(Bloomberg) — Saudi Arabia’s sovereign wealth fund is on track to manage $400 billion of assets by the end of next year, its head of corporate finance and treasury said.
“We are going to become one of the largest and most impactful sovereign wealth funds in the world,” Alireza Zaimi said at a financial summit in Riyadh. “We are growing our assets faster on the international pool as we are trying to diversify, and increase the size and proportion of our international assets.”
Saudi Arabia is seeking to transform the Public Investment Fund from a domestic holding company into the world’s largest sovereign fund. It’s already made a series of investments in companies such as Tesla Inc. and Uber Technologies Inc. as well as a $45 billion commitment to SoftBank Group Corp.’s Vision Fund.
The wealth fund currently has an AUM of $290 billion, according to Sovereign Wealth Fund Institute, making it the 11th largest globally.