Public Investment Fund
Sovereign wealth fund of Saudi Arabia
Public Investment Fund
The Public Investment Fund (PIF; Arabic: صندوق الاستثمارات العامة) is the sovereign wealth fund of Saudi Arabia. It is among the largest sovereign wealth funds in the world with total estimated assets of US$900 billion. It was created in 1971 for the purpose of investing funds on behalf of the government of Saudi Arabia. The wealth fund has Crown Prince Mohammed bin Salman, Saudi Arabia's de facto ruler since 2015, as its chairman. More than 60% of the fund's activities are within Saudi Arabia. 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. Outside of Saudi Arabia, the fund's investments into prominent foreign assets, such as Premier League football club Newcastle United, the boxing promotion Zuffa Boxing, and video game company Electronic Arts, have generated controversy due to the fund's lack of transparency and close control by the Saudi government, which has...
Read on Wikipedia · Image Faisal Arif, CC BY-SA 4.0
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