The Public Investment Fund, Saudi Arabia’s sovereign wealth fund, said on Thursday it has opened three new subsidiary companies’ offices in London, New York and Hong Kong, as the $500 billion fund looks overseas for growth.
“The moves are in line with PIF’s continued expansion and will assist in the Fund’s future international growth,” it said in a statement.
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The PIF is at the center of Saudi Arabia’s plans to transform the economy by creating new sectors and diversifying revenues away from oil.
Since becoming a more active investor in 2015, PIF has taken steps to raise its global profile. It took a $3.5 billion stake in Uber Technologies before its public listing and invested $45 billion in Softbank’s inaugural technology fund.
It plans to grow its assets under management to $1.07 trillion by the end of 2025, while continuing to create new sectors, companies and jobs, it said.
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