The managing director of Saudi Arabia’s Public Investment Fund has announced future plans, reported Reuters. On one hand the PIF will increase its stake in ACWA Power from 25 to 40 per cent, and is planning to invest in electric vehicles and solar power.
The sovereign fund already has investments in green initiatives, including renewables and recycling, and owns stakes in Tesla and Lucid Motors. It has also committed $45 billion to a technology fund by SoftBank Group Corp. Moreover, the PIF has invested $3.5 billion in Uber, which brought 150,000 jobs to the country, said Yasir al-Rumayyan.
The PIF is also looking to increase its current 450 staff to 700 by year’s end, opening new offices in London and the United States.
Last year, the Saudi Crown Prince announced the fund will exceed its goal of increasing current assets ($360 billion as per the Sovereign Wealth Fund Institute) to $600 billion by 2020.