By Innovation-sa on September 20, 2018 in News
Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF) said in a statement that it secured its first international loan worth $11bn, marking the first step in its strategic, medium-term debt funding programme.
PIF, which is currently managing assets worth around $230 billion, said that it would use the loan for “general corporate purposes” as well as to boost the Kingdom’s diversification drive, which is the major highlight of Crown Prince Muhammed bin Salman’s Vision 2030.
Yasir al-Rumayyan, Managing Director of PIF said, “We are pleased to have completed this international syndicated loan”. He added that PIF would soon develop into one of the most prominent users of banking services in the region.
Under the Future Investment Initiative launched in October 2017, PIF aims to strengthen its assets to $400 billion by 2020 and has already announced a handful of major investments, from Uber to the proposed $500 billion NEOM mega-city across the north-western regions of the Kingdom. It has also invested in space tourism company Virgin Galactic as well as entered into agreements with Softbank and Blackstone.
Saudi Gazette – 17 September 2018