Saudi Arabia’s Public Investment Fund (PIF) deals have increased in the past year to reach $50bln in the technology sector Bloomberg revealed. The report also highlighted that the PIF plans to build a diversified portfolio to keep up with modern economic changes.
Bloomberg indicated that the deals are topped with a 45-billion-dollar commitment from Japan’s SoftBank Group Corp, 3.5-billion-dollar stake in Uber, and 500 million dollars in noon.com.
Bloomberg highlighted the importance of building a diversified portfolio across industries to avoid sudden changes.
The report noted that Saudi Arabia is keen on supporting the fund and pumped 100 billion riyals into last year’s capital. It aims to make the fund more influential and pave the way for it to become the largest sovereign fund in the world, with a 2 trillion dollars worth.
The fund plans to raise the foreign investments to 50 percent by 2030, instead of the current 5 percent ratio. It also owns stakes in many governmental institutions and banks.