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24-07-14
Saudi PIF to establish new companies
(MENAFN) Saudi Arabia's Public Investment Fund (PIF) plans to invest in establishing new companies of several sectors, mainly housing, petrochemicals, and technology as part of its plan to expand globally and regionally, according to Arab News.
A regional newspaper said that this is a sign that Saudi authorities plan to use government-owned funds more actively to support economic reforms and development.
The PIF was established in 1971 to help finance strategic economic projects.
The Sovereign Wealth Fund institute said that the PIF has assets under management worth about USD5.3 billion.
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