Riyadh – Mubasher: Saudi Arabia’s Public Investment Fund (PIF) aims to manage at least $2 trillion in assets by 2030, PIF CEO and managing director Yasir Al Rumayanon told Bloomberg TV on Tuesday.
The PIF is targeting investment returns between 8% and 9% and looking for new partners, Al Rumayanon added.
“The PIF is central to the Saudi government’s effort to diversify its economy away from oil as it plans to transfer ownership of state-owned oil company Saudi Aramco to the fund,” the top official stated.
The PIF invested $20 billion in partnership with Blackstone Group LP in an infrastructure investment fund, in addition to $45 billion investment in a technology fund run by SoftBank.
In June 2016, the Saudi fund pumped $3.5 billion investments into Uber Technologies Incorporation, an American ride-hailing company.
On a separate note, Al Rumayanon, who is also a board member in Saudi Aramco, said that the Saudi oil giant’s highly anticipated initial public offering (IPO) was on track for 2018.
“Everything is on track. 2018 is our target. There is nothing that I know about that can take us off track,” he said regarding the IPO.
