![]() ![]() ![]() The shares for the second 4% stake in 2023 were valued around $78 billion. In 2022, a 4% stake in ownership of Saudi Aramco was transferred to the PIF, which was repeated in 2023 as part of the funds plan to increase assets under management to over $1 trillion by 2025. To bolster the resources of the PIF and help in the financing of investments into foreign companies such as Uber and Tesla, the PIF received cash from the Saudi Central Bank, issued debt, and benefitted from the proceeds of the privatisation of Saudi state assets. ![]() The board says PIF is aligned with the government's Vision 2030 with the aim to diversify the economy. As part of this process, a new PIF was appointed, chaired by Crown Prince Mohammed bin Salman. In March 2015, oversight of PIF was moved from the Ministry of Finance to the Council of Economic and Development Affairs (CEDA). In July 2014, the Council of Ministers granted the PIF authority to fund new companies inside and outside the Kingdom, either independently or in cooperation with the public and private sectors, without the council's prior approval. The PIF expanded its staff from 50 in 2015 to nearly 500 in 2018. When neighboring petrostates began using their sovereign wealth funds for influence, Saudi Arabia followed them. For much of its history, the PIF was a passive entity that oversaw the Saudi state's equity in listed firms. The Saudi Arabian Public Investment Fund (PIF) was established by the King Faisal bin Abdulaziz Al Saud in 1971 by Royal Decree M/24 with the stated intent to provide financing support for projects of strategic significance to the national economy. History PIF governor Yasir Al-Rumayyan in 2016 Outside of Saudi Arabia, the fund's investments into prominent foreign assets such as Premier League football club Newcastle United have generated controversy due to the fund's lack of transparency and close control by the Saudi government, which has itself faced significant criticism around the lack of human rights in the country. Within Saudi Arabia, the fund's investments primarily go to private conglomerates owned by prominent Saudi business families who have close ties to the Saudi ruling family. More than 60% of the fund's activities are within Saudi Arabia. The wealth fund is controlled by Crown Prince Mohammed bin Salman, Saudi Arabia's de facto ruler since 2015. It was created in 1971 for the purpose of investing funds on behalf of the Government of Saudi Arabia. It is among the largest sovereign wealth funds in the world with total estimated assets of US$776 billion ( £538 billion). The Public Investment Fund ( PIF Arabic: صندوق الاستثمارات العامة) is the sovereign wealth fund of Saudi Arabia. ![]()
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