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Tue 11 Feb 2020 06:51 PM

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Saudi wealth fund staffing levels could exceed 1,000 by end-2020

Public Investment Fund exec says workforce is set to increase by hundreds this year from more than 700 today

Saudi wealth fund staffing levels could exceed 1,000 by end-2020

PIF has invested in companies such as Tesla and Uber Technologies and made a $45 billion commitment to SoftBank Group Corp’s Vision Fund.

Saudi Arabia’s sovereign wealth fund hopes to employ more than 1,000 people this year as it targets $400 billion of assets by the end of 2020.

“We grew from being 40 people to more than 700 today,” Alireza Zaimi, head of corporate finance and treasury, said at a conference in Abu Dhabi. “This year we will be hopefully exceeding 1,000 employees.”

The Public Investment Fund said previously that it aimed to increase its investments to $400 billion in 2020 as part of plans to transform itself from a domestic holding company into the world’s largest sovereign fund.

Speaking at the event, Zaimi said the fund is “well on track” to achieve this goal.

The PIF has invested in companies such as Tesla and Uber Technologies and made a $45 billion commitment to SoftBank Group Corp’s Vision Fund.