Saudi PIF plans to raise stake in ACWA Power

The Public Investment Fund (PIF), Saudi Arabia's sovereign wealth fund, is planning to raise its stake in Riyadh-based ACWA Power to 40 percent from 25 percent, Reuters reported on Wednesday, citing its managing director Yasir Al-Rumayyan.

The fund also intends to increase staff strength to 700 by the end of the year from 450 now, and open new offices in London and in the United States - initially in New York and then in San Francisco, he said at a conference in Abu Dhabi.