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The '''Public Investment Fund''' ('''PIF'''; {{langx|ar|links=no|صندوق الاستثمارات العامة}}) is the [[sovereign wealth fund]] of [[Saudi Arabia]]. It is among the largest sovereign wealth funds in the world with total estimated assets of {{currency|925|USD}} billion.<ref>{{Cite web |title=Public Investment Fund (PIF) – Sovereign Wealth Fund, Saudi Arabia – SWFI |url=https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05bc3b |access-date=2024-03-17 |website=swfinstitute.org |archive-date=15 September 2020 |archive-url=https://web.archive.org/web/20200915022502/https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05bc3b |url-status=live }}</ref> It was created in 1971 for the purpose of investing funds on behalf of the [[Government of Saudi Arabia]].<ref name=":0">{{Cite news|last=Clark|first=Simon|date=1 November 2016|title=Saudi Wealth Fund May Be World's Least Transparent|language=en-US|work=The Wall Street Journal|url=https://www.wsj.com/articles/saudi-wealth-fund-may-be-worlds-least-transparent-1477997912|access-date=18 July 2021|issn=0099-9660|archive-date=8 October 2021|archive-url=https://web.archive.org/web/20211008085433/https://www.wsj.com/articles/saudi-wealth-fund-may-be-worlds-least-transparent-1477997912|url-status=live}}</ref> The wealth fund is controlled by Crown Prince [[Mohammed bin Salman]], Saudi Arabia's ''de facto'' ruler since 2015.<ref name=":8">{{Cite news |last1=Kirkpatrick |first1=David D. |last2=Kelly |first2=Kate |date=10 April 2022 |title=Before Giving Billions to Jared Kushner, Saudi Investment Fund Had Big Doubts |language=en-US |work=The New York Times |url=https://www.nytimes.com/2022/04/10/us/jared-kushner-saudi-investment-fund.html |access-date=10 April 2022 |issn=0362-4331 |archive-date=2 January 2020 |archive-url=https://web.archive.org/web/20200102225119/https://www.nytimes.com/2022/04/10/us/jared-kushner-saudi-investment-fund.html |url-status=live }}</ref><ref>{{Cite journal |last=Montambault Trudelle |first=Alexis |year=2022 |title=The Public Investment Fund and Salman's state: the political drivers of sovereign wealth management in Saudi Arabia |journal=Review of International Political Economy |volume=30 |issue=2 |pages=747–771 |doi=10.1080/09692290.2022.2069143 |s2cid=248596678 |issn=0969-2290|doi-access=free}}</ref> |
The '''Public Investment Fund''' ('''PIF'''; {{langx|ar|links=no|صندوق الاستثمارات العامة}}) is the [[sovereign wealth fund]] of [[Saudi Arabia]]. It is among the largest sovereign wealth funds in the world with total estimated assets of {{currency|941|USD}} billion.<ref>{{Cite web |title=Public Investment Fund (PIF) – Sovereign Wealth Fund, Saudi Arabia – SWFI |url=https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05bc3b |access-date=2024-03-17 |website=swfinstitute.org |archive-date=15 September 2020 |archive-url=https://web.archive.org/web/20200915022502/https://www.swfinstitute.org/profile/598cdaa60124e9fd2d05bc3b |url-status=live }}</ref> It was created in 1971 for the purpose of investing funds on behalf of the [[Government of Saudi Arabia]].<ref name=":0">{{Cite news|last=Clark|first=Simon|date=1 November 2016|title=Saudi Wealth Fund May Be World's Least Transparent|language=en-US|work=The Wall Street Journal|url=https://www.wsj.com/articles/saudi-wealth-fund-may-be-worlds-least-transparent-1477997912|access-date=18 July 2021|issn=0099-9660|archive-date=8 October 2021|archive-url=https://web.archive.org/web/20211008085433/https://www.wsj.com/articles/saudi-wealth-fund-may-be-worlds-least-transparent-1477997912|url-status=live}}</ref> The wealth fund is controlled by Crown Prince [[Mohammed bin Salman]], Saudi Arabia's ''de facto'' ruler since 2015.<ref name=":8">{{Cite news |last1=Kirkpatrick |first1=David D. |last2=Kelly |first2=Kate |date=10 April 2022 |title=Before Giving Billions to Jared Kushner, Saudi Investment Fund Had Big Doubts |language=en-US |work=The New York Times |url=https://www.nytimes.com/2022/04/10/us/jared-kushner-saudi-investment-fund.html |access-date=10 April 2022 |issn=0362-4331 |archive-date=2 January 2020 |archive-url=https://web.archive.org/web/20200102225119/https://www.nytimes.com/2022/04/10/us/jared-kushner-saudi-investment-fund.html |url-status=live }}</ref><ref>{{Cite journal |last=Montambault Trudelle |first=Alexis |year=2022 |title=The Public Investment Fund and Salman's state: the political drivers of sovereign wealth management in Saudi Arabia |journal=Review of International Political Economy |volume=30 |issue=2 |pages=747–771 |doi=10.1080/09692290.2022.2069143 |s2cid=248596678 |issn=0969-2290|doi-access=free}}</ref> |
