Saudi Arabia’s Crown Prince Mohammed bin Salman will be speaking shortly on the Kingdom’s Public Investment Fund (PIF).Last December, the PIF, Saudi Arabia’s sovereign wealth fund, said it had established a company to develop and expand the private security sector in the Kingdom. The National Security Services Co (SAFE) will focus on providing services such as security consulting, security solutions, training and development, and a range of specialized services, the PIF said in a statement on its website.Established in 1971, the role of the PIF has changed significantly since the introduction of Saudi Arabia’s Vision 2030 back in April 2016. Vision 2030 envisions the fund controlling more than $2 trillion in assets, which would make it the largest SWF in the world.Since the plan calls for the PIF to become a massive investment vehicle to help move the Kingdom away from its historic reliance on oil revenue, the fund has already made great strides to diversify its investments. The PIF has invested in many big-ticket projects and institutions, such as the Blackstone Infrastructure Fund, Virgin Galactic, and the Softbank Vision Fund.Read more:Saudi Arabia’s PIF launches company to develop private security sectorSaudi Public Investment Fund to be world leader: ReportHere are the top 10 sovereign wealth funds in the Arab world(Developing)
Source: Al Arabiya
Full Article: Saudi Crown Prince to speak on Kingdom’s Public Investment Fund
