Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF) has opened three new subsidiary offices in London, New York and Hong Kong, as it aims to expand its global footprint.
PIF is an active investor in some of the world’s most innovative and transformational industries and businesses, including in the UK, Europe, the US, Asia and South America. The new subsidiary offices will further enable PIF to continue to work with its partners across regions across the globe while helping to transform international economies and drive the economic transformation of Saudi Arabia.
The opening of the subsidiary offices is in line with PIF’s growth strategy and reflects its commitment to its global partnerships and in investing in various sectors, industries and companies that will shape the economies of the future.
PIF’s ongoing global expansion comes as the Fund continues to make strong progress against its Strategy 2021-2025. As part of this strategy, PIF 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. A key element of PIF’s success has been the strategic economic partnerships it has developed with many of the world’s leading investors and businesses.
PIF, which has about $480 billion in assets under management, is the main vehicle for growing Saudi Arabia’s investments domestically and abroad, as Crown Prince Mohammed bin Salman, who is also the chairman of the fund, seeks to diversify the economy from oil through his Vision 2030 strategy.
