PIF aims to manage over US$400b in assets by 2020

Riyadh

SAUDI Arabia's Public Investment Fund (PIF) aims to increase its assets under management to 1.5 trillion riyals (S$540 billion) by 2020 as part of the country's Vision 2030, an economic reform plan aimed at boosting private-sector growth and developing non-oil industries.

The country's main sovereign wealth fund, which is expected to receive proceeds from the planned sale of 5 per cent of state oil company Saudi Aramco's IPO-ARMO.SE shares, has currently around US$230 billion worth of assets under management.