Exclusive: Saudi sovereign wealth fund to reorganize management amid budget crunch, sources say

By Jerry  Published On May 27, 2024
RIYADH, May 24 (Reuters) – Saudi Arabia’s $925 billion sovereign wealth fund is weighing a reorganization that could see managers assume some internal responsibilities from governor Yasir Al-Rumayyan, people familiar with the matter told Reuters.
The Public Investment Fund (PIF) aims to sharpen its focus on investments that have a higher chance of success, said the people, after scaling back some of its flagship “giga-projects” due to rising costs.
It also hopes to attract more foreign investment into some projects, two of the sources said.
A third source said it may also review some expenses including costly consultancy assignments.
The fund, the main vehicle for Crown Prince Mohammed bin Salman’s plans to steer the Saudi economy away from oil, has a sprawling portfolio of investments ranging from date farms to multinational conglomerates.
Saudi Arabia’s de-facto ruler has poured hundreds of billions of dollars through the PIF into projects including NEOM, a massive urban and industrial development project nearly the size of Belgium to be built along the Red Sea coast.

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