Saudi Fund Flexes Muscles With Stream of Billion-Dollar Projects

October 22, 2017 3oliver

Saudi Arabia’s wealth fund is on a roll.

In the past month alone, the Public Investment Fund announced projects valued at more than $10 billion — in industries ranging from property, energy, recycling and entertainment. Last week it set up a real-estate refinancing firm with a mandate of $20 billion in deals in five years.

The fund already holds about $110 billion of assets in listed Saudi companies and has investments with Blackstone Group LP to Softbank Group Corp. This month it scooped up a $2.4 billion stake in food processor Almarai Co.

The flurry of investments comes ahead of a three-day event starting Oct. 24 hosted by PIF. The who’s who in the business world are attending, including executives from JPMorgan Chase & Co., BlackRock Inc., Credit Suisse Group AG, Goldman Sachs Group Inc. to central bank governors.

Read more: Saudi Arabia Plans $2 Trillion Megafund to Dwarf All Its Rivals