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Saudi wealth fund PIF aims for more than 1,000 employees by year end

Saudi wealth fund PIF aims for more than 1,000 employees by year end

The PIF has invested in companies such as Tesla Inc. and Uber Technologies Inc.

Saudi Arabia’s sovereign wealth fund hopes to employ more than 1,000 people this year as it targets $400bn of assets by the end of 2020.

“We grew from being 40 people to more than 700 today,” Alireza Zaimi, head of corporate finance and treasury, said at a conference in Abu Dhabi.

“This year we will be hopefully exceeding 1,000 employees.”

The Public Investment Fund said previously that it aimed to increase its investments to $400bn in 2020 as part of plans to transform itself from a domestic holding company into the world’s largest sovereign fund.

Speaking at the event, Zaimi said the fund is “well on track” to achieve this goal.

The PIF has invested in companies such as Tesla Inc. and Uber Technologies Inc. and made a $45bn commitment to SoftBank Group Corp.’s Vision Fund.

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