Saudi wealth fund announces private sector projects

Saudi Arabia-based Public Investment Fund (PIF) is the latest sovereign wealth fund to target the private assets market.

The fund has announced a series of initiatives designed to boost the economic growth of the private sector firms within its portfolio.

There are three initiatives in all – one is to increase the share of local content spending in PIF’s domestic portfolio to 60% by the end of 2025.

Another initiative is to launch a suppliers’ development programme while the final initiative is the ‘private sector hub’, a channel in which supplier and investment opportunities in the private sector can be shared.

The projects were announced at the fund’s inaugural private sector forum held in Riyadh.

Sovereign wealth funds in the region are taking a greater interest in private sector assets. Just last week, Abu Dhabi-based Mubadala announced plans to set up a US$1 billion private credit investment joint venture with US asset manager Ares Management Corporation.

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