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Saudi Arabia’s Public Investment Fund (PIF) has been given the green light to establish companies to invest inside and outside the kingdom, Finance Minister Ibrahim al-‘Assaf says. Granting PIF’s board the right to set up such companies without cabinet approval will help to implement new investment initiatives more effectively and, create job opportunities and help diversify the economy, he says.
PIF Secretary General ‘Abd al-Rahman al-Mufdhi says the fund will begin by focusing on three priority sectors: housing, renewable energy and IT. In addition PIF will support individual initiatives in telecoms, aerospace, energy, green technologies and security in partnership with King ‘Abd al-‘Aziz City for Science and Technology and other Saudi universities and research centers.
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