Saudi Arabia’s PIF open to more joint ventures with foreign partners
Saudi Arabia’s Public Investment Fund is open to entering into more joint ventures with foreign companies looking to invest in the kingdom, an executive from the wealth fund has said.
This week, the PIF and South Korea’s Hyundai agreed to jointly build a car manufacturing plant in Saudi Arabia, with an estimated investment of more than $500 million.
“One of the main advantages of these kinds of joint venture partnerships is to localise the technical know-how, and this is one of the main things that we need to do,” said Abdulmajeed Alhagbani, head of Mena securities investments at the PIF.
“[South] Korea is … a major G20 country and, going forward, we are open to having this kind of exchange with all the countries,” he told The National on the sidelines of the Future Investment Initiative in Riyadh.
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