Riyadh – Mubasher: The Saudi Public Investment Fund (PIF) hired the legal firm Akin Gump Strauss Hauer & Feld LLP for legal services and outreach to government officials for "current and anticipated investments" in the US, a document by the US Department of Justice showed.
The fund will pay around $535,000 to the law firm until 1 May 2018 for its services and conducting with the US officials, Bloomberg reported, citing document contents.
Akin Gump will focus on the Committee on Foreign Investment in the US, which reviews foreign acquisitions carried out by US businesses.
"A Saudi Arabian sovereign wealth fund that aims to reduce the kingdom’s dependency on oil has engaged a top K Street firm to lobby for approval of future acquisitions in the US," Bloomberg said.
The legal firm is also authorised to approve deals, impose changes to transactions to protect American security or recommend that the President block a takeover, the data showed.
