PIF sets up 26 wholly-owned firms to boost Saudi economy

The PIF leads the Saudi transformation plan

  
Saudi traders monitor stocks at a Saudi Bank in Dammam October 26, 2008.

Saudi traders monitor stocks at a Saudi Bank in Dammam October 26, 2008.

REUTERS/Stringer

Riyadh – Mubasher: Saudi sovereign wealth fund Public Investment Fund (PIF) established 26 fully-owned subsidiaries during the past few years in a bid to drive the kingdom’s economic growth in various fields and support emerging sectors in line with the National Vision 2030.

The announcement was made by the PIF on Sunday on its official Twitter account.

The PIF leads the Saudi transformation plan aiming to diversify the GCC nation's economy within the framework of the National Transformation Plan 2020.

The state-owned fund fully-owns the $500 billion NEOM as well as other companies operating in the tourism, entertainment, and hospitality sectors, such as the Red Sea Development Company, AMAALA, and Qiddiya.

SWF Institute said PIF’s assets surged to $390 billion (SAR 1.463 trillion) this September, very close to the planned target of $400 billion (SAR 1.5 trillion) for 2020. This represents an increase from $360 billion (SAR 1.35 trillion) in the previous month.

Source: Mubasher

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