Saudi Public Investment Fund to be one of world’s top SWFs

Saudi Public Investment Fund to be one of world’s top SWFs:

"Among the throngs who descended on Davos this year, a big drawcard for some of the world’s most influential financiers and dealmakers was a Saudi chief executive on his first trip to the annual gathering. The attention Yasir al-Rumayyan enjoyed was a result of the transformation of the entity he heads: Saudi Arabia’s state-owned Public Investment Fund. For decades PIF was a little known and largely inactive holding fund. But a sudden burst of dealmaking and the central role it is being given in the kingdom’s reform plans have put it on course to become one of the world’s most powerful sovereign wealth funds. When Saudi Arabia completes the initial public offering of Saudi Aramco, scheduled for 2018, it is PIF that is expected to reap the rewards — the expectation is that it will be the depository for a potential $100bn from a 5 per cent sale of the state oil company."



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