Saudi oil diversification hits turbulence
Vision 2030 spearhead PIF damaged by high profile investment setbacks at key MbS ally Softbank
It has not been the best year for Saudi Arabia’s Public Investment Fund (PIF)— with high profile investments it has made through a fund in companies such as office space leasing firm WeWork and taxi alternative Uber coming unstuck. The value destruction has prompted questions about the performance and direction of PIF, chaired by the country’s de-facto leader Crown Prince Mohammad bin Salman (MbS). PIF has been given a key role in modernising the kingdom by investing both domestically and overseas. It is viewed as an engine to fire up the Saudi private sector and significantly increase non-oil income. But its commitment to Japan’s Softbank Vision Fund— where $45bn of the $100bn available for
Also in this section
1 April 2025
There is method to the US president’s apparent madness, and those seeking to understand need look no further than their local bookshop
1 April 2025
Strong economic growth targets are encouraging for the country’s energy demand growth, even if meeting those goals might be a tall order
28 March 2025
The Central Asian country is positioning itself as a low-carbon leader, but antiquated infrastructure and a dependence on Russia are holding it back
28 March 2025
MCEDD 2025 took place in Madrid this week with record attendance and a wide-ranging programme, reflecting the deepwater sector’s renewed momentum, strategic focus and accelerating technological innovation.
