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Bloomberg Middle East
Bloomberg Middle East

@middleeast

7 Tweets 3 reads Jul 07, 2022
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[THREAD]
As Crown Prince Mohammed bin Salman races to diversify Saudi Arabia's oil-dependent economy, the kingdom's $620 billion sovereign wealth fund — which he chairs — is taking center stage
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[THREAD] As Crown Prince Mohammed bin Salman races to diversify Saudi Arabia's oil-dependent econom...
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The Public Investment Fund is supplanting a pedigreed business class to become one of the most powerful institutions in Saudi Arabia's fast-changing economy
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The Public Investment Fund is supplanting a pedigreed business class to become one of the most power...
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In five years, the PIF's become a major international investor, snapping up US blue chips like Uber and investing in electric cars. It's also made forays into sports, buying UK's Newcastle United and investing in an international golf venture
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In five years, the PIF's become a major international investor, snapping up US blue chips like Uber...
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The PIF has also given MBS, as the de facto ruler is known, more clout on the international stage, with Western officials looking to the world's biggest oil exporter to help temper raging inflation and pour petrodollars into a sputtering world economy
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The PIF has also given MBS, as the de facto ruler is known, more clout on the international stage, w...
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But it's at home that the PIF's made the biggest impact. It aims to invest at least $40 billion a year in Saudi Arabia and has already created 54 new companies, branching into sectors from real estate to luxury cruises
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But it's at home that the PIF's made the biggest impact. It aims to invest at least $40 billion a ye...
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Critics say the PIF's rise is part of a broader accumulation of power that's seen Prince Mohammed, 36, take control of oil policy, security, domestic and foreign affairs, jailing critics and silencing independent voices
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Critics say the PIF's rise is part of a broader accumulation of power that's seen Prince Mohammed, 3...
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The wealth fund's expansion has ruffled feathers among the business elite as well. The PIF says it is acting as a "cornerstone investor" to enable and "crowd-in" the private sector.
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