Public Investment Fund
The Public Investment Fund, abbreviated PIF, is Saudi Arabia's sovereign wealth fund.
6 facts · 1 storiesDocument updatedEstablished facts
A 4% ownership stake in Saudi Aramco was transferred to PIF in 2022, followed by another 4% stake in 2023. The reference account describes these transfers as part of a plan to increase assets under management to more than $1 trillion by 2025; it does not establish that the target was achieved.
Verified · 2023King Faisal bin Abdulaziz Al Saud established PIF in 1971 by Royal Decree M/24, with the stated purpose of providing financing support for projects of strategic significance to the Saudi national economy.
Verified · 1971In July 2014, Saudi Arabia's Council of Ministers authorized PIF to fund new companies inside and outside the kingdom without the council's prior approval, either independently or in cooperation with the public and private sectors.
Verified · 2014-07The reference account describes PIF having received cash from the Saudi Central Bank, issued debt and benefited from proceeds of Saudi state-asset privatizations to bolster its resources and help finance foreign-company investments. The passage does not date these financing transactions.
VerifiedIn March 2015, oversight of PIF moved from Saudi Arabia's Ministry of Finance to the Council of Economic and Development Affairs.
Verified · 2015-03
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