SAUDI ARABIA: Cabinet clears PIF to establish domestic and overseas companies

Saudi Arabia’s Finance Minister Ibrahim al-Assaf announced that the Public Investment Fund (PIF) has been authorized to establish companies in the petrochemical, technology and housing sectors, both inside and outside the kingdom.

The PIF, established in 1971 to help finance projects of strategic importance to the domestic economy, has about USD 5.3-billion of government-owned funds under management, said local media reports.

Noting that PIF until now has had to go through the lengthy process of obtaining cabinet approval for projects, al-Assaf explained this decision aims to give the fund more flexibility and expand investment overseas.

(Syed Rashid Ali, Karachi, Pakistan)