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More than 60% of the fund's activities are within Saudi Arabia.<ref name=":11">{{Cite journal |last=Montambault Trudelle |first=Alexis |date=2023 |title=Towards a sociology of state investment funds? sovereign wealth funds and state-business relations in Saudi Arabia |url=https://www.tandfonline.com/doi/full/10.1080/13563467.2022.2126448 |journal=New Political Economy |volume=28 |issue=3 |pages=380–397 |language=en |doi=10.1080/13563467.2022.2126448 |s2cid=252424148 |issn=1356-3467 |archive-date=6 June 2023 |access-date=6 June 2023 |archive-url=https://web.archive.org/web/20230606133254/https://www.tandfonline.com/doi/full/10.1080/13563467.2022.2126448 |url-status=live |url-access=subscription }}</ref> Within Saudi Arabia, the fund's investments primarily go to private conglomerates owned by prominent Saudi business families who have close ties to the Saudi ruling family.<ref name=":11" /> Outside Saudi Arabia the fund's investments into prominent foreign assets such as [[Premier League]] football club [[2021 takeover of Newcastle United F.C.|Newcastle United]] have generated controversy due to the fund's lack of transparency and close control by the Saudi government, which has itself faced significant criticism around the [[Human rights in Saudi Arabia|lack of human rights in the country]].<ref>{{Cite news |title=Newcastle United sold to Saudi consortium amid concerns about human rights abuses |language=en-US |newspaper=The Washington Post |url=https://www.washingtonpost.com/sports/2021/10/07/newcastle-united-sale/ |access-date=8 October 2021 |issn=0190-8286}}</ref><ref>{{Cite news |date=1 November 2016 |title=Saudi Wealth Fund May Be World's Least Transparent |language=en-US |newspaper=[[WSJ]] |url=https://www.wsj.com/articles/saudi-wealth-fund-may-be-worlds-least-transparent-1477997912 |access-date=7 January 2023 |archive-date=8 October 2021 |archive-url=https://web.archive.org/web/20211008085433/https://www.wsj.com/articles/saudi-wealth-fund-may-be-worlds-least-transparent-1477997912 |url-status=live }}</ref> |
More than 60% of the fund's activities are within Saudi Arabia.<ref name=":11">{{Cite journal |last=Montambault Trudelle |first=Alexis |date=2023 |title=Towards a sociology of state investment funds? sovereign wealth funds and state-business relations in Saudi Arabia |url=https://www.tandfonline.com/doi/full/10.1080/13563467.2022.2126448 |journal=New Political Economy |volume=28 |issue=3 |pages=380–397 |language=en |doi=10.1080/13563467.2022.2126448 |s2cid=252424148 |issn=1356-3467 |archive-date=6 June 2023 |access-date=6 June 2023 |archive-url=https://web.archive.org/web/20230606133254/https://www.tandfonline.com/doi/full/10.1080/13563467.2022.2126448 |url-status=live |url-access=subscription }}</ref> Within Saudi Arabia, the fund's investments primarily go to private conglomerates owned by prominent Saudi business families who have close ties to the Saudi ruling family.<ref name=":11" /> Outside Saudi Arabia the fund's investments into prominent foreign assets such as [[Premier League]] football club [[2021 takeover of Newcastle United F.C.|Newcastle United]] have generated controversy due to the fund's lack of transparency and close control by the Saudi government, which has itself faced significant criticism around the [[Human rights in Saudi Arabia|lack of human rights in the country]].<ref>{{Cite news |title=Newcastle United sold to Saudi consortium amid concerns about human rights abuses |language=en-US |newspaper=The Washington Post |url=https://www.washingtonpost.com/sports/2021/10/07/newcastle-united-sale/ |access-date=8 October 2021 |issn=0190-8286}}</ref><ref>{{Cite news |date=1 November 2016 |title=Saudi Wealth Fund May Be World's Least Transparent |language=en-US |newspaper=[[WSJ]] |url=https://www.wsj.com/articles/saudi-wealth-fund-may-be-worlds-least-transparent-1477997912 |access-date=7 January 2023 |archive-date=8 October 2021 |archive-url=https://web.archive.org/web/20211008085433/https://www.wsj.com/articles/saudi-wealth-fund-may-be-worlds-least-transparent-1477997912 |url-status=live }}</ref> |
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