Saudi Arabia's PIF to inject $40bn in 2021 and 2022
14 November, 2020
Saudi Arabia’s Public Investment Fund will inject $40 billion on an gross annual basis in 2021 and 2022 to market growth in its economy, according to the kingdom’s Crown Prince Mohammed bin Salman.
The PIF manages about $320bn in assets with respect to the Saudi state. The Crown Prince has been pushing for greater diversification of Saudi Arabia’s oil-reliant economy although Vision 2030 strategy.
“Economic diversification is paramount to the kingdom’s sustainability, and we are working hard to do this through PIF investments in tourism, sports, industry, agriculture, transportation, mining, space and other sectors,” he said in a statement to the Saudi Press Agency.
Earlier this month, the PIF said it had been investing $1.3bn in Reliance Retail Ventures, India’s greatest retail chain handled by Asia's richest man Mukesh Ambani.
The sovereign wealth fund signed a definitive agreement to acquire a 2.04 % equity stake in the business, it said in a statement on its website. The investment is consistent with PIF's technique to invest globally in industry leaders.
The fund is the latest to purchase the retail giant after Mr Ambani recently started selling equity stakes, a move which has attracted attention from global investors.
Abu Dhabi Investment Authority, Singapore’s sovereign wealth fund GIC, global private equity firm TPG Capital, Abu Dhabi’s strategic investment arm Mubadala Investment Company and General Atlantic are among investors who have bought stakes in Reliance Retail lately.
Source: www.thenationalnews.com
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