Saudi Arabia’s Public Investment Fund or PIF is to set up an office in London as well as in New York and San Francisco as it looks to buy up more international assets.
Saudi Arabia’s sovereign wealth fund is worth an estimated $300bn and it is looking to increase this to $2 trillion by 2030, reports add. It is also current Saudi government policy to diversify the economy away from its dependence on oil.
PIFs Managing Director Yasir Al Rumayyan told the Milken summit in Abu Dhabi: “PIF is not going to be only in Riyadh. We are working on opening up in London and the US, initially in New York and San Francisco and any other cities we feel we should be closer to our business.”
The report does not specifically mention investment in real estate in London. Indeed, it adds that as well as its current investments in renewable energy and electric cars PIF is particularly interested in areas such as food security, waste management and entertainment. However, given the extent to which Middle Eastern investors have poured money into London property in recent years it would seem likely that at least some of the cash PIF has to invest globally will find its way into London assets.