Blackstone, SoftBank deals put Riyadh's sovereign fund on the world map

Dubai

SAUDI Arabia plans to expand its sovereign wealth fund into the world's largest. The kingdom took a huge step toward that goal on Saturday when it signed billions of dollars of deals with Blackstone Group LP and SoftBank Group Corp.

The Public Investment Fund, or PIF, is at the centre of Saudi Arabia's efforts to diversify revenue away from oil under an economic transformation plan known as Vision 2030. The fund could eventually control more than US$2 trillion, according to Deputy Crown Prince Mohammed bin Salman. The sale of a less than 5 per cent stake in oil giant Aramco to the public will provide funds for investment.

"We want to be an investment powerhouse," PIF managing director Yasir Alrumayyan said in a rare public appearance Saturday during an event that gathered top Saudi officials and American corporate titans, including JPMorgan Chase & Co chief executiv…