Public Investment Fund

Public Investment Fund (PIF) is the sovereign wealth fund of the Kingdom of Saudi Arabia. It was established under the Royal Decree, with the intent of providing finance for projects of strategic importance to the national economy, and for the first few decades of its existence, it oversaw the state's equity in listed firms. The main funding sources of PIF is asset transfer & capital from the government other than retained earnings from investments PIF Equity investments include investments shares in Saudi and the MENA region companies that may be listed joint-stock companies or private companies. The sovereign Wealth Fund investment includes new and emerging sectors and companies, whether direct or indirect investments. PIF is considering investments to the promotion of Saudi Arabia as a tourism destination, improving urban livelihood, developing basic infrastructure to support economic development, and launching relevant sectors also diversified pool supply is for diversified asset base, source of wealth accumulation, and income by investing in liquid and illiquid international assets In July 2014, the Council of Ministers granted PIF the authority to fund new companies inside and outside the kingdom, independently or in cooperation with the public and private sectors, and without the council's prior approval. In March 2015, oversight of the fund was moved to the Council of Economic and Development Affairs, with Crown Prince Mohammad bin Salman al Saud as its chair. The move gave PIF greater autonomy on its investments with the intention of managing a broader portfolio of assets to help push the economy towards less dependence on oil as part of Saudi Vision 2030. In 2018, PIF became a founding member of the One Planet Sovereign Wealth Fund Working Group, which developed a framework to promote the integration of climate change analysis into the management of large, long-term, and diversified asset pools. Read more ⏷