What is the PIF Saudi? What is the PIF in Saudi Arabia? What is PIF in Saudi Arabia?

The Public Investment Fund (PIF) of Saudi Arabia is a sovereign wealth fund that was established in 1971 with the goal of investing money on behalf of the Saudi Arabian government.

With projected assets of roughly 620 billion US dollars (514 billion pounds), it has developed into one of the largest sovereign wealth funds in the world. The PIF is under the direction of Crown Prince Mohammed bin Salman, who has served as Saudi Arabia’s de facto ruler since 2015.

The PIF is currently led by Yasir Al-Rumayyan, who works for Crown Prince Mohammed bin Salman. However, the fund’s operations have come under question because of a lack of transparency and stringent government monitoring.

The Saudi Arabian Public Investment Fund (PIF) was first founded in 1971 when King Faisal bin Abdulaziz Al Saud issued Royal Decree M/24, which provided financial support for initiatives of strategic importance to the country’s economy.

The PIF was initially tasked with managing the Saudi state’s ownership share in publicly traded companies as a passive organization.

Saudi Arabia, however, followed suit when other oil-rich nations started employing their sovereign wealth funds for diverse objectives. The PIF grew significantly as a result, increasing from 50 employees in 2015 to almost 500 in 2018.