million stake in oil company BP. In 1974, PIF was mandated to hold equity positions in join-stock ventures within its domestic economy. The lack of institutional limited partners in this space is also noticeable. [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. As of that post, the fund held almost 5% of Tesla stock, purchased through public markets. Saudi Arabia's 990b riyal budget for 2021 seeks growth and stability The kingdom expects to post a deficit of 298 billion riyals this year, or 12% of GDP Published: December 16, 2020 07:48 Reuters T​he Fund also undertakes investments in externally managed fund and non-fund structures which are active across multiple geographies. Thus, PIF is working on managing assets worth $400 billion by 2020. [5], The Saudi Arabian Public Investment Fund (PIF) was established in 1971 by Royal Decree M/24[6] to provide financing support for projects of strategic significance to the national economy. [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. The Public Investment Fund (PIF) was established in 1971 as the sovereign wealth fund of the Kingdom of Saudi Arabia. It is among the largest sovereign wealth funds in the world with total estimated assets of $382 billion. Country of Incorporation Saudi Arabia Ownership Type Government Established In 1971 Primary Sector Financial Services "The Public Investment Fund intends to invest hundreds of billions in the Saudi economy next year … The sovereign fund, which had around 40 employees in 2016, told Reuters in an email that 80 new recruits have been drawn from … It is among the largest sovereign wealth funds in the world with total estimated assets of $382 billion. Thus, PIF is working on managing assets worth $400 billion by 2020. [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. In June 2016, the PIF acquired an approximate 5% stake in Uber for $3.5 billion. 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. 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. [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 - … The Public Investment Fund (PIF) is the sovereign wealth fund of Saudi Arabia. To achieve this, the Fund is building a world-class, diversified portfolio through investments in attractive, long-term opportunities at both the domestic and international level. The Saudi Jordanian Investment Fund (SJIF) is a Limited Public Shareholding Company based in Amman, Jordan. 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. [26], On 27 April 2020, PIF purchased a 5.7% stake (valued at $500 million) in concert distributor Live Nation. "[17], Qiddiyah, an entertainment megaproject was established on 7 April 2017, and is currently being built, is wholly owned by 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 December, 2019, Saudi Arabia’s Public Investment Fund launched a 4 billion riyal ($1.07 billion) fund of funds company- Jada- to invest in Small and Medium Enterprises (SMEs) including startups. Established in 1971 by Royal Decree, the PIF … [20], On 7 August 2018, Elon Musk announced that he was considering taking automotive and energy company Tesla private and that funding was "secured. The ​Public Investment Fund (PIF) of Saudi Arabia is one of the largest sovereign wealth funds in the world. CEDA was created following the fluctuations in oil prices in 2014, in order to improve efficiency in the government's decision-making apparatus. [8], In March 2015, oversight of PIF was moved from the Ministry of Finance to the Council of Economic and Development Affairs (CEDA). To actively invest over the long term to maximize sustainable returns, be the investment partner of choice for global opportunities, and enable the economic development and diversification of the Saudi economy, This map represents countries where PIF has carried out dire​ct investments. 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. [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. The PIF has a portfolio made up of approximat… Saudi Arabia aims at transferring the PIF from a mere local authority to the largest sovereign fund in the world. The restructuring program involves a significant expansion of PIF’s role and mission to include finding qualified foreign partners … 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. [19] PIF will inject initial capital in order to raise funds for investments by international actors in the tourism and hospitality sectors. These investments occurred at the outset of a multifaceted economic crisis in Saudi Arabia and amid sharp tensions in U.S.-Saudi relations. 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. To achieve this, the Fund is building a world-class, diversified portfolio through investments in attractive, long-term opportunities at both the domestic and international level. The $325bn Public Investment Fund has spent billions on overseas deals this year even as the kingdom’s economy struggles . 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. As part of this process, a new PIF was appointed, chaired by Crown Prince Mohammad bin Salman Al Saud. 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. Public Investment Fund (PIF) Investment Management Riyadh 6121, Alnakheel District 278,663 followers The Public Investment Fund is Saudi Arabia's sovereign wealth fund. 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. 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 … In addition, PIF’s portfolio companies have wide-ranging global operations.​, جميع الحقوق محفوظه The Public Investment Fund invests in specific projects through equity, loans or guarantees, and allocations of public funds. 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. 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 In December, 2019, Saudi Arabia’s Public Investment Fund launched a 4 billion riyal ($1.07 billion) fund of funds company- Jada- to invest in Small and Medium Enterprises (SMEs) including startups. The Saudi Jordanian Investment Fund (SJIF) is a Limited Public Shareholding Company based in Amman, Jordan. PROGRAM DESCRIPTION. 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. Public Investment Fund, Saudi Arabia – $320 billion. Get up-to-date business information, contact details, latest news and press releases … The Public Investment Fund is developing a portfolio of high quality domestic and international investme nts, … 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. With assets worth approximately US$300 billion, the Public Investment Fund … 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 … [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. 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. [11] The aim is to diversify government resources and the economy and to help unlock strategic sectors. The Public Investment Fund Vision Realization Program strengthens the Public Investment Fund, which is the engine behind economic diversity in the KSA. The kingdom's Public Investment Fund … Saudi Arabia's huge sovereign wealth fund is aiming to pour billions more into foreign investment. [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. (16) of 2016. The PIF expects to become the largest sovereign wealth fund in the world with assets of $2 trillion. 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. 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. "[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 PIF invests in the fields of telecoms, aerospace, energy, green technologies, and security, seeking a focus on housing finance, renewable energy, and information technology. The Public Investment Fund was originally established in 1971 to facilitate the development of the Saudi Arabian national economy. [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]. 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