PIF seeks to increase assets to $400 bln in 2020, says official

Saudi Arabia’s Public Investment Fund (PIF) targets to increase its assets to $400 billion (SAR 1.5 trillion) by the end of 2020, Bloomberg reported, citing its head of corporate finance and treasury Alireza Zaimi.

“We aim to employ more than 1,000 people in 2020 to achieve the target,” Zaimi said while speaking at a conference in Abu Dhabi, adding that the fund currently has 700 employees.

According to data from SWF Institute, PIF’s assets reached $320 billion (SAR 1.2 trillion) in May 2019